Melissa Bradley is turning a new leaf!

Since 2016, Bradley, who was featured as an AFROTECH™ Future 50 Dynamic Investor, has been the proud founder of Washington, DC-based 1863 Ventures, which provides business development programs, coaching, mentorship, and access to capital primarily for new entrepreneurs, as noted on her LinkedIn profile. As AFROTECH™ previously reported, the venture aims to create $100 billion in wealth for the “New Majority,” Black and brown entrepreneurs. This goal is reflected in its portfolio, which comprises 90% Black-owned businesses, including the following:

  • Nubian Heumann
  • Eu’Genia Shea
  • Harlem Candle Co.
  • The Black Girl Doctor

Now, eight years into 1863 Ventures’ inception, the Washington Business Journal has reported that the organization’s board voted to close down 1863’s nonprofit arm, which focused on early-stage companies. Currently, Bradley is on the hunt for a partner who can take on ownership of its portfolio companies, which have benefited from an investment pool of more than $7 million.

Bradley does not see this decision as a failure, given the organization’s impact over the years. At the same time, she acknowledges that it did not have the proper structure to help the New Majority accelerate into their next stages of growth.

“We’re no longer lacking technical assistance or training programs for Black founders,” she told the Washington Business Journal. “What we’re lacking is a level of credibility and sustainability around, ‘Once a founder graduates, what happens next?”

It appears the next chapter for Bradley will take shape through a new organization, New Majority Ventures, which is already in talks to secure Tides Foundation as a fiscal sponsor. New Majority Ventures will function as a for-profit entity, in contrast to 1863 Ventures’ nonprofit model. Bradley plans for the new venture to address the gaps previously mentioned, with a focus on partnering with larger institutions that will support founders through their next phase of growth.

“Our best contribution cannot be another program that a bunch of entrepreneurs go through,” she said. Rather, it will be “how do we help enhance the field by the years of research that we have, by the evidence and data that we have, and by the fact that we’re founders.”