Entrepreneurs can start businesses without external funding by focusing on building relationships with customers, suppliers and mentors, says Saras Sarasvathy of the University of Virginia's Darden School of Business, who calls these founders "effectual entrepreneurs." Such founders focus on building relationships with suppliers, mentors, customers and others to secure the services they need without seeking investor help, which reduces up-front costs, Sarasvathy says.

Common fundraising mistakes among founders include approaching investors without having built anything, focusing excessively on dilution and unrealistic valuations and lacking genuine enthusiasm for their own company during pitches, says Murat Aktihanoglu, the co-founder of Remarkable Ventures. Aktihanoglu also warns that failing to plan for adequate funding milestones and not understanding the purpose of investor questions about projections can hinder fundraising success.

Black-owned businesses have grown 45% over three years to nearly 195,000 in 2022, but they still represent just 3% of US companies. Accessing business funding remains a significant hurdle for these entrepreneurs, who often face stricter credit requirements and reduced bank presence in majority-Black communities. However, Community lenders, especially community development financial institutions, are stepping in to support Black business owners through flexible loan criteria and personalized guidance.

Bühler has introduced the New Chocolate Challenge, an initiative aimed at inspiring startups to create the next generation of confectionery products. The challenge is positioned as a platform for startups to submit ideas for alternative or complementary chocolate ingredients, with the promise of industry recognition and practical development opportunities.