Addressing Black economic inequality could unlock $1 trillion in annual economic growth in the US, according to a study by the Black Economic Alliance (BEA) Foundation. The research, titled “Architecture for Action,” highlights the potential for economic revitalization through targeted interventions aimed at closing the economic gaps faced by Black Americans. The Roots of Economic Disparity The BEA Foundation’s study arrives amid a wave of skepticism and retrenchment regarding diversity initiatives. Despite the cultural backlash, leaders like JPMorgan Chase CEO Jamie Dimon and tech investor Marcelo Claure advocate for sustained
The city of Detroit has agreed to pay $300,000 to Robert Williams, a Black man wrongly arrested for shoplifting due to flawed facial recognition technology. As part of the settlement, the city will also make changes to how police use facial recognition software when making arrests. A Case of Mistaken Identity Robert Williams’ wrongful arrest stems from a misidentification by facial recognition software. According to The Guardian, the software incorrectly matched Williams’ driver’s license photo to a suspect seen in a 2018 security video from a Shinola watch store. Despite
Workplace diversity, equity, and inclusion (DEI) initiatives faced a significant setback after the US Supreme Court’s ruling on affirmative action in college admissions in 2023. However, experts now report that employers’ interest in DEI programs is now resurging, according to Law360. The Initial Impact of the Supreme Court’s Ruling The conservative-majority Supreme Court declared race-conscious admissions policies at Harvard University and the University of North Carolina unconstitutional. Though the ruling targeted higher education, its effects quickly spread to the corporate world. Legal threats led many employers to pull back on
Meta, the parent company of Facebook and Instagram, has launched an update enabling content creators in Nigeria and Ghana to monetize their content on its platforms. This new policy, which became effective June 27, 2024, marks an important change. Previously, Facebook excluded creators with Nigerian and Ghanaian addresses from monetization unless their page was managed from an eligible country. Expansion of Monetization Opportunities This policy shift follows an announcement by Meta’s President of Global Affairs, Nick Clegg, in March 2024, confirming the rollout of monetization features in June. “Monetization won’t
TestParty, a Black-led, AI-driven software compliance company, has raised $4 million in a seed funding round led by Harlem Capital and the Urban Innovation Fund. Founded in March 2023 by Michael Bervell and Jason Tan, TestParty helps businesses automatically rewrite source code to comply with global digital accessibility regulations. Making websites more accessible Currently, nearly all popular websites fail to meet the Web Content Accessibility Guidelines (WCAG), leaving millions of people who rely on assistive devices unable to engage with the digital world. TestParty aims to bridge this gap by
South Carolina State University (SC State), the only historically Black college and university (HBCU) in the state, has secured an $8 million allocation from the state. The funding aims to enhance its Science, Technology, Engineering, and Mathematics (STEM) research and workforce development initiatives in partnership with Savannah River National Laboratory (SRNL). This funding marks a milestone for the university’s College of Science, Technology, Engineering, Mathematics, and Transportation (STEM-T College). A Historic Investment in STEM This $8 million is part of an initial $40 million state proviso designed to support various
Nigeria will be sending its first citizen to space as part of collaboration between its National Space Research and Development Agency (NASRDA) and Space Exploration and Research Agency (SERA), a global space agency. SERA will reserve a seat for a Nigerian citizen on an upcoming Blue Origin New Shepard suborbital spaceflight. First Nigerian in Space Announced on June 19, 2024, this initiative is part of a broader effort to include nations historically underrepresented in space exploration. “Until now, space has been an exclusive domain, with over 80% of all astronauts
Latinas face the steepest drop in representation as they climb the corporate ladder, according to Lean In’s first-ever report on the state of Latinas in corporate America. Despite Latinas accounting for nearly 1 in 10 people in the US, they hold less than 1 in 20 entry-level corporate jobs and only 1 in 100 C-suite positions. Disparities in Advancement and Pay In 2023, white men’s representation increased by nearly two-thirds (64%) from entry-level to C-suite positions, while Latinas’ representation decreased by over three-quarters (78%). Latinas also experience the largest pay
Verzuz, the multimedia platform co-founded by Swizz Beatz and Timbaland, announced a new distribution deal with Elon Musk’s X (formerly Twitter). Episodes will stream for free exclusively on X, while VERZUZ maintains full ownership and creative control. VERZUZ comes to X This partnership follows Swizz Beatz and Timbaland’s reacquisition of VERZUZ from Triller after a lawsuit over $28 million in unpaid fees. Despite legal issues, the founders kept their equity in Triller and retained the artists who participated in VERZUZ. Swizz Beatz expressed excitement about the partnership: “We are beyond
MoviePass, a Black-owned movie-theater subscription service, has received an equity investment from Forecast Labs, a consumer venture group owned by Comcast. As first reported by Variety, this investment will help MoviePass attract new customers through targeted TV ads using Comcast’s media reach. The financial details were not disclosed. The company was recently the subject of the HBO series “MoviePass, MovieCrash.” The Rise, Fall, And Rise of MoviePass Launched in 2011 by Stacy Spikes and Hamet Watt, MoviePass allowed subscribers to buy one movie ticket daily for a monthly fee. Despite
