Nearly 60% of Black small- and mid-sized business (SMB) owners on TikTok say that the app is critical to their business’ existence, a new Oxford Economics report has found. TikTok’s Value For Small businesses Oxford Economics, in collaboration with TikTok, sought to understand the app’s economic value for local communities across the US. It surveyed 1,050 SMBs and 7,500 users in 2023 to gauge interactions and benefits derived from the app. Small and medium businesses generated $14.7 billion in revenues and supported 224,000 jobs on TikTok supported 224,000 jobs, the
In the first quarter (Q1) of 2024, Africa’s startup scene saw another year-on-year and quarter-on-quarter dip in investments – with a notable exception in the mobility and fintech sectors. A drop in funding According to Africa: The Big Deal, Q1 saw $466 million raised through $100k+ deals by 121 startups (excluding exits). This is a 27% decrease from the previous quarter and only half of the amount raised at the same time last year. Techpoint Africa’s analysis of data from Intelpoint notes a 62% drop in African tech startup funding compared
Camelback Ventures has announced Shawna Young’s appointment as its new Chief Executive Officer (CEO), starting in early April 2024. Camelback Ventures Camelback Ventures is a New Orleans-based nonprofit social venture fellowship that aims to increase access to opportunity for entrepreneurs of color and women. Founded by Aaron T. Walker in 2015, Camelback Ventures has supported over 133 undervalued entrepreneurs with social impact ventures around the country. Its business model involves providing its Fellows with the “friends and family” stage of funding. The Fellows then reinvest in Camelback through grants or convertible notes. Meet
Cornell Tech and the City University of New York (CUNY) are facing a lawsuit filed by Justin Gaffney Samuels, over alleged illegal discrimination in the admissions policy of their Break Through Tech program. The Break Through Tech Program This initiative, aimed at boosting careers in technology for women and non-binary undergraduate students, is now under legal scrutiny for potentially discriminating against men. “As a Black man with a deep interest in technology, I was particularly interested in the opportunities offered by the Break Through Tech programs,” Samuels wrote in the official complaint. “However, upon reviewing the program’s
Ed Dwight, the first Black astronaut candidate President John F. Kennedy selected in 1961, is finally set to journey to space at age 90. Meet Ed Dwight Born in 1933 in Kansas City, Kansas, Dwight’s early career began with his service as a fighter pilot in the U.S. Air Force. His selection for the elite Aerospace Research Pilot School (ARPS) in 1961 allowed him to break racial barriers in space exploration. Despite completing the program, Dwight was not selected for NASA’s Astronaut Corps. However, this did not deter him as he transitioned
Black Girls Code has partnered with RiseUp with ServiceNow to launch a three-year initiative redefining career paths within New York City’s workforce. The collaboration was highlighted in a panel discussion featuring Cristina Jones, CEO of Black Girls Code, and Selina Suarez, Global Head of NextGen at ServiceNow. RiseUp with ServiceNow represents a global talent movement to train one million individuals on the ServiceNow Platform. The primary focus is to uncover untapped talent in NYC, paving the way for professional and career development opportunities. Building the next generation of tech leaders Black Girls Code is partnering with ServiceNow to help
Wray & Nephew, the renowned Jamaican rum brand, has partnered with Foundervine to launch the third iteration of their ‘Wray Forward’ program. Research by Wray & Nephew found that 68% of Black entrepreneurs in the UK experience a lack of business tools and resources. Additionally, 76% think that having early access to the right tools could have accelerated their success. A fifth of Black entrepreneuers also needed help with fundraising. These findings underlined the need for support in the Black entrepreneurial community. The ‘Wray Forward’ Initiative The ‘Wray Forward’ initiative connects Black entrepreneurs
The type of advice AI chatbots give people varies based on whether they have Black-sounding names, researchers at Stanford Law School have found. The researchers discovered that chatbots like OpenAI’s ChatGPT and Google AI’s PaLM-2 showed biases based on race and gender when giving advice in a range of scenarios. Chatbots: Biased Advisors? The study “What’s in a Name?” revealed that AI chatbots give less favorable advice to people with names that are typically associated with Black people or women compared to their counterparts. This bias spans across various scenarios such as job
Serena Williams, a legendary tennis champion, is making her mark in the tech investment world with her venture capital fund, Serena Ventures. Serena Ventures Following her retirement in September 2022, Williams has focused on the investment sector. With over 14 years of investment experience, she established Serena Ventures in 2014, a venture capital fund to empower women and underrepresented founders. This strategic move was born from Williams’ observation of the glaring lack of venture capital flowing toward specific demographics. As highlighted on its website, her venture proudly supports a diverse array of
Meta’s AI-powered image generator has recently been scrutinized for its difficulty in generating images of interracial couples and friends. Meta’s AI Fails To Generate Interracial Couples The AI tool, introduced in December, revealed its shortcomings when CNN tested its ability to create pictures of people from different racial backgrounds. The requests for images of interracial relationships consistently resulted in the AI producing images of same-race couples or friends, contradicting the diversity seen in real-world relationships. For instance, a request for a Black woman with a white husband yielded images of Black couples. This pattern was broken
