Small businesses are feeling the pressure of economic challenges, from navigating inflation to supply chain management and beyond, placing an increased need for financial relief. According to a survey conducted in January 2022, Black-owned businesses hit record levels of lower sales, with more than half reporting lower sales than in the previous year. To combat the issues experienced by their businesses, the Coalition to Back Black Businesses (CBBB) was established by American Express and the U.S. Chamber of Commerce Foundation in September 2020 to support the long-term success and resilience
FoodLama has just announced it has been selected for Google’s second-ever Black Founders Fund cohort. But how does the startup work? FoodLama is a free-to-install-and-use browser extension that makes online grocery shopping with preferences simple. By taking into account your household’s individual allergies, preferences, and needs, FoodLama provides a personalized shopping experience as you scroll through your favorite grocer. So, you see the products to avoid as you shop and easily discover the best alternative recommendations. Following its launch in 2021, Google’s Black Founders Fund will provide its 2022 cohort
ANJEL Tech, a Black-owned cloud-based application that turns any smartphone into your personal body cam, has announced a historic partnership with 1 Million Madly Motivated Moms (1M4), an organization led by African American moms to address police brutality through legal action and legislative policy education. We previously interviewed the founder of ANJEL Tech, who told POCIT that he’d struggled to get attention from mainstream reporters and investors when it came to his app. The app in question has been described as an initiative that “could help protect minorities.” When activated, the
The nation’s largest beauty retailer, Ulta Beauty, is now accepting applications for its MUSE Accelerator, an inaugural program dedicated to supporting early-stage BIPOC beauty brands to launch and thrive in retail. Officially starting in September, eight successful applicants will receive $50,000 in financial support to propel brand development in addition to resources designed to prepare each for retail readiness and long-term success. This will include opportunities to learn from experts across various industries such as merchandising, supply chain, legal, and marketing, as well as brand founders and industry leaders’ engagement
This month, the city will be opening the Atlanta Blockchain Center (ABC) – its first blockchain startup incubator. Opening in Buckhead, the headquarters — founded by serial tech entrepreneur Marlon Williams — will welcome anyone interested in learning more about blockchain technology. The center is looking to bring together the growing Blockchain-related community and put Atlanta on the map for the development of crypto, Blockchain, and Web3.0 technologies. Fully funded and operated by Starter Labs, ABC is set to feature a coworking space and training center, according to the press release.
A new report, dubbed “The Inflection Point: Africa’s Digital Economy is Poised to Take Off,” published by Endeavor Nigeria, claims that Africa’s digital economy and tech ecosystem are set to experience exponential growth. New York-based Endeavor is a global community of “high-impact” founders across almost 40 underserved markets in Africa, Asia, Europe, Latin America, and the Middle East. The organization’s report intends to shed more light on Africa’s market dynamics. Here are a few interesting points from the new report. Digital landscape The estimated size of the continent’s digital economy is $115 billion
Meta Chicago is reportedly set to launch software engineering courses to bring more Black people into tech. The underrepresentation of African Americans in tech has been an issue since the 1970s when the Bay Area became Silicon Valley. And while one can say it’s gotten better, there is still a way to go. In 2018, according to Silicon Valley Bank, only 1% of venture capital dollars went to Black start-up founders, and Black employees made up only 2.8% of Google’s technical roles and 4.8% of their entire workforce. More recently, Twitter reported
According to the New York Times, federal civil rights prosecutors are now investigating Wells Fargo’s hiring practices. The launch comes weeks after we reported that some Wells Fargo managers had conducted fake interviews with Black and female job applicants. Seven current and former employees, including one former executive, told The Times that they were instructed to interview women and people of color for already filled roles. These efforts, they said, appeared to be a way to show a record of diversity efforts rather than actually hire diverse candidates. The current Wells
Jack Dorsey, the former CEO and co-founder of Twitter Inc and the founder of Block Inc, has teamed up with rapper Jay-Z to launch and self-fund The Bitcoin Academy. The 12-week program will take place in Brooklyn for Marcy House residents with the aim to provide the community with all the necessary tools to gain financial independence, inclusion, and literacy in the childhood place of Jay-Z. It will consist of a series of online and in-person classes focusing on Bitcoin, and the classes will take place twice per week. Notably, the participants of The
E-commerce platform Gander announced today the closing of a $4.2 million seed round co-led by Harlem Capital and Crossbeam Venture Partners. Gander, which collects and embeds user-generated video content into retail sites so shoppers can see what a product looks like in real life, was launched in late 2021. It also has a creator marketplace, which gives brands direct access to the video content. This round adds the startup’s founder Kimiloluwa Fafowora, 26, to the growing list of Black women who have raised $1 million or more in VC funding.
