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Business

In a recent Twitter thread, Brandon Bryant, partner at the early-stage investment firm, Harlem Capital, broke down the steps every startup should know about VC fund returns. Venture capitalists (VCs) buy a stake in a founder’s idea, investing in their company’s balance sheet and infrastructure, before exiting. What VCs are aiming for are sufficient returns at an acceptable level of risk. This is because they, too, have investors whose money they need to multiply. Why should founders care about this? Bryant explains that by running the math, founders can understand

One hundred years after the Tulsa race massacre saw the US’ wealthiest Black community burn to the ground, Tulsa is experiencing a resurgence of Black entrepreneurial community. The Black Tech Street, founded by Tyrance Billingsley II, is a network committed to scaling and cultivating Black potential through tech and entrepreneurship. The community provides a safe space for Black entrepreneurs and visionaries to thrive and grow, creating a model that creates space for people to build inclusive and equitable economies.  The global Black tech hub, based in the heart of Tulsa, has

Lenovo has partnered with multi-award-winning actor, producer, recording artist, label president, and entrepreneur Queen Latifah to support small businesses. Launched last year, the tech giant’s Evolve Small program provides North American small businesses with financial aid, tech resources, community support, and business mentorship. “I understand the hardships small businesses face and how much more challenging those hardships can be for businesses owned by women and minorities,” Queen Latifah explained. “Knowing how the support I received back when I got started helped me get to where I am today – I’m excited to

Workbnb is on a mission to become the one-stop solution for workforce rentals, providing comfortable housing for traveling workers. Founded by Yeves Perez and headed up by Daj’Anique Staples, the startup is part of Techstars, one of the largest pre-seed investment programs in the world. A gap in the market  At the height of the pandemic in 2021, while working for his mother’s company, Perez noticed a gap in a multi-billion dollar industry. Businesses often need to provide their employees with temporary accommodation for extended periods. However, Perez realized that the travel rental industry largely neglected

Venture capital (VC) investment in African startups has seen a 33% increase compared to this time last year, according to gathered by The Big Deal. This follows similar reports of funding for African startups hitting new records in the first half of 2022. So far this year, more than 800 investors have contributed to at least one $100K+ startup deals on the continent.  Investors have also been far more active than in previous years. For example, 250 firms made at least two investments (45% more than in 2021), and 60 partook

Vice President Harris has announced several new initiatives to expand opportunities for underserved and disadvantaged entrepreneurs, including people of color. The announcement came as Harris joined Treasury Secretary Janet Yellen at the 2022 Freedman’s Bank Forum. What was announced? VP Harris’ latest efforts include:  Government contractsA memorandum to government agencies setting individualized goals for an unprecedented 12% of 2023 federal procurement dollars to be directed towards Small, Disadvantaged Businesses. New lendersA proposed expansion of the Small Business Administration lender base by lifting the moratorium on new Small Business Lending Companies (SBLCs),

South Africa will become the latest country to join Google Cloud as the tech giant’s first cloud region on the continent.  On October 5th, 2022, Google announced plans to follow in the footsteps of competitors by launching its premier African cloud region. Cloud regions in Africa This comes years after major cloud providers Microsoft Azure and Amazon Web Services established their South African cloud regions in 2019 and 2020, respectively. In addition, earlier this year, Oracle, another competing cloud service, set up its data center in Johannesburg, making Google the

Amazon has announced the launch of Amazon Catalytic Capital, a $150 million commitment focused on investing in Black, Latinx, Indigenous, women, and LGBTQIA+ builders in tech.  Amazon Catalytic Capital The initiative will provide capital to funds, venture studios, accelerators, or incubators committed to backing startups led by underrepresented founders. Recipients will also receive 1:1 mentorship from Amazon executives and unique business opportunities for partnerships, technical support, and scaling resources. Amazon Catalytic Capital aims to support at least 10 funds and 200 companies through the next year. So far, recipients include Collide

The Lip Bar Inc., the holding company for the beauty brands The Lip Bar and Thread Beauty, has closed a new funding round. The $6.7 million round, led by Pendulum, will focus on expanding The Lip Bar and Thread Beauty’s distribution as well as incubating a third beauty brand. Endeavor and The Fearless Fund also contributed to the fund. Melissa Butler, the business’ founder and Chief Executive Officer, said the round came after years of consistent growth unencumbered by the pandemic. “Our lip sales were crazy during the pandemic—we sold

National non-profit organization Black Economic Alliance Foundation has partnered with Deloitte to promote financial inclusion.  What is financial inclusion?  Financial inclusion allows people of color access to financial services and systems that will better enhance their economic status. Financial inclusion is the bridge between economic opportunities and the racial wealth gap. The more access underrepresented families have to financial services, the easier it will be to help close the racial wealth gap.  Deloitte’s partnership with the Black Economic Alliance Foundation Deloitte has committed $10 million over the next five years

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