Miami’s only Black Tech Hub, The Source, has announced the launch of a regional startup competition that will set the winner on track to win a $1 million investment. The tech center was founded by music executive Ted Lucas and venture capitalist Hilmon Sorey, an organization committed to supporting underserved founders as they expand their startups. The Source focuses on local entrepreneurs who plan to keep their business in South Florida as a means of maintaining talent in the area and building a long-term tech ecosystem, as stated by Miami
Black women who work in startups are more likely to become founders later on, a new study has revealed, highlighting a potential key path to increasing their representation in the startup world. Black women are already leading the way in entrepreneurship. A LendingTree study found that Black-owned businesses are more likely to be led by women, and 55.2% generate between $100,000 and $999,999 in annual revenue, slightly higher than the 54.7% for all Black-owned businesses. Although the number of Black-female founders in the US is increasing, they still make up
Slutty Vegan founder and CEO Pinky Cole Hayes has appointed Lauren Maillian as president of the plant-based burger chain; Maillian joined the company on June 4, according to Black Enterprise. With over 20 years of experience in the tech, food, and beverage sectors, Maillian sees this appointment as one of alignment: “This is also very personal for me… very synergistic with the life that I lead and allowing me to show up as Lauren Maillian wholly and fully in every part of my personal and professional life.” Cole shared that this will be the first
Black Americans score above the US mean on entrepreneurial traits, meaning they are more likely to be associated with business ownership success, according to Brookings research. However, entrepreneurial success remains challenging for Black business owners to achieve due to the numerous structural barriers they encounter, such as difficulties with business lending and limited economic support. The Black Business Parity Dashboard A new tool, the Black Business Parity Dashboard, reveals the economic benefits that could result from closing the Black business ownership gap in US cities. Developed by the Center for Community Uplift, the
Stackwell and the Michigan Black Business Alliance (MBBA) released a report that examined how access to investment, education, and behavioral tools affects the financial outcomes of Black small business owners. The new report, titled “Building Personal Wealth: Empowering Black Small Business Owners Through Investing,” was published by the Financial Health Network. The report builds on findings from the 2024 Small Business Investing Program (SBIP), where eligible MBBA members received funded investment accounts through the Stackwell investing platform, along with educational resources. How barriers block wealth for Black entrepreneurs Small Black-business owners face significant
Construction tech startup Litehaus has raised €1.46 million ($1.58 million) in a pre-seed round co-led by Cornerstone VC and Explorer Fund. Claster Group and angel investor Pascal Levy also participated in the pre-seed round. The fund will help simplify the home-building process in Europe. Husband-and-wife duo Thibault and Simi Launay set out to buy a house in Portugal nearly five years ago. However, they faced a 14-month delay, 20% budget overruns, and mismanagement involving over 10 subcontractors. “We realized if we’re struggling with this, so are millions of others,” Thibault told
The Detroit-based tech meetup for creatives has received a $1 million grant from the Michigan Economic Development Corporation. The funding will be used to grow its workshop across the state, according to Crain’s Detroit Business. It’s the largest single grant out of $6.8 million that the MEDC is giving to 23 organizations as part of the Trusted Connector Grant program, the MEDC announced on Wednesday. The $1 million grant Black Tech Saturdays will run a pilot program in Detroit and Lansing, featuring 25-30 micro workshops that provide focused programming for
AAPI, Black, and Latine entrepreneurship made durable gains in 2024, a new report by payroll manager Gusto has revealed. Additionally, many people were laid off from their jobs last year, but the percentage of entrepreneurs who started a business because they or their partner lost a job rose 67%. The findings come from a survey of 1,000-plus new business owners who launched businesses in 2024 by the Gusto Insights Group. Want to find out how well entrepreneurship did in 2024? Keep reading. AAPI, Black, and Latinx entrepreneurship have made durable
Houston-based South Loop Ventures announced a $21 million Fund I, led by Rice Management Company and Chevron Technology Ventures. Texas Capital Bank and The Great Commission Foundation of the Episcopal Diocese of Texas also participated in the funding round. According to its founder and managing director, Zach Ellis, the fund will focus on founders nationwide but hopes to attract founders in healthcare, energy, space, and climate. The firm has made 13 investments and hopes to increase to at least 30. Investing in diverse founders The firm launched in 2022, focusing
A new e-commerce platform dedicated exclusively to Black-owned spirits is up and running. UrFriendCharles.com is home to over 150 products, with plans to add 100 more by the end of the year. The website offers users a curated experience for consumers seeking to purchase liquor from Black-owned businesses, as stated in a press release. Spotlighting Black-owned brands UrFriendCharles.com was founded by Charles Everett, a content creator and advocate with a background in supply chain management. With a cumulative following of over 100,000 on Instagram and TikTok, Everett is known for
