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 Russell Innovation Center for Entrepreneurs (RICE), a pivotal hub for Black entrepreneurs in Atlanta, announced a $2 million grant from Truist Foundation and two Truist Trusteed Foundations. RICE positions itself as Atlanta’s home for Black entrepreneurs and an economic mobility engine for the community. Its stakeholders have created hundreds of jobs, generated over $100 million in revenue, and spurred $450 million in total economic activity. This financial endorsement by Truist comes at a critical time. It is set to accelerate RICE’s expansion efforts and elevate the stature of Atlanta-based Black entrepreneurs within and
Five Black entrepreneurs are behind “The Xchange,” a $40 million high-rise development project in Chicago’s South Shore neighborhood. The project aims to put the community first, with plans to offer competitive rent and integrate architecture, development, and entrepreneurship programs to benefit local youth. Meet The Team Jemal King, known as the “9-to-5 millionaire,” anchors the group with a tale of resilience and ambition. Despite his NFL dreams, King found his calling in real estate while serving as a police officer, a decision that led to significant success. His determination and
Black-owned tech accelerator Plug In Ventures has secured a new $1 million grant from the California Office of Small Business Advocate (CalOSBA). Plug In is the space for Black and Brown entrepreneurs and VCs to reimagine the innovation economy across the US and beyond. Founded by Derek Smith in 2014, the accelerator investing mentors and expands early-stage entrepreneurs. Since 2019, companies in his firm’s ecosystem have raised over $22 million in VC dollars from climate, sustainability, the creator economy, and athletic apparel. The Funding Plug In Ventures will receive $250,000 annually from CalOSBA over
SoftBank is selling its Open Opportunity Fund to its chairman and managing partner, Paul Judge, and Marcelo Claure, who is being appointed the fund’s vice chairman and general partner. The Open Opportunity Fund SoftBank Group is a Japanese multinational investment holding company focusing on investment management. It announced the launch of its second fund under the Opportunity Growth Fund this year, rebranded as the Open Opportunity Fund (OOF). Judge took the reins as chairman of the second fund. Claure, who initially launched OOF, previously served as SoftBank’s COO until 2022
A survey by the Black Innovation Alliance reveals that Black entrepreneurs are creating more wealth through digital businesses, closing the gap usually faced. Black Innovation Alliance (BIA) reported that the survey findings breathe new life into their belief that the digital economy could serve as a leveler for the Black community. Black people receive approximately 1% of venture capital funding, although they comprise 13% of the US population. However, the findings show that emerging technologies will create new wealth and digital worlds for the Black community. Black Liberation and the
Black entrepreneur Chriss Rogers has created the first ever protective mouth grill through her company Ease. Houston-born Rogers launched Ease in 2021 after closing her eight-year-old online boutique shop Chriss Zoe the year before. To date, Rogers has primarily self-funded her venture, and her social media has played a huge role as clips of her products have gone viral, leading to increased sales. Mouth Grills Rogers told AFROTECH she wanted to attach herself to a product she could be proud of, which is why she invented the new protective mouth
This article was first published by Cheryl Lyn here. Many African American small business owners face challenges with funding due to post-pandemic hardship, inflation, and fierce competition. Yet black-owned businesses have been integral to the U.S. economy in the past and present. To help you out, we’ve rounded up a list of 20 places where you can seek grants and funding for your business in 2023. Backstage Capital What’s cool about Backstage Capital is that they intentionally back underrepresented founders, particularly those of color, female genders, and LGBTQ orientations. Founded in 2015, this private firm
A recent study by Lendio has highlighted the extent to which location can impact the success of Black and Latine-owned businesses, ranking the best and worst states for minority-owned companies to succeed. The POC-owned business boom U.S. entrepreneurship is more diverse than ever, with people of color owning 1 in 5, or 1.2 million, of the nation’s businesses in 2020. Black and Latine Americans are also the fastest-growing group of entrepreneurs but continue to face challenges such as limited access to venture capital funding and a lack of networks and mentorship programs, all while facing discrimination
This article was first published by Lillian Cartwright on Medium. Three years ago, when I founded ShelfLife, odds were I’d be writing this post about shutting down. The greater majority of startups fail. Although the definition of failure is up for debate, more than two-thirds of startups don’t deliver a positive return to investors. Couple this with the fact that in 2022, just 1% of venture capital went to Black founders and less than 2% went to all-female founding teams. And Black female founders raised…er, let’s not even go there. Against those odds, we
