Minority-owned local businesses performed better and boosted business among white consumers when they revealed their race on digital platforms such as Yelp, a new study has found. The study was co-authored by Harvard Business School Professor Michael Luca, Abhay Aneja at the University of California-Berkeley, and Oren Resehf of Washington University in St. Louis. Yelp’s Black-owned business label They analyzed Yelp’s new “Black-owned business” label feature online. The label aims to support Black entrepreneurs by increasing the visibility of Black-owned businesses among consumers who rely on Yelp for information. The
Online resource business Hello Alice is the latest company to be named in a lawsuit for allegedly discriminating against business owners based on race. A class action lawsuit alleges the company’s partnership with Progressive Insurance Company, which offered $25,000 grants to 10 Black-owned small businesses, violates civil rights. Hello Alice and Progressive Partnership Hello Alice, founded by Carolyn Rodz and Elizabeth Gore in 2017, is a digital platform helping small businesses launch and grow through access to capital. They partner with corporations looking to reach and support new entrepreneurs through
As Black-owned businesses face increasing financial pressures during and after the startup stage, many of them have sadly had to close their doors. The state of Black entrepreneurship Black Americans are among the most entrepreneurial groups in the nation, with 1 in 5 Black people in the US starting their own business. From 2017 to 2020, the nation witnessed a remarkable 13.64% surge in the number of Black-owned businesses. Black-owned firms brought in an estimated $141.1 billion in gross revenue in 2020 – an impressive 11% increase since 2017. In
With the increase of Black-owned businesses, there have been concerns about Black companies being sold or taken over by white firms. From 2017 to 2020, the number of Black-owned businesses across the country increased by 13.64%, and Black-owned firms brought in an estimated $141.1 billion in gross revenue in 2020 – an 11% increase since 2017. However, according to Forbes, there has been a trend where Black-owned businesses are being sold to or acquired by white-led companies. They raised the question of whether the business acquisition is a sign of
After experiencing a close call with a tornado in 2015, Robert Washington founded Shelter Share, a mobile app helping Oklahoma residents find nearby shelters during natural disasters. Shelter Share Oklahoma has had over 800 tornadoes, but Oklahoma City only has 26 shelters per 1500 residents, with no public shelters available. Shelter Share, founded in 2022 by Robert Washington, is a mobile app that helps users locate nearby shelters during natural disasters. Washington experienced a close call with a tornado in 2015. He was in a two-story apartment building, holding his newborn
Black-owned web3 social marketplace, Calaxy has launched its app, helping creators to monetize their content and connect with their fans. Helping Creators to Monetize Tech entrepreneur Solo Ceesay and NBA player Spencer Dinwiddie founded Calaxy in 2021 to build a new infrastructure allowing content creators ownership and equitable value exchange compared to the current social media landscape. It’s described as reimagining how people use social media, empowering more meaningful and fulfilling fan experiences. Despite the creator economy being one of the fastest-growing sectors of the internet, creators still need help to monetize with the rise of
Black-owned SquadTrip has announced it has successfully secured $1.5 million in funding to revolutionize group travel. Making group travel easy SquadTrip is an automated payment solution for large and small groups, making booking and payments easy for group trips. Their online platform allows users to save time managing group travel by creating trip sites, automating guest billing and keeping track of all traveller logistics from one place. It is the first travel platform targeting millennials with flexible payment instalments, Apple Pay checkout and promo codes. The company was founded by
Prioritizing affordability, inclusivity, and leveraging technology, Black-owned insurance tech unicorn Marshmallow is challenging traditional insurance practices and extends coverage to underserved communities. Now, Marshmallow has landed a £15 million 3-year revolving credit facility from Triple Point Private Credit, one of the largest non-bank lenders in the UK, to expand its product offerings. “[We] are excited to be working with a management team that have successfully launched and scaled an insurance business so impressively,” said Triple Point’s Head of Structured Finance, Gavin Maitland Smith, per Tech Funding News. “More importantly, their
Hayti, a leading Black-owned news aggregation app, has announced that it is now officially the largest source of podcasts led by Black hosts. Launched in 2021, Hayti offers a one-stop platform that combines trusted articles, videos, and podcasts from Black publishers. Recognizing the growing influence and demand for podcasts, Hayti recently expanded its app to include over 2,000 Black-hosted podcasts. Black audiences spend more time with media than any other group in the US “As a Black woman who has worked in media and entertainment for decades, I cannot express
