A report from The Alliance for Entrepreneurial Equity has found a troubling decline in venture capital and other forms of funding for Black-owned businesses. While the number of Black-owned businesses are growing, they are severely underrepresented compared to their population making up only 2.5% of all businesses. In recent years, Black-owned businesses have faced challenges in securing funding, a trend that blocks their growth and reflects issues within the American financial landscape. The Alliance for Entrepreneurial Equity’s latest report, a collaboration between the National Urban League and Third Way, illuminates
In Baltimore, a new social shopping platform, Xclusit, is transforming consumers’ engagement with Black-owned businesses. Vincent Johnson’s Journey Vincent Johnson, an Ellicott City-based entrepreneur and the CEO of Xclusit, crafted the platform to empower Black businesses. Johnson, a Vanderbilt University graduate with a master’s in divinity, initially focused on Black economics. His passion for entrepreneurship led him away from pursuing a PhD, instead dedicating himself to developing tech solutions that support Black-owned businesses. His journey in the tech world began with his first app, Coupify. Still, through direct engagement with
Black Black Friday is a new initiative in Seattle that encourages residents to spend money at local, Black-owned small businesses. Statistics show that 7.9% of Seatlle’s population is Black, with less than 1% of their businesses Black-owned. Five times as many of these businesses are closing down compared to white-owned companies. This is why Black Black Friday was created, empowering Seattle’s Black-owned businesses by bringing the entire community on board. Black Black Friday Black Black Friday is organized by Intentionalist – a company that helps people support local, diverse small businesses. Intentionalist
