Nearly 60% of Black small- and mid-sized business (SMB) owners on TikTok say that the app is critical to their business’ existence, a new Oxford Economics report has found. TikTok’s Value For Small businesses Oxford Economics, in collaboration with TikTok, sought to understand the app’s economic value for local communities across the US. It surveyed 1,050 SMBs and 7,500 users in 2023 to gauge interactions and benefits derived from the app. Small and medium businesses generated $14.7 billion in revenues and supported 224,000 jobs on TikTok supported 224,000 jobs, the
Black-owned businesses can help close the racial wealth gap in the United States, a report has found. The “Gather Against the Gap” report marked a significant step towards addressing the racial wealth gap that critically impacts Black Americans. The Racial Wealth Gap The data found a $10 trillion racial wealth gap in the United States. The gap was illustrated by the median wealth of Black households at $20,000, in contrast to $180,000 for white households. This wealth disparity, coupled with an employment and income gap, significantly hinders the economic progress
Two brothers, Adrian and Ronnie Wright, have launched the XB app to change how residents can discover and connect with Black-owned businesses in their area. The Journey Of XB The journey began with a Facebook group named “Black Portland,” created by Adrian in 2015. It was seen as a place of reconnection for the Black community in Portland, which faced numerous challenges during the 1980s. These included difficulties in securing mortgages and increasing crime rates in Black neighborhoods. “Displaced residents relocated eastward, while newcomers, often employed by major corporations, gravitated
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
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
According to a new report by Harvard researchers, overlooked Black businesses that added a ‘Black-owned’ label to their online shop saw a significant increase in sales last year. Many tech platforms, including Yelp, Amazon, and Instagram, have introduced a new feature with the aim of helping Black-owned businesses get the spotlight they deserve – but do they actually work? Since the feature has been rolled out, many have questioned whether it works or would prove problematic for smaller businesses in the future. However, Harvard says this feature has proved to be highly beneficial for Black-owned
Black people are strong but even more powerful when they come together. This is a statement Nia-Tayler Clark, founder of BLACKLIT, can heavily relate to. After receiving an unexpected eviction notice, social media users united to help Nia-Tayler Clark save her bookstore from closure. The online book community founded in 2019 initially began as a project in Clark’s tiny one-bedroom apartment. In a short time, the project blossomed and became the first Black-owned bookstore in Dallas, Texas. “BLACKLIT started in 2019, in my tiny one-bedroom apartment, with my toddler on my
Dr. Lakeysha Hallmon is the entrepreneur behind The Village Market Atlanta, a community hub for Black businesses to help them connect and engage with their consumers. What is The Village Market? Over the years, The Village has become a staple in Atlanta for many Black-owned businesses. In addition, the thriving village has connected with small businesses across 38 different states in four other countries, which is a testament to the platform’s growing popularity. To date, The Village has spotlights thousands of Black-owned businesses specializing in all-natural products and foods. In
