Innovator, accountant, therapist, receptionist, sales rep--Black women entrepreneurs wear many hats. All the Hats acknowledges, supports, and hopes to inspire, as explained by entrepreneur and founding editor Teneshia Carr, who'll tell you about it when you click play.
"For every problem we have there is a solution, if you're willing to take it on."
-Phyllis Newhouse, who co-founded ShoulderUp with actor Viola Davis to help women share resources, find opportunities, and build connections. Newhouse advises founders to be intentional with their time, and to not only know what they want from any given situation, but also know what they're bringing to the table.
Photo by Kennedi Carter
New Black Wall Street Market
The Allen Entrepreneurial Institute opened the New Black Wall Street Market at the end of 2021 in the predominantly Black city of Stonecrest, Georgia, to increase the number of minority-owned businesses in the area. AEI also plans to help them grow by offering resourses such as online sales support, marketing training, and other entrepreneurial training. The 125,000-square-foot location will be home to hundreds of entrepreneurs through brick-and-mortar locations, pop-up and consignment shops, and e-commerce. There are also plans for a food court, gourmet grocery store, jazz club, and art gallery.
"Winning is great, sure, but if you are really going to do something in life, the secret is learning how to lose. Nobody goes undefeated all the time. If you can pick up after a crushing defeat, and go on to win again, you are going to be a champion someday." -Wilma Rudolph
Wilma Rudolph, an American sprinter, survived bouts of polio and scarlet fever as a child to become an Olympic champion and world record holder.
54%
of Black entrepreneurs are motivated to grow their business in order to have financial security and independence.
In a survey of over 1,000 Black entrepreneurs conducted by LinkedIn, 35 percent of the entrepreneurs with full-time jobs feel that they have been overlooked for career advancement opportunities.
Meet the Founders
"Supporting self-starting entrepreneurs serves everyone. We cannot have true self-expression and authenticity in a world where only a handful of people are creating and selling products. Buying from diverse artists helps ensure not only the artists' success, but also that we continue to live in a world where there are diverse visions of beauty." Jamaican-born, California-based jewelry designer Chari Cuthbert shares the story of how she built ByChari and the moment that changed her business. Read more.
Stacey Abrams: In Business, the Real Risk Is Not Trying
"The real risk is not trying. That, to me, is so important, because when you're willing to take risks, you see opportunities others may not expect." Read more
The Only One in the Room
I've grown accustomed to being the only one in the room on many occasions. But it's not just my experience. Ask any woman, person of color, or anyone else from a historically underrepresented group, and for most, being "the only" or "one of a few" in both personal or professional settings is nothing new. Read more.
"The thing that was our biggest mark against us 10 years ago became the thing that helped people discover us and the work that we have been doing consistently for 10 years." -Kimberly Bryant
Founder and CEO of Black Girls Code, on the organization's name
Funding Opportunity
Many funds and grants are available for small businesses, but it can seem like a full-time job to sort through them all to find the right one. Check out these nine grant opportunities aimed at minority and women-owned businesses.
Going It Alone
Ninety-six percent of Black-owned businesses are sole proprietorships, or have only one employee. The average revenue of these businesses is just over $20,000.
3 Steps to Battle Microaggressions
Research finds that only 49 percent of companies have DEI strategies that include employee training to create inclusive cultures and avoid microaggressions, and only 35 percent have DEI plans that include training hiring managers to identify unconscious bias. Read more.
Color Blind or Color Brave?
Mellody Hobson is president and co-CEO of Ariel Investments, a Chicago investment firm that manages nearly $13 billion in assets, and in this talk, she shares her thoughts on diversity in hiring and how it makes for better businesses and a better society.
48%
of Black-owned firms believe credit availability will be a challenge as a result of the pandemic.
Roughly 38 percent of Black business owners borrowed money from a spouse or other family or friends, while 25 percent worked a second job, and 74 percent used their personal funds.
$16 Trillion
in lost GDP Due to Racial Inequality in the United States
Providing fair and equitable lending to Black entrepreneurs might have resulted in the creation of an additional $13 trillion in business revenue over the past 20 years and potentially 6.1 million jobs per year.
"I've missed more than 9,000 shots in my career. I've lost almost 300 games. Twenty-six times, I've been trusted to take the game winning shot and missed. I've failed over and over and over again in my life. And that is why I succeed."
-Michael Jordan
-Michael Jordan
American businessman and former professional basketball player who won six NBA championships and five MVP awards
The Black Innovators of Ice Cream History
Did you know how connected we are to the history of ice cream? Learn the stories of Augustus Jackson, "the Father of Ice Cream," and James Hemmings, who was enslaved by Thomas Jefferson at the age of 8 and later became the head chef of Jefferson's Paris townhouse, the Hôtel de Langeac. Read more.
"If you approach 100 people for seed capital, 99 of them may say no. You just need that one."
-William F. Pickard
-William F. Pickard
Chairman of Global Automotive Alliance, co-managing partner of MGM Grand Detroit Casino, CEO of Bearwood Management Company, and co-owner of five Black-owned newspapers
Under Pressure
Black-owned businesses are more than twice as likely as others to be financially stressed right now and 1 in 5 Black business owners (27 percent) describe the current financial health of their business as "poor" or "terrible"--compared to 1 in 10 (11 percent) other business owners.
81% of Venture Capital Firms Have No Black Investors at Any Level.
Only 2 percent of senior positions at venture capital firms are held by Black people. In addition, 65 percent of firms have no female partners.
Meet the Founders
"Silicon Valley is not the be all and end all. When I was fundraising, potential investors told me I should move there, but I was firm about wanting to stay in Atlanta. In the end, we were able to go so much further with our money and take advantage of the incredible talent pool at Georgia Tech." Jewel Burks Solomon launched Partpic in 2013, raised $2 million, and then sold her company to Amazon in 2016. Find out why she left Silicon Valley for Atlanta. Read more.
"Holistic health and financial conversation are not just important for Black women--they are mission-critical, essential, urgent."
-Soledad O'Brien
-Soledad O'Brien
American talk show host, television producer, actress, author, and philanthropist
The 5 People You Need to Be Happy, With Stacey Flowers
We all need a support network, but Stacey Flowers, a speaker, business strategist, and author, believes that there are five specific people we need in our lives to be happy. Flowers focuses on connecting happiness and peak performance and hopes to teach people to live beyond preconceptions, boundaries, and limiting beliefs.
"It's up to you to bring yourself to the attention of powerful people around you. They're not going to find you on their own." -Richard Parsons
American business executive, former chairman of Citigroup, and former chairman and CEO of Time Warner
Shareef Abdul-Malik founded WeBuyBlack.com as a marketplace for Black businesses in 2015. He launched a Kickstarter campaign intending to raise $30,000 and promised the community that if it helped him build the marketplace, the company would recycle millions back into Black businesses.
Tackling Discrimination Could See a $5 Trillion Boost to the Economy.
Citigroup estimates the economy would see a $5 trillion boost over the next five years if the U.S. were to tackle key areas of discrimination against African Americans, such as blocking approval for mortgages and starving banking options in underserved neighborhoods.
Creating Inclusive Communities for Entrepreneurs of Color
"Creating diverse, equitable, and inclusive environments means more than hiring or advancing diverse talent. It means more than increasing investment in Black-owned companies and products." Delali Dzirasa is founder and CEO of Fearless, a full-stack digital services firm based in Baltimore with a mission to create software with a soul. Read more.
My Black Year: Maggie Anderson
In 2009, author, activist, and founder Maggie Anderson embarked on the Empowerment Experiment, where her family lived exclusively off Black businesses, professionals, and products for an entire year. Anderson wrote a book about her experiences and spoke about them in this 2014 talk, where she shows a correlation between supporting Black-owned businesses and job creation.
"You can only become accomplished at something you love. Don't make money your goal. Instead, pursue the things you love doing and then do them so well that people can't take their eyes off you." -Maya Angelou
Poet, educator, historian, best-selling author, actor, civil-rights activist, producer, and director
Women-Owned Businesses Are a Better Bet.
A study from Boston Consulting Group revealed that for every dollar of investment raised, female-run startups generated 151 percent more in revenue than male-run startups.
Black-Owned Businesses in the U.S. Employ 1.3 Million People.
According to the U.S. Census Bureau, new data on minority-owned, veteran-owned, and women-owned businesses shows an estimated 134,567 Black- or African American-owned businesses with $133.7 billion in annual receipts, 1.3 million employees, and about $40.5 billion in annual payroll. About 29.5 percent (39,705) of these businesses were in the health care and social assistance sector.
Real Talk: Black Women on Balancing Pressure, Fatigue, and New Opportunities in Uncertain Times
Ellen Bailey, VP of diversity and culture at Harvard Business Publishing, Octavia Goredema, author of Prep, Push, Pivot: Essential Career Strategies for Underrepresented Women, and Laura Morgan Roberts, professor of practice at the University of Virginia's Darden School of Business, discuss the current state of Black women in business.
"Passion is energy. Feel the power that comes from focusing on what excites you." -Oprah Winfrey
American talk show host, television producer, actress, author, and philanthropist
Structural Racism and Black Women's Employment in the U.S. Health Care Sector
"Black women are more overrepresented than any other demographic group in health care and are heavily concentrated in some of its lowest-wage and most hazardous jobs. More than one in five Black women in the labor force (23 percent) are employed in the health care sector, and among this group, Black women have the highest probability of working in the long-term-care sector (37 percent) and in licensed practical nurse or aide occupations (42 percent)."
Female Founders Raised Just 2% of Venture Capital Money in 2021.
"Female founders secured only 2 percent of venture capital in the U.S. in 2021, the smallest share since 2016 and a sign that efforts to diversify the famously male-dominated industry are struggling." -Bloomberg Equality
The Importance of Building Relationships
"There is something about looking someone in the eyes and realizing the authenticity of who they are. As you go through school, build a family business--whatever you're trying to do, it's going to be through relationships. Tyrone Caldwell, who has two businesses, Salon 74 by Tye, based in Plano, Texas, and ShearShare, a platform co-founded with his wife, Courtney, to match stylists with available space at salons, shares the importance of relationships. Read more.
Leading Your Team as You Grow
If you don't actively shape your company culture, it will get shaped for you. And if that happens, it may morph into something you don't like. Make sure you are clear about your values, operating norms, and the standards you want to uphold. Here are some tips for leading your team through the growing pains of success. Read more.
"A diverse perspective is one of the richest perspectives that you can have." -Nathalie Walton
Co-founder and CEO of Expectful
3 Ways for Investors to Support Diverse Startups
Investors Arlan Hamilton, founder of Backstage Capital, and Steve Case, the AOL co-founder who created the Rise of the Rest seed fund, discuss potential ways investors can support diverse founders. Read more.
Black-Owned Firms Are Twice as Likely to Be Rejected for Loans.
Fewer than 50 percent of loan applications from Black-owned firms get approved, according to data from the U.S. Federal Reserve.
The vast majority of Black business owners in the U.S. are sole proprietors. But going it alone still requires a lot of help and support if you want to make your company a success. Here are the best tips from three women founders who have pulled it off. Read more.
Rules of the Road on Your Journey to Success
Rakia Reynolds is the founder of Skai Blue Media, a multimedia PR agency that has worked with clients such as Uber, Serena Williams, and Big Brothers Big Sisters. Here she shares her journey filled with failures, successes, and lessons learned from being an entrepreneur.
"Self-love has very little to do with how you feel about your outer self. It's about accepting all of yourself." -Tyra Banks
American television personality, model, businesswoman, producer, actress, and writer
$10,000 Grant
The Fearless Strivers grant contest will award $10,000 grants to 11 small businesses across the country, as well as digital tools to help them get their business online and one-on-one mentorship. Read more.
Companies Perform Better When More Women Are in Power.
A Bank of America paper found that S&P 500 companies with more diverse boards and a higher percentage of women in leadership positions delivered higher returns on equity. Fortune 1000 companies with female CEOs have been found to perform three times as well as those led by men.
Meet the Founders
Kendra Bracken-Ferguson is the founder of BrainTrust Founders Studio, which supports Black beauty and wellness founders by giving them access to resources, education, and capital. Kendra launched the platform in October 2021 with more than 25 brands and over $100 million in services and support from corporate partners such as JP Morgan Chase and Afterpay.
"Philadelphia was the first city that Harriet Tubman came to when she escaped enslavement. I always felt like we can build our own monuments for people as opposed to waiting for the city or the state to do it. And so I see Harriett's Bookshop as being kind of both, both the monument and also a bookstore."
Jeannine Cook shares the experience of opening Harriett's Bookshop in the Fishtown neighborhood of Philadelphia a few weeks before the pandemic. Read more.
The Angry Black Woman Stereotype at Work
The angry Black woman stereotype exists in many parts of American culture--including the workplace. Studies show people in organizations believe Black women are more likely to have belligerent, contentious, and angry personalities, an assumption not as readily assigned to men and other women.
"I will keep a position open for a year, two years before I fill it with the wrong person."
Listen to Fawn Weaver, founder of Uncle Nearest Premium Whiskey, talk about building the brand and leading through what she calls a culture of confidence.
"We can transcend the script of a predefined story, and pave the way for the future that we design. We just need to tap that power, that conviction, that determination within us. The good news is, we follow people who look like us if the story is told the right way." -Robert F. Smith
American billionaire businessman, chemical engineer, investment banker and founder, chairman, and CEO of private equity firm Vista Equity Partners
Life Before and After Acquisition
Lisa Price, founder of Carol's Daughter, discusses life before and after her company was acquired by L'Oreal in 2014, and what she's learned over the past two years that has changed how she uses her time.
According to research, when women business owners pitch their ideas to investors for early-stage capital, they receive significantly less--a disparity that averages more than $1 million--than men. Yet businesses founded by women ultimately deliver higher revenue--more than twice as much per dollar invested--than those founded by men, making women-owned companies better investments for financial backers.
Have You Met Stacey Abrams, the Entrepreneur?
"Right now, the financial system is not designed for small businesses to succeed. We're seen as miniature versions of big businesses. And that's not how small business works. A big business can carry $150,000 worth of unpaid invoices because they can access all the credit they want. For a small business, that's drowning." Read more.
Black and Latinx Women-Led Businesses Fail at a Lower Rate.
The two-year fail rate for Black and Latinx women-led startups is 27 percent --below the average two-year fail rate for startups, which is 40 percent, according to data from Project Diane, a biennial demographic study by the nonprofit research firm Digital Undivided.
"We can shop small and support Black-owned businesses both online and in our communities year-round, but in order to sustain the success of those businesses for the long term, equitable access to capital, digital tools, and educational resources are critical for owners to sustain or expand their operations." -Morgan DeBaun
CEO of Blavity
As of 2020, according to ProjectDiane data, the median seed round for Black female entrepreneurs was $125,000, compared with the national median of $2.5 million.
Alongside Latina founders, the two groups received just 0.43 percent--or $715 million--of the $166 billion in venture-capital funding raised in 2020, ProjectDiane found. Source: Business Insider
5 Ways Successful Women Navigate Negotiations
"If you know that you need a certain margin at that retailer to be profitable, and you know that that retailer absolutely cannot hit that margin, then you have to adjust your pricing or walk, because it doesn't make sense for you to do something that isn't scalable." Read more.
To Sell or Not to Sell
According to Shelly Bell, founder and CEO of Black Girl Ventures, a Fort Belvoir, Virginia-based funding community for Black and Brown women entrepreneurs, an acquisition is mainly about timing and your mission. Read more.
Overcoming the Anxiety of Being the Other
Erica Baker is all too familiar with being the other or the only one in the room. An engineer from the Bay Area, Baker has worked at companies including GitHub, Google, Slack, Patreon, and Microsoft and is the chief technology officer for the Democratic Congressional Campaign Committee. She explains the challenges women of color face while dealing with the "anxiety gap" at the office.
"Don't rest on your laurels. There's always going to be someone behind you who's going to be better than you. So you need to get out there and keep working." -Sheila Johnson
American businesswoman, co-founder of BET, CEO of Salamander Hotels and Resorts, and the first African American woman to attain a net worth of at least $1 billion
9 Grants You Should Know About
Find out more about these grants specifically for Black women founders. Read more.
"When I was younger, there was something in me. I had passion. I may not have known what I was going to do with that passion, but there was something--and I still feel it. It's this little engine that roars inside of me and I just want to keep going and going." -Sheila Johnson
American businesswoman, co-founder of BET, CEO of Salamander Hotels and Resorts, and the first African American woman to attain a net worth of at least $1 billion
White-Owned Small Businesses Are Twice as Likely to Be Fully Approved for Financing as Black- and Latino-Owned Firms.
Black- and Latino-owned firms that applied for non-emergency financing were less than half as likely as White-owned firms to be fully approved. This was the case even when the Black-owned, Latino-owned, and White-owned firms were all categorized as presenting a low credit risk.
"What would you do if you had all of the time, money, and resources in the world?"
A question from her mentor sparked Shanea Leven, founder and CEO of Codesee, to share the experiences and lessons she's learned in Silicon Valley. Read more.
Getting to Know the Founders
Janice Omadeke, founder of software company the Mentor Method and the 94th Black woman to raise $1 million in VC money, talks to us about her business and the few hats she's focusing on right now.
In Control
There are a few factors contributing to why minority women are starting more businesses than ever before, including educational progress and economic necessity. Read more.
Put On Your Game Face.
"I keep coming back to that James Baldwin quote: 'To be black in America and to be relatively conscious is to be in a rage almost all the time.' How do you handle that while shepherding an organization, parenting young children? You have to be engaged. I'm not out protesting. Somebody has to help with the funding of all of this-that's how I'm participating in the movement." -Zawadi Bryant, co-founder and CEO of Nightlight Pediatrics.
Read more.
Read more.
"It took me 30 years to get to where I am today. To build a successful business, you must start small and dream big. In the journey of entrepreneurship, tenacity of purpose is supreme." -Aliko Dangote
Aliko Dangote, founder of Dangote Group, is reportedly the wealthiest Black person in the world.
Women of Color Are Promoted Even More Slowly Than Women Overall.
For every 100 entry-level men promoted to manager-level roles, 72 women are promoted versus just 58 Black women and 68 Latinas. Read more.
"It's really key that a company like [this] exists, because if we're going to move the needle forward in combating racism, there have to be companies with the capacity to do the work, or to even be in the running with the other majority companies." -Deryl McKissack, founder and CEO of $30 million construction management firm McKissack & McKissack. Read more.
17%
of Black women are in the process of starting or running new businesses.
This compares with just 10 percent of White women and 15 percent of White men. Despite this early lead, only 3 percent of Black women run mature businesses.
5 Facts About Black Women in the Labor Force
1. Black women earn 63 cents for every dollar earned by White non-Hispanic men.
2. This wage gap is not driven just by educational differences.
3. Black women have the highest labor force participation rate of all women.
4. Black women have also experienced high unemployment, especially during the pandemic.
5. Black moms, too, have relatively high labor force participation rates.
Read more.
2. This wage gap is not driven just by educational differences.
3. Black women have the highest labor force participation rate of all women.
4. Black women have also experienced high unemployment, especially during the pandemic.
5. Black moms, too, have relatively high labor force participation rates.
Read more.
Buy From Black Women
"I am a social-impact business, but to me, this is really a mission. It is my assignment from God to change the trajectory of Black children's lives, to normalize Black excellence, to let them see themselves positively represented in every environment they experience." Meet Terri Nichelle Bradley, founder of Brown Toy Box, which produces children's products and experiences designed to encourage and prepare Black children to pursue STEAM interests and careers. Read more.
"[Don't] let anyone convince you that your dream, your vision to be an entrepreneur, is something that you shouldn't do. What often happens is that people who are well meaning, who really care for us, are afraid for us and talk us out of it." -Cathy Hughes
Cathy Hughes founded the media company Radio One and became the first African American woman to head a publicly traded corporation.
Is Your Pitch Deck on Point?
Sixty-eight percent of VCs say they are more likely to invest in multicultural-founded companies in the coming year. Read more.
Spotlight a Female Founder
"Having the courage to be unapologetically me has proved vital in my journey of founding my business." Britney Winters shares the story of her beginnings in Houston's Third Ward to finding her authentic self in college and then landing a $2 million investment for her company, Upgrade. Read more.
"You should never view your challenges as a disadvantage. Instead, it's important for you to understand that your experience facing and overcoming adversity is actually one of your biggest advantages."
-Former first lady, attorney, and author Michelle Obama, born January 17, 1964
The Value of Community
"As an investor, I'm always looking for value, which means I tend not to follow the current Zeitgeist, but focus on what's next. As a Black woman, I seek community. I want my child to have access to diversity of thought and the diversity of a community that nourishes his mind." Kathryn Finney, founder and CEO of the Greenhouse Fund, reintroduces us to Chicago and shares how founders are remaking it into a tech hub. Read more.
Do You Know Her Story?
"I am a woman who came from the cotton fields of the South. From there, I was promoted to the washtub. From there, I was promoted to the cook kitchen. And from there, I promoted myself into the business of manufacturing hair goods and preparations. I have built my own factory on my own ground." Madam C.J. Walker was the first female self-made millionaire and is considered one of the most successful Black entrepreneurs in history. Read more.
Lifting Each Other Up
ACLU chief equity officer Amber Hikes shares her thoughts on how we can lift each other up when we climb. Make building community and bringing more people to the table a part of your success story.
Funding Resources
If you're unsure where to start or go next on your funding journey, check out these VC firms that have decided to walk the walk. Read more.
Truth From the Twitterverse
Entrepreneurial Roots
Ottawa "O.W." Gurley helped create the "Black Wall Street" in 1920s Tulsa, Oklahoma. Before landing in Tulsa, he was a minister, a landowner in the Deep South, an educator, a U.S. Post Office employee, a member of President Grover Cleveland's administration, and, of course, an entrepreneur. Read more.
Expanding the Side Hustle
Black and female individuals have started more microbusinesses during the pandemic: 17 percent of all existing microbusinesses were started in the past 16 months; 26 percent of those new starts are Black-owned, and 57 percent of them are female-owned.
Meet the Founders Trying to Change the Financial System From the Inside
The average Black-owned startup has $500 in outside equity upon founding, compared with $18,500 for a typical White-owned business. Read more.
Just 2% of U.S. Interior Designers Are Black.
Here's how these five women entrepreneurs distinguished themselves. Meet some of the Black women entrepreneurs who are breaking the mold of what success in the $17.5 billion decorating industry looks like. Read more.
Reach Out!
I'm a media entrepreneur. What about you? I'd love to know what you do and to share it with others here. It will help me curate the stories and information we bring you, and, who knows, another Hats reader might end up being your next client or business partner. Let's try this on Twitter, @HatsTalk, tweet me and we'll talk soon.
The Change We Need
"Finally, community leaders can harness their power and influence. If you hold any sway with governments, foundations, the VC community, or other groups, remember that Black business owners often need access to social capital as much as financial capital. A simple introduction or mentor relationship might change the course of an entrepreneur's life." Read more.
"It's not what they call you, it's what you answer to."
With a $1,500 loan, Janice Bryant Howroyd opened a staffing company in Los Angeles in the late '70s and then went on to become the first African American woman to own a billion-dollar business. Hear her incredible story here. Read more.
49%
of Black women feel that their race or ethnicity will make it harder for them to get a raise, a promotion, or a chance to get ahead, compared with just 3% of White women and 11% of women overall.
Year after year, the research shows that women of color, lesbian and bisexual women, and women with disabilities are having distinct-and by and large worse-experiences compared with women overall. This is particularly true for Black women and women with disabilities, who are frequently overlooked and undervalued.
"When I dare to be powerful, to use my strength in the service of my vision, then it becomes less and less important whether I am afraid."
-Audre Lorde
-Audre Lorde
American writer, feminist, womanist, librarian, and civil rights activist, born February 18, 1934
Ways You Can Show Up!
The most recent data put the number of Black-owned businesses at 2.6 million, which collectively generated more than $150 billion in annual revenue for the U.S. economy. Black women are the fastest-growing group of entrepreneurs in the United States. Here are a few ways we all can show support. Read more.
Ask an Expert
Have one of those brain-tickling questions about your business that's leaving you stumped, and you don't even know whom to ask? I can help! Well, not me exactly, but I'm working with the entire Inc. magazine team, which has long served as a resource to the most successful entrepreneurs in the country. Send your questions or the topics you would like advice on, and I'll pick a few and find an expert to answer.
Email allthehats@inc.com
Email allthehats@inc.com
Purpose
My entrepreneurial journey means trying to create and open spaces. I'm inspired by Luvvie Ajayi's 2017 TED Talk, "Get Comfortable With Being Uncomfortable." Sometimes we forget that we have the power to be troublemakers, to stir things up, and to own our purpose.
61%
of VCs say that the Black Lives Matter movement has influenced their investment strategy.
Morgan Stanley's latest survey of VCs shows that while attitudes have been shifting over the past year, there is still much work to be done when it comes to closing the gap on funding inequality for women entrepreneurs.
Did You Know This About Us?
The economic value of African American travelers stood at $63 billion in 2018, up from $48 billion in 2010. African American "cultural" travelers are the highest spenders, with an average per-trip spend of $2,078 versus $1,345 for all African American travelers. Read more.
"If you were thinking about setting out and doing something, this is the moment."
The increased focus on Black business owners and the resources devoted to them has created a "golden age" for entrepreneurs of color, says Kathey Porter, principal and CEO of Porter Brown Associates, a professional training and consulting firm in Alachua, Florida. This trend began before the protests of 2020, and even before the Black Lives Matter movement took shape in 2013, she says. Read more.
Feb 1, 2022
