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A Michigan-based venture capital fund focused on investing in businesses owned by people of color has joined forces with a renowned investment firm, paving the way for expanded growth and a more significant impact for both organizations. According to Crain’s Grand Rapids Business, the New Community Transformation Fund has partnered with Michigan Capital Network, which will manage fund’s, daily operations, and offer strategic guidance. Discussions between the two Grand Rapids firms began months ago. Paul D’Amato, CEO and managing director of Michigan Capital Network, said it “made sense” for both organizations from the start of the process. “We share their goal of creating access to capital for people of color because we know that business growth, entrepreneurship and capital investment strengthens our economy and makes our state more attractive to other businesses looking to relocate,” D’Amato said, Crain’s Grand Rapids reported. Through the affiliation, which gives the venture...
Beatrice Dixon has a piece of advice following the $380 million acquisition of The Honey Pot Company — It’s OK to take risks and try something new. Dixon captured the audience’s full attention during the Founder’s Summit session “Knowing When to Seize the Moment for Company Growth” at the AFROTECH™ 2024 Conference on Thursday, Nov. 14, where she shared valuable business insights. “That doesn’t mean you have to stop doing your business, but that might mean you need to also have a job, or you may need to do something different,” Dixon shared. “I just think we’re going into a time of have and have-nots, and you don’t want to be on the side of the have-nots.” @afro.tech Honey Pot CEO Beatrice Dixon had everyone hooked as she shared business tips in light of Honey Pot’s $380 million acquisition. Keep your mind open and your notepads on deck📝 More to come AFROTECH Fam 🫶🏾 #blackintech #blacktechtok #TechEmpowerment #AFROTECH24 ♬ original sound – AfroTech In January, AFROTECH™ reported that...
A college student turned entrepreneur recently turned down a $300,000 offer on “Shark Tank,” a decision he credits to trusting his gut. Kobe Harris, then a student at Loyola University Chicago, launched his lip balm company, Kobee’s, from his bedroom in 2019 while researching sustainability and bees for a college project, CNBC reported . With $200 from his mom, he ordered ingredients on Amazon and started experimenting with simple formulas, using beeswax, coconut oil, sunflower oil, and mango butter, according to CNBC. Kobee’s offerings now includes lotion, lip scrub, cuticle butter, and hand salve — all packaged in eco-friendly, compostable materials and priced from $5 to $42. The company primarily sells through Amazon and its direct-to-consumer website, and once generated $15,000 in sales in only a day. Appearing on the Nov. 1 episode of “Shark Tank,” Harris sought a $300,000 investment in exchange for 6% equity, looking for mentorship and support in scaling distribution. Kendra...
Issa Rae transformed her online presence from an “awkward Black girl” to a media mogul with several hit series. Now, she’s channeling her success into empowering the next generation of creators, helping them forge their own paths in the industry. As shared in a press release, the award-winning actress, writer, and producer’s management firm, ColorCreative, which promotes women and minority talent, has partnered with Tubi to launch Stubios. The program will help five creative teams develop debut projects that will premiere on the streaming platform. ColorCreative will provide mentorship, while Tubi will fund the productions, according to TubeFilter. “I am deeply passionate about creating pathways to sustainable careers into Hollywood for creatives of diverse backgrounds,” Issa Rae previously said in a statement. “We at ColorCreative are thrilled to see Tubi taking this important and bold step, and we’re excited to support and guide Stubios creatives on their first long-form...
Flau’jae Johnson is putting down roots in more ways than one. On Friday, the Louisiana State University (LSU) basketball guard and rapper shared that she has purchased 20 acres of land, a significant step toward turning her dreams into reality. In a celebratory Instagram post , Johnson said, “GOD IS AMAZING! I Done Got Addicted To The Acres. 20 Years Old With a total of 20 Acres !! Generational Wealth Fr @HomeDepot, what’s up?? Help me make some dreams a reality!” View this post on Instagram A post shared by Big 4️⃣ (@flaujae) For Johnson, her dreams reach far beyond her talents of music and basketball. “This land represents more than just an investment for me—it’s about building something bigger than basketball or music. I want to create opportunities for my community and leave a legacy that shows young women, especially young Black women, that we can do it all. Owning 20 acres at my age is proof that with vision and hard work, we can break boundaries and build the future we...
The Gathering Spot, a members-only co-work space and networking hub, has tapped Houston, TX, as the location for its next club. Founded in 2016, The Gathering Spot (TGS) opened its doors in Atlanta, GA, before adding locations in Washington, D.C., in 2021, and Los Angeles, CA, in 2022. Per its website, Houston is one of TGS’s “connected cities” along with Chicago, IL; New York, NY; Detroit, MI; and Charlotte, NC. These cities are “curated communities that serve as hubs for collaboration” where the company anticipates potentially building future clubs . According to the Atlanta Journal-Constitution, Co-founder and CEO Ryan Wilson spent significant time in each of these connected cities before he and his team singled out Houston as “the next best opportunity for us as a community.” Through his visits, the city drew parallels to Atlanta’s blend of big and small businesses. Regarding the investment, Wilson discussed his confidence in Houston’s potential for company growth. “We’re...
Teenage twins Taylan and Tylan Walker have united their individual interests to become entrepreneurs. WAVE 3 News in Louisville, KY, reports the pair was looking to open a brick-and-mortar store to start selling shoes when they completed high school. At the age of 13, Tylan had already started buying and reselling shoes on the market, while Taylan was watering his interest in cameras and videography. As the business of selling shoes grew, it became clear to them it was time to scale the venture. ”When I was in my house I was getting a bunch of shoes, and I was getting more and more shoes until like I was getting to the point where I needed to change locations because I had too many shoes in the house basically,” Tylan told the outlet. This led to the storefront Finest Kicks opening its doors in Louisville. The venture was supported through the brothers’ earnings from restoring and cleaning shoes as well as sales from buying and reselling shoes on the market. View this post on...
In the evolving business and technology landscape, innovation is a major marker of progress. However, ideas are often obstructed by hurdles that challenge the expansion of creativity. As organizations strive to pioneer new horizons, they frequently grapple with a phenomenon known as the “innovation stall.” Innovation stalls occur when the regular flow of creative ideas within an organization temporarily slows down or halts. This can result from factors like resistance to change, cultural issues, or resource constraints. Amidst these challenges , navigating the delicate balance between tradition and transformation becomes a crucial endeavor for organizations aiming to redefine the boundaries of what’s possible. What Is The Biggest Blocker To Innovation? Understanding the obstacles to innovation is pivotal for crafting effective strategies . Among the blockers, a prevalent one is resistance to change entrenched within organizational culture. Embracing innovation requires a fundamental...
Gabrielle Union is creating a table and Black-owned businesses are the centerpiece. As a part of a new partnership with LinkedIn, which includes an exclusive new content series, “Getting Real with Gabrielle Union,” the star opens up about being a Black woman in the industry, business, and how fear drove her decisions, plus more. Now Gabrielle Union has adopted a new mindset to land the right opportunities and she has since racked in many wins. As AfroTech previously reported, Gabrielle Union recently became an investor in Angel City Football Club alongside her daughter Kaavia James Union Wade. “If it does not positively impact my peace, my joy and my grace, I don’t wanna have anything to do with it. When I look at investments, businesses, I look at who else is involved? Are these people that I would trust with my child or trust with my life? No. Okay. Well that’s okay. That’s not for me,” Gabrielle Union said in an interview with LinkedIn News Editor in Chief Dan Roth. Gabrielle...
Coalition to Back Black Businesses (CBBB), co-founded by the U.S. Chamber of Commerce Foundation, American Express, and four leading national Black business organizations – announced 491 Black-owned small businesses across 39 states were each awarded a $5,000 grant as part of a multi-year grantmaking and mentorship initiative. The recipients will be eligible to apply for enhancement grants of $25,000, which will be provided to a select number of 2021 grantee recipients in July 2022. The CBBB was formed in September 2020 to address the needs of businesses impacted by the pandemic and support their long-term growth. Since its launch, CBBB has awarded grants to more than 1,000 Black-owned small businesses. “From nationwide supply chain disruptions to worker shortages, Black small business owners are facing new and daunting challenges brought on by the pandemic,” said Carolyn Cawley, president of the U.S. Chamber of Commerce Foundation. “The strength of our economy depends on the...
ComplYant is here to help small businesses with their tax needs. And thanks to a recent seed funding round, they’re able to help now more than ever. In a press release announcement, it was revealed that the company closed a seed funding round of $5.5 million led by Craft Ventures with participation from Mucker Capital, Slauson & Co., and Techstars. ComplYant was founded by Grid 110 and Techstars alum Shiloh Johnson. There are more than 31 million small businesses in the United States, and they pay billions in tax penalties every year for filing forms or making payments late. Some businesses just forget while others don’t understand enough about the taxes they owe to know that they owe them. ComplYant’s digital platform solves this problem by streamlining workflow, providing a savings wallet for taxes, and allowing accountants to collaborate with client accounts – all right in your browser. Using ComplYant, U.S. small business owners easily manage and take charge of income tax, sales...
Ciara and Meta Elevate are back to support small Black-owned businesses! To ensure businesses will receive support and prosper amidst the pandemic, entrepreneurs were encouraged to apply to Meta’s newest program in the fall of 2021. Now, Ciara has personally selected 10 Black-owned businesses that will participate in the inaugural cohort. “The ten businesses I’ve nominated are dear to me because they embody determination, community, empathy and empowerment. The success of Black-owned small businesses is key to wealth building in our community, which is why connecting Black owners to these opportunities is so important to me,” Ciara said in a press release sent to AfroTech. As AfroTech previously told you, nominated businesses will receive marketing mentorship and six weeks of support. Businesses will have the opportunity to create powerful marketing campaigns on Facebook and Instagram. In addition, Meta will distribute $100,000 in ad credits and creative support for businesses to...