Black businesses

The importance and challenges of supporting Black-owned businesses are highlighted in several discussions among experts. Here are some key insights:

1. Challenges and Support:

   • Aurora James discussed the impact of the 15% pledge, emphasizing the need for major retailers to allocate shelf space for Black-owned businesses. Her initiative resulted in over $10 billion being diverted to these businesses, illustrating the importance of substantial commitments beyond superficial promises 1 2.
   • Y-Vonne Hutchinson highlighted the steady decline in Black-owned financial institutions and businesses due to consolidation and lack of access to capital. She noted that Black entrepreneurs, especially women, are among the fastest-growing groups but often face sustainability challenges due to systemic barriers 3.

     Measuring Impact Progress

     Bob Safian

     Aurora James

     Aurora emphasizes the importance of data in tracking the impact of initiatives aimed at supporting Black-owned businesses. She advocates for transparency and accountability from retailers, urging them to commit genuinely to the cause rather than just offering superficial promises. Despite the challenges ahead, her optimistic outlook highlights the significance of recognizing progress made along the journey.

     

     Masters of Scale

     Rapid Response: How to turn intentions into action, w/Aurora James, founder of the 15 Percent Pledge

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2. Personal Stories and Impact:

   • Entrepreneurs Jeff and Jennifer Martin of Pipcorn shared their mixed feelings about the increased attention post-George Floyd's murder. The support often felt opportunistic rather than genuine, raising complex emotions about navigating business identity and personal impact 4.
   • Nyakio Grieco discussed launching 13 Loon, a platform for Black-owned beauty brands. She emphasized the dual goals of increasing visibility and building generational wealth as a means to combat systemic racism 5.

3. Consumer Commitment:

   • Doree Shafrir of Forever35 shared her commitment to buying from Black-owned businesses, despite facing challenges in sourcing certain products. She highlighted the need for ongoing support rather than a temporary effort 6.

These insights underscore the importance of genuine support, access to capital, and sustained consumer commitment in uplifting Black-owned businesses.