News — Black entrepreneurs

Apple announced Wednesday that it will invest $10 million with Harlem Capital as part of their racial equity and justice pledge.

“The unfinished work of racial justice and equality call us all to account,” Apple CEO Tom Cook shared on Twitter. “Things must change, and Apple’s committed to being a force for that change.”

The investment is part of Apple’s $100 million racial equality and justice initiative announced last June. The program will be led by Apple VP Lisa Jackson.

“The initiative will challenge the systemic barriers to opportunity and dignity that exists for communities of color and particularly for the black community,” Apple CEO Tim Cook shared in a video.

Supporting Harlem Capital’s Vision

Apple’s $10 million investment in Harlem Capital will support investments in 1,000 companies with diverse entrepreneurs over the next two decades.

“Ever since I got my first iPod in middle school, I have been an avid Apple fan,” Managing Partner Henri Pierre-Jacques posted on LinkedIn. “To have Harlem Capital and Apple partner is truly a dream come true.”

Harlem Capital, a New York-based venture capital firm, will provide capital to entrepreneurs of color. The firm will also play an instrumental role in helping Apple achieve its broader economic advancement goals in under-resourced communities. Harlem Capital will serve as mentors in Apple’s first Detroit Developer Academy — a program designed to empower young Black entrepreneurs will the skills needed to be proficient in the iOS app economy.

In addition, Harlem Capital will provide support to participants in Apple’s Entrepreneur Camp. This week-long program offers lab sessions, one-on-one expert guidance, and insights from top Apple leaders. At the conclusion of the program, participants join a global network of other leaders.

Furthermore, Apple plans to support Harlem Capital’s internship program. This competitive internship opportunity has attracted thousands of applicants and provided experiences to over 50 interns.

It All Started With A Passion

Founded in 2015, Harlem Capital is a venture capital firm on a mission to change the face of entrepreneurship. The company started with Managing Partners Henri Pierre-Jacques and Jarrid Tingle. The two met as participants in the Management Leadership for Tomorrow career program founded by John Rice.

Once they discovered a shared passion for investing, the two men connected with other friends and formed Harlem Capital in Tingle’s living room. Brandon Bryant and John Henry are also part of the dream team. Now, the venture capital firm is on track to help a new generation of entrepreneurs create change.

“Never underestimate the power of words and visualizing,” Pierre-Jacques shared on LinkedIn.

Kevin John recalls when he was young, his mother used her entire savings, $800, to buy Pontiac Sunbird. The joy of buying a vehicle lasted for only a week as it started having thermostat issues and the head gasket blew.

“We were left on the side of the road, and I remember the sadness and the disappointment in her face vividly. I felt her pain,” tells John.

Now 38 years old, John doesn’t want anyone to go through the traumatic experience that his family, particularly his mother, went through. He also doesn’t want anyone to become a victim of disingenuous car dealers who deliberately sell faulty cars to unsuspecting customers.

In February 2020, he launched his own auto company called Vendu Auto Group in Charlotte, North Carolina, to sell cars. According to Black Business, John is very honest about the type of cars he sells as he doesn’t want to put anyone through the traumatic experience his mom went through. 

John started his company by taking some seed money. He then found a lot, applied for a dealership license, bought some cars, and started re-selling cars. He encountered some setbacks but has still managed to triumph.

“I myself have had had plenty of setbacks and bumps in the road, including a bankruptcy now a decade in the rearview. I’ve made my share of poor choices, but the future looks bright and I don’t spend much time looking back. I haven’t had anything handed to me.”

Besides his car dealership, he has other businesses including two tech companies and a real estate company. Those two businesses were motivated by his grandparents, especially his grandfather, Little Willie John, who was a well-known Black entertainer in the 1960s.

John’s Vendu Auto Group “employs new and innovative technology built into solid, traditional methodology and it’s core principles – Value to Every Customer,” its website says.

Most kids like to enjoy a bowl of cereal in the morning for breakfast. For one Black male entrepreneur, his love of the treat inspired him to develop his own brand of cereal dedicated to offering more representation of Black culture for youth.

Connecticut-based Nic King is the owner of Proud Puff Cereal, a vegan-friendly cereal featuring characters representing various aspects of African American culture. He came up with the idea in the middle of the night and said the idea behind the box design was to offer a positive representation of a Black family and household with his characters.

“I was sitting up in my bed and pulled out my phone and started scrolling in my phone seeing all these scenes from Minneapolis. And seeing a lot of companies talking about their initiatives involving Black creatives and going forward to help out the Black community,” King said in an interview with The Darien (CT) Times. 

 “The whole box has meaning, from the characters to a two-parent Black household, to the positive affirmations on the back of the box, as well as the facts on the side about iconic Black legends that helped shape our culture”

King revealed on his Instagram page that he has already received 1,000 pre-orders for his cereal and shared the company’s progress toward mass production. This brings the total to 4,000 since the new year began. He explained that he is looking for a larger crowdfunding platform to raise funds to grow his products and capital to produce large quantities for customers.

“In today’s climate, I believe a product like this is so important. We’ve been dealing with blatant racism, why Black Lives Matter Too, Diversity Inclusion, Systemic racism and so much more,” King writes on his website. “This cereal isn’t only for black people but rather it is a cereal owned by a black man. This is a cereal any and all families can enjoy as they start their morning on a journey to having a great day.”

Dwight Neptune was studying electrical engineering when he picked up drone making as a hobby in high school. Little did he realize that his hobby would morph into establishing a drone company at the age of 18.

He is now the CEO of a drone startup, Beagle Drones. “I wanted to build something that people enjoy and saw FPV as the entryway to building really cool tech products,” he told CNBC.

Together with his friends, Neptune created a prototype of FPV drone off-the-shelf parts. They later sold it in May 2017 to test the market. It worked for him and his colleagues and that was how he created Beagle Drones.

He later dropped out of Mercer County Community College to work as full-time CEO of Beagle Drones. In October 2020, the company said it was on track to make $100,000 in sales that year. According to Neptune, he is working to raise $1 million at a $4 million valuation.

Neptune is envisaging some challenges in terms of raising funds to finance the company’s operation. His fear is well-grounded as multiple publications have pointed out the difficulties Black founders encounter in raising venture capital.

According to Harvard Business Review, Black founders received less than 1 percent of venture capital. Also, 81% of venture capital funds have no Black investors while 70% of VCs are White and only 3% are Black. 

“I’ve been with several VCs, angel funds, and nine times out of 10, I’m the only Black founder there,” Neptune told CNBC. “Our team is extremely diverse by default because our C-suite and our founding team is diverse, and it just attracts other people that want to work with a diverse group.”

Neptune dreams of becoming one of the household names in the tech space and one of the first Black founders to pull off a billion-dollar tech company. On its website, Beagle says it operates on the concept: “A one-stop shop for beginners to experience drone racing.” “It’s easy,” it says, adding: “We do all the hard work, so you don’t have to.” 

The New Jersey-based company which sells two different drones — priced at $130 and $400 — released its third drone, NOVA, on Kickstarter last November. NOVA is described as “a ready-to-fly, FPV drone equipped with a built-in 4k camera and lightweight cyberpunk shell design.” Its lightweight design makes it ideal for travel and for both indoor and outdoor flight.

The coronavirus pandemic not only disproportionally affected Black-owned businesses, but it has also delayed the opening of many companies led by Black people.

In the midst of all the uncertainties in the business world, particularly over concerns whether existing and new businesses could make a profit, three Kentucky brothers have defied all odds in a pandemic era to roll out their own distillery.

Known as Brough Brothers Distillery, it is the first and only Black-owned distillery in the state of Kentucky. It was founded by brothers Victor, Bryson, and Christian Yarbrough who were born and raised in Louisville, Kentucky. Their ambition was fueled by their desire to operate a Black-led distillery in a sector that has been widely dominated by Whites. Their distillery will provide job opportunities and economic growth for the community of Park Hill, a historically underserved area of Louisville’s West End, according to a press release announcing the commencement of operation of Brough Brothers Distillery.

“Brough Brothers has an opportunity to not only provide employment opportunities for our local community but also design an experience for locals and tourists in the heart of one of Kentucky’s cultural hubs,” Brough Brothers CEO Victor Yarbrough said. “At a time in history when there is much attention on Louisville, we are excited to represent positive change and hope for and on behalf of our city.”

Currently, Chris and Bryson serve as the company’s chief marketing officer and chief operating officer, respectively.

The Federal Alcohol and Tobacco Tax and Trade Bureau first approved Brough Brothers Distillery in August 2018 and was recognized by Kentucky’s Senate as the state’s first African American-owned distillery in August 2020. It was subsequently approved by the Kentucky Alcoholic Beverage Control Board in September.

Meanwhile, its bourbon shop will be open for business to bourbon enthusiasts by appointment only in spring 2021. So far, customers have praised the product for being one of the smoothest on the market.

“I hope people are able to come to the West End and see a rose in the concrete, and are able to see there’s beauty there, there’s people willing to improve the community there, and we would like to see other businesses come in, as well as tourists and other supporters, to not just support our business, but surrounding businesses in the area,” CEO Yarbrough said in an interview.

Brough Brothers currently has major distribution partnerships in five states, including KY, FL, TN, IN, and CO. It will expand its distribution to another 20 states in early 2021, the release said.

In 2015, Jamila Souffrant commuted about three hours where she lived in Brooklyn, NY to work in New Jersey every day. At the same time, she was about to become a mother of two. However, her job schedule gave her little room for respite and she began making moves for a flexible job.

“It wasn’t necessarily about just the commute, but I felt like that was the catalyst to make me feel like there’s something else out there for me,” Souffrant told BusinessInsider. “Because I don’t want to, like, have a family and spend most of my day just not completely fulfilled. There must be another way.” 

The commercial real estate executive became fascinated with stories of people who retired early from traditional work on the back of their savings, investment and debt pay off. Inspired by such stories, she started a side hustle: blogging. She began writing about how she intends to accomplish her financial independence goals and create a community with others with similar goals. She would soon realize that she could generate some income from her blog. Blogging then became a side hustle for her. 

“My first big money objective was to invest as much of our income as possible. We took a hard look at our expenses: Anything that did not allow us to reach our saving and the investing goal was reduced or cut entirely,” Souffrant wrote on CNBC. Within two years (2016 and 2017), Souffrant and her husband saved and invested $169,000 after creating a budget that focused on contributing the maximum amounts to her 401(k) and her husband’s 403(b) and 457 plans.

Accomplishing that goal helped her turn her blogging side hustle into a career she was so passionate about. Her blog, Journey to Launch, is now her full career. She runs the blog on a full-time basis and also has a podcast educating people on their finances and how to achieve financial freedom. 

In addition, she earns money through coaching, working with brands, writing articles, and selling products and services. “Through trial and error, I’ve learned so much that has helped me during this moment,” she said. 

In 2018 when she gave birth to her third child, she quit her job to focus solely on building her blog. She monetized her blog, including her podcast as well as building out her event and speaking income. 

Souffrant hopes her readers will pick one or two financial tips on her blog to help them get out of debt or improve their credit score. One of her maxims is that to save more, it’s equally important to grow your income and that includes further education. 37-year-old Souffrant worked in corporate America since she was 22 before going back to school to get her master’s in real estate while working. The move, she said, put her at a different level where she could then apply for a job that paid more money.

In many countries, the gig economy remains largely informal and workers take a salary outside the formal banking system. Reading a 2016 report prepared by McKinsey on the Global Independent Workforce also known as the Gig Economy, Craig J. Lewis noticed that no one was servicing the firms that pay these workers.

He, therefore, set out to design a payroll system for the gig economy. He established Gig Wage not only to provide a platform that can be used to service the salaries of workers in the gig economy but to get everyone involved.

According to Bloomberg, the problem of under banking is urgent for Black people, who make up 35 percent of the statistic, against only 11 percent of White people.

Founded in 2015, Wage Gig provides the technology and the tools businesses need to pay gig workers, freelancers or contractors in a fast, flexible, and modern way, Lewis tells Shoppe Black. “Also by having 1099 specific software helps with classification concerns,” he adds.

On its website, the Dallas-based company says “our technology enables the world’s innovators to instantly pay 1099 workers with more control, flexibility & scale.”

The company recently made headlines when it raised a $7.5 million Series A round to boost its platform. The funding raising was led by Green Dot Corp., a California-based financial technology and bank holding company.

The deal also goes beyond just investment as Green Dot will also serve as an infrastructure bank partner to Gig Wage to deliver modern banking solutions and better financial tools to the Gig Economy.

“The 1099 economy is exploding, and Gig Wage is thrilled to bring a truly comprehensive solution to market,” Lewis says in a statement on Medium. “As we laid the foundation to offer financial infrastructure for the ‘Future of Work,’ it was abundantly clear Green Dot was the best partner for us to help the most people.”

Despite the effect of COVID-19 on Black-led businesses, the positive news for Lewis is that the pandemic has seen his firm grow due to rising demand for its services.

“The Gig Economy was rapidly expanding and Gig Wage was growing really fast pre COVID but COVID19 has definitely been an accelerant. The increased need for delivery has been the main area of growth we’ve seen,” he says.

Lewis is an expert in the payroll space. He started as a salesman for ADP small business payroll products in 2008 before realizing his passion for payroll tech. After selling over $10 million in payroll-related software, he landed in Silicon Valley, where he got to know the fundamentals of starting a company.

“I was just awed how they thought about technology and products and company building,” Lewis was quoted by deBanked. “And I vowed to bring that to the payroll industry.”

Hip-Hop behemoth Travis Scott is proving that the business of hip-hop can be lucrative as he prepares to launch another brand to add to his vast empire. The businessman has announced that his latest project, in conjunction with Anheuser-Busch, is an Agave Spiked Seltzer brand named CACTI.

The recent Forbes cover star, who is anticipated to make $100 million this year, was inspired by the flavors of tequila and the light and refreshing taste of seltzer when he created CACTI Agave Spiked Seltzer, which is slated to be available in spring 2021.

“CACTI is something I’m really proud of and have put a ton of work into. Me and the team really went in, not only on getting the flavor right, but on thousands of creative protos on everything from the actual beverage, to the can concept, to the packaging and how it is presented to the world. We always try to convey a feeling in our products,” Scott said in a statement. “I’m a big fan of tequila so I came at it from that angle, too. I’m really excited to put this out in 2021 and see other people be able to enjoy it.”

CACTI Agave Spiked Seltzer will debut with three flavors: lime, pineapple, and strawberry. The product, which will be available in 12-oz. cans sold in a 9-count variety pack as well as 16 oz. and 25 oz. singles, is brewed in Los Angeles and made with 100% premium blue agave from Mexico.

“We are all about delivering what consumers want, and as a culture-shaping artist, Scott is incredibly connected to his fans and what’s new and next in culture,” said Fabricio Zonzini, president of Beyond Beer at Anheuser-Busch. “As we continue in our mission to lead industry innovation and optimize our portfolio for the future, I’m excited that we can play a role in bringing to life Scott’s vision to deliver something new to the hard seltzer space.”

 “Growing up, I didn’t see any Black contractors,” says David Moody, who is the President and Chief Executive Officer of C.D. Moody Construction Company, Inc., a Black Enterprise BE 100s listed company for several consecutive years.

From his bedroom, he started his construction firm in the 1980s when he was in debt and was financially constrained to the point that he could barely feed his family. His wife went back to nursing school to become a registered nurse so they could have a steady income as he struggles to ensure the company succeeds.

With determination and hard work, his company is thriving and has undertaken over 200 commercial projects valued at $3 billion. Also, he is responsible for some of the iconic buildings in Atlanta, Georgia.

“I worked for some small construction companies and a very large construction company and this might sound strange, but it just kind of happened. I had reached a point where my wife and I said we don’t have anything to lose, so let’s give it a try. That is how it all happened. Our first office was our bedroom,” Moody tells shoppeblack about his beginning.

The success of his company happened together with the regional growth and his contribution to the building of 21st century Atlanta cannot be overemphasized as its emergence helped fuel Moody’s success. He is also giving back to his community by mentoring the next business leaders and inculcating in Atlanta kids the habit of saving.

What is rewarding for Moody is the fact that what started as a dream is now the source of livelihood for many others. “Giving back to help others is a great feeling,” he says. He attributes the success of his company to God and the fact that God used him to help others turn trauma into triumph.

“The other reasons are my wife and I have never had an expensive lifestyle and I have loved architecture and construction since I was a child,” he says, adding that: “I am living a dream that I didn’t think would happen for me.”

One of his latest commercial ventures was in 2019 when he joined as a 49% partner on a $650 million mix of affordable and market-rate housing, restaurants, retail, offices, and a performing arts center.

Moody advises young entrepreneurs to have a passion for whatever they do and not to be motivated by money. He stressed that once they are able to hone their craft, the money will follow. “…Don’t cut corners and honor your word. Never lie and let honesty guide your steps,” he adds.

Moody was born in Chicago, Illinois before relocating to Michigan when he was only 14 years old to stay with his dad who was employed at the University of Michigan. He attended Huron High School and obtained his B.S. in Psychology from Morehouse College in 1978.

By 1981, he had received his Bachelor of Architecture and five-year professional degree from Howard University. He worked as an architect/field engineer for Bechtel Power Corporation. He later taught structural design and mechanical systems at Washtenaw Community College.

White billionaires have doubled in America in the past quarter-century, according to the Washington Post. This reflects the widening economic gulf and racial disparity as the percentage of Blacks and other minority households worth more than $1 million remains below 2% since 1992.

The trend of Whites accumulating wealth is set to continue and will continue to outperform Blacks and Hispanics in key indicators of wealth: homeownership and equity, investments, and inheritance, according to data cited by the Washington Post.

On the corporate ladder, Black CEOs make up less than one percent of Fortune 500 CEOs and around three percent in senior management positions, a report by the Center for Talent Innovation said. Brian Lee, a digital ad executive, wants to change that by offering a platform that aims at increasing the number of Black millionaires in the next decade.

Lee is the founder of Black Health & Wealth and has a passion for entrepreneurship and healthy living. He’s responsible for digital advertising campaigns for some of the largest brands in the United States. Black Health & Wealth was created to amplify Black wealth and economic opportunity and in the process, create more Black millionaires.

One of the ways of achieving this is to partner corporate institutions to commit to their diversity policy, Lee said. “There has been a lot of talk from corporate America about standing with the black community, but now it is time for action. Black professionals would like to see investment directly into black talent and black suppliers. They also want professional development and to see diverse people in company board seats and in the C-Suite,” the business executive was quoted by Black Business.

As a seasoned ad executive, Lee has worked for renowned brands like Verizon, Microsoft, and many more. Black Health & Wealth was inspired by his own struggles through the corporate ladder. Coming from a humble background, he aspires to create one million Black millionaires in the next 10 years thereby creating a modern-day Black Wall Street.

He however believes that building Black Wall Streets globally will start with a digital approach, hence his platform is “building the technology” to power communities.

In effect, Lee’s plan to increase the number of Black millionaires will be executed in two phases. The first phase will see Lee provide education and professional development to professionals within the network while phase two will centralize Black businesses to have access to each other while committing major corporations to their diversity policies, according to We Buy Black.

Slim and Husky’s Pizza Beeria was founded by three Tennessee friends in 2017: Clinton Gray, Derrick Moore, and Emanuel Reed. The restaurant initially began in their native state, Tennessee, serving artisan pizzas in “underserved communities and more.”

Three years on, the pizza and beer restaurant chain is offering delivery services nationwide. According to Black Business, the firm is partnering with Gold Belly, a national shipping service, to achieve this latest business operation, which will offer everything from frozen pizzas to cinnamon rolls right to the doorsteps of customers nationwide.

Slim and Husky’s Pizza Beeria is a fast-casual and gourmet pizza joint serving up artisan pizzas and unique cinnamon rolls made with locally sourced ingredients, a statement on its website says, adding that its menu is inspired by hip hop and R&B.

The three Nashville natives behind the joint “aim to invigorate less touched areas of the community through employment opportunities and accessible dining experiences.”

With its latest business partnership, Slim and Husky’s, despite having operations in Tennessee, Georgia and California, will now reach more customers in all 50 states to have pizza delivered to them.

Gray, Reed and Moore are expanding their business at a time when the pandemic has negatively impacted Black-owned businesses. Besides Black businesses being negatively impacted, in Memphis, 110,000 eateries have closed permanently this year due to COVID-19. According to the National Restaurant Association, 10,000 eateries have closed within the past three months alone.

“The confidence of the consumer has dropped tremendously,” Derrick Moore, Slim and Husky’s Chief Development Officer, was quoted by FOX13. “They don’t know if it’s going to be shut down or opened up all the way, 50 percent, 25 percent to zero.”

“I would just encourage people to push through but be smart about it because it is capital intense and you have to have your funds right and the structure of your business sound,” he added.

Each Slim & Husky’s Pizza Beeria is constructed with the community’s culture and dynamics in mind, according to Gary, who serves as the brand’s chief marketing officer. He said each restaurant begins with the desire to provide jobs, capacity building and other development opportunities for people in a community.

From a humble beginning, Slim and Husky’s pizza is one of the most sought after in the U.S. Slim & Husky’s Pizza Beeria has been featured on the 101 Best Pizzas in America, ranking 5th.

Before starting Slim and Husky’s, the three friends ran one business together — Green Truck Moving Co. They sold it in 2017 for $1.25 million.

The world of work can sometimes be vulnerable to shocks and global events leading to job cuts or losses. For instance, the COVID-19 pandemic has affected the revenues of many companies, resulting in job cuts and dismissals.

Before the pandemic, hiring and firing was a normal occurrence in the world of work. Many adapted, nonetheless. Others found jobs elsewhere while others decided to open their own firm or become their own boss.

Such is the story of Patrick Glanville, who is very skilled in making chocolate. After years of going through the horrific experience of being dismissed, rehired and fired again, he felt he had had enough and wanted to be his own boss.

Glanville launched his own chocolate company, 3 Some chocolate, a chocolate brand that combines 3 flavors into 1, and offers it in a pack of 3. The company was created by his desire to utilize his skills as an artist and culinary artist, according to Blackbusiness.

Since he established the company in 2017 with his partner, Kristin Parker-Glanville, it has recorded more than 400,000 units sold with over 75, 000 customers dotted across the United States and beyond. It recently saw a spike in online sales, making over $130,000 in less than a month.

Born and raised in Southside Jamaica, Queens, Glanville learned the art of chocolate making from his grandmother at the age of 10. He became a certified chocolatier after studying at the Barry Callebaut Chocolate Academy in Lebbeke, Belgium alongside his partner, Kristin.

Kristin, born in Lower East Side of Manhattan, doubles as the CFO/Co-CEO of 3 Some Chocolates. She also has a background in business administration, operations and finance. Her job includes working to protect the company’s brand.

With his background in graphic design, management, and sales, Glanville created the design of the products as well as the website and recipes while being in charge of marketing.

Just like many Black startups, securing funds to expand the business is often difficult. According to the Harvard Business Review, Black founders receive less than 1 percent of venture capital. Black women founders represent less than 0.2% of companies that receive such funding. Also, 81% of venture capital fund have no Black investors while 70% of VCs are White and only 3% are Black.

To overcome funding challenges, Glanville and his partner launched a CrowdFunding campaign where many investors have come on board to join their chocolate journey. Glanville has, as of Saturday, raised $301,236 on Wefunder.