Entrepreneurs

Why are there so few black tech entrepreneurs?

By Gertrude Aziz 3 weeks ago

“I think a lot of folks like myself never even get a chance, because folks don’t answer their phones, or listen to their idea, but put them in a box they shouldn’t be in,” says Zack Smith, the founder of Boston-based Jobble.

He’s talking about how hard it can be for black tech entrepreneurs to raise money.

But Mr Smith saw it as a challenge.

“It doesn’t matter what box they put me in to begin with, I’ll get out of that box and prove to them I’m bigger and better. I think this fuels me,” he says.

His firm is a US platform for jobs in the gig economy, offering work to those who want flexible hours.

‘Supportive’

According to a study of 9,874 US business founders by California-based social enterprise RateMyInvestor, only 1% of start-ups receiving venture capital were black.

But Mr Smith was fortunate to have New

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How Owners and Entrepreneurs Can Deal With Financial Stress

By Gertrude Aziz 1 month ago

Millions of Americans have been left unemployed over the past half-year and are subsequently struggling to cover their bills and keep a roof over their heads. And for business owners, the situation is even more precarious. Unfortunately, despite fewer (if any) customers coming through the doors, businesses still have overhead that needs to be covered. Even those able to move some operations online likely still have had to contend with rent, utility and insurance costs and other financial obligations.

Additionally, some businesses may be obliged to cover the costs of supplier contracts even though they may not be able to use the items. For example, according to Reuters, the international clothing store Primark has committed to pay its suppliers $461 million for orders, despite all of its stores closing their doors in March.

Even though there have been provisions for businesses to defer payments, once they start trading again, these

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These Black entrepreneurs stepped up to make sunscreen for darker skin

By Gertrude Aziz 2 months ago

<span class="copyright">(Alana Hunter / For The Times)</span>
(Alana Hunter / For The Times)

When Los Angeles resident Katonya Breaux was in her late 30s, she began noticing black moles on her face. It was an occurrence she assumed was genetic after witnessing the same spots on older women in her family. Breaux, the mother of singer Frank Ocean, consulted with her doctor on how to slow down the appearance of more spots.

She was met with a surprising response.

He said, ‘You know it’s not genetic, right? It’s sun damage,’” says Breaux, who, as a Black woman, had not worn sunscreen on a regular basis.

“I went to Walgreens, didn’t know anything about sunscreen and grabbed what was there. The products I tried led to skin irritation,” says Breaux, who discovered mineral formulas, which were less irritating yet created a chalky white cast on her skin. “Other brands were not tinted with me in mind and left

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An entrepreneur’s guide to June’s startup news

By Gertrude Aziz 2 months ago

As Latin America braces for another wave of coronavirus infections that threaten to bring down healthcare systems, the region’s innovators have been making strategic moves to fortify their business interests while simultaneously providing services that directly assist those most impacted by the pandemic.

The month of June kicked off with the World Health Organization declaring Latin America and the Caribbean as the new epicenter of the coronavirus, with 938,000 cases documented by June 1st.

That number would only increase throughout the month, with today the region accounting for 50% of all cases in the Americas.

Against the surge in cases and WHO officials’ concerns about rapidly spreading coronavirus outbreaks in the Americas, the tech sector has continued to find new and innovative ways to not only ride out the storm, but to flourish with new offerings, expansions, and partnerships to meet the evolving needs of those they

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Black, female entrepreneurs are changing Silicon Valley

By Gertrude Aziz 3 months ago

SAN FRANCISCO – In the early days of Zume Pizza, visitors to Julia Collins’ robotic food prep company in Silicon Valley would greet her at the door and say, “Can you grab me a water? I’m here to meet with the founder.” When pitching her business to investment partners at venture capital firms, Collins was nearly always the only woman and always the only black person in the room.

Then, late last year, a hairline crack surfaced in the invisible yet seemingly impenetrable barrier that limits black women’s access to the tech world. A $375 million investment gave Zume Pizza a valuation of $2.25 billion.

It wasn’t just the company she co-founded that reached unicorn status. Collins did, too, as the first black woman whose tech company is valued at $1 billion or more by investors. Now that she’s working on a new startup in regenerative agriculture, investors are calling

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Entrepreneurs offer advice on thriving during difficult times

By Gertrude Aziz 3 months ago

We are in the midst of an economic downturn that is unlike anything most us have seen.

How can we prepare to not only make it through these challenging times but thrive? We asked these titans of industry and Advisors in The Oracles, who are in industries ranging from real estate to technology and fitness. Here’s their best advice for preparing your life and business for the future.

1. Reevaluate your priorities.

This situation makes us reevaluate our priorities and cut back on expenses. Then when things turn around, you’ll be prepared to thrive because you aren’t wasting money on excess.

These times are difficult, and I wouldn’t wish them on anyone, but they also offer opportunities. When the stock market goes down, that’s when you buy. For example, I bought Bitcoin when it dropped recently. This is also about more than finances; it’s about focusing on what’s important, like … Read More

KNC Beauty Founder Launches Zoom School for Black Female Entrepreneurs

By Gertrude Aziz 3 months ago

Click here to read the full article.

Beauty entrepreneur Kristen Noel Crawley, the founder of KNC Beauty, is starting an online educational platform meant to help other Black female entrepreneurs succeed with their beauty businesses.

The program is called KNC Beauty School and it makes its debut online July 14. Crawley and other Black female executives, including Trinity Mouzon of Golde and Melissa Butler of The Lip Bar, will provide four semesters of free information on entrepreneurship, facing adversity, social media and marketing and strategic partnerships and investors.

“We’ll be going over resources and giving advice from other female founders to women of color who want to start a business or are in the early stages of their business,” Crawley said.

Interested entrepreneurs can sign up through a registration link available via Crawley’s Instagram account, where she has more than 400,000 followers.

Crawley had found that after speaking at industry

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Here’s How Cartier Is Helping Female Entrepreneurs Make a Big Global Impact

By Gertrude Aziz 3 months ago

Click here to read the full article.

Ready for a little good news? Cartier has announced 21 finalists for its Cartier Women’s Initiative, three of which hail from North America. Each year since 2006, the French jewelry and watch maison has used the platform to support female entrepreneurs with start-up businesses aimed at making a social or environmental impact. To date, CWI has given over $3 million to aid 240 women from 56 different countries. Of the various female-run companies to participate over the last 14 years, 80 percent are still in operation 15 years later, according to Cartier CEO Cyrille Vigneron. That is an impressive number given that statistically, only 25 percent of new businesses survive to the 15-year marker.

While the businesses that take part in CWI are for profit, Vigneron says their ultimate goal is to make effect change for the good of humanity. “They work deeply

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4 Money Management Tips for Entrepreneurs

By Gertrude Aziz 3 months ago

Entrepreneurs are facing unprecedented levels of economic anxiety threatening to imperil their company’s financial stability. Numerous businesses around the world have shut down due to social distancing measures, with many likely to close permanently. Entrepreneurs and prospective startup owners seeking to avoid this fate need to manage their money carefully, as failing to carefully steward finances right now is a one-way ticket to bankruptcy.

Don’t sit around and wait for financial salvation to miraculously appear. Instead, be proactive and take these steps to protect your company’s future.

1. Take advantage of tax breaks.

Few people hate taxes as much as entrepreneurs who are forced to pay steep fees over and over again. High tax rates diminish commercial growth by limiting the size of a company’s workforce, discouraging renovations and the physical expansion of businesses, and burdening companies with payments that are difficult to shoulder during trying economic times. Avoid paying

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