Latest Articles

Uncle Nearest Officially Surpasses $1B Valuation, According To Reports, And Becomes Fastest-Growing American Whiskey Brand

Uncle Nearest is making history as the fastest-growing Ameri­can whiskey brand ever, according to Forbes. As AFROTECH™ previously told you, Fawn Weaver serves as founder and CEO and established the company to honor “Nearest” Green, a formerly enslaved man who taught Jack Daniel how to make whiskey. The company has since received significant backing, even in the midst of Weaver’s clear stance that she has no intention of selling the business, which has grown to include a 458-acre distillery with the world’s longest bar (518 feet). Products are now featured in over 30,000 stores, bars, hotels, and restaurants in 12 countries. View this post on Instagram A post shared by Uncle Nearest Premium Whiskey (@unclenearest) By November 2023, Weaver had raised $225 million in individual support. Per Forbes, the business is backed by 163 individual investors, providing an average check of $500,000 a person. “The most difficult thing in starting any business. It’s always the capital,” Weaver told...

Samantha Dorisca

May 29, 2024

Black Athletes Make Up 50% Of Forbes' 2024 List Of Highest-Paid Sports Professionals

Each year, between the end of spring and the beginning of summer, several professional sports leagues host drafts, giving space to the next batch of athletic superstars who will impact their respective games for years to come. With so much excitement about a new generation of professional athletes, the focus sometimes shifts from player stats and team projections to contracts and partnership deals. But the excitement of new money is largely made possible by the athletes who have some tenure in the game. From rookie expansion contracts to lucrative business deals, athletes are continuing to level up, paving the way for what’s possible in the future. Against this backdrop, Forbes has released its highest-paid athletes list of 2024, and of the 10 players, 50% of those spots are held by Black athletes. Lebron James View this post on Instagram A post shared by 👑 (@kingjames) Lebron James is No. 4 on the list but ranks No. 1 among Black professional athletes. The 39-year-old is currently...

Josh Rodgers

May 24, 2024

Bob Marley Family And Premiere Cannabis Brand Jeeter Release 'One-Of-A-Kind Cannabis Line'

Bob Marley’s legacy continues to stand the test of times. According to a news release shared with AFROTECH™, the Bob Marley family is collaborating with premiere cannabis brand Jeeter to launch a limited edition Jeeter x Bob Marley “One Love” Unity Joint. The venture is in alignment with the late singer who often smoked weed for its spiritual and medicinal properties as a Rastafarian, GQ reports. To bring the product to the public, Jeeter and the Marley family took a trip to Nine Mile, Bob’s birthplace located in Jamaica, where the team immersed themselves in the culture and music. Additionally, the Marley family worked closely with Jeeter to assist with the strain and packaging to ensure the final product was authentic to Bob’s legacy. “Jeeter’s work in the cannabis space has been incredible,” expressed Cedella Marley, Bob’s daughter and CEO of Bob Marley Group of Companies. “Cannabis culture and the Marley movement go hand in hand. Jeeter’s deep dive into Jamaican culture has been...

Samantha Dorisca

May 24, 2024

Founder Derrick Hayes And Big Dave's Cheesesteaks Secure Multi-Year Agreement For Brick-And-Mortar Location At Mercedes-Benz Stadium

Another win for Derrick Hayes. The Big Dave’s Cheesesteaks founder and CEO has secured a four-year agreement that will scale the business at the Mercedes-Benz Stadium in Atlanta, GA. Starting in 2022, he had two portable vendor cart slots placed around the stadium and soon expanded to three. Now, sports fans will be able to visit a brick-and-mortar location in Section 107 of Mercedes-Benz Stadium and enjoy staple items such as signature cheesesteaks, seasoned fries, chicken tenders, and its newest offering, the Fried Chicken Cheesesteak. The new location will replace the carts. “We are thrilled to secure this four-year deal with Mercedes-Benz Stadium, further expanding the reach of Big Dave’s Cheesesteaks,” Hayes said in a news release. “This partnership aligns perfectly with our mission to bring our exceptional food to even more fans and event-goers. We look forward to being a proud sponsor and delivering an unparalleled dining experience at one of the world’s premier sports and...

Samantha Dorisca

May 24, 2024

A Comprehensive Guide For Entrepreneurs Who Want To Open A Franchise

Franchising is a strategic way to hit the ground running with your new business while building on the legacy and structure of an established business brand. Here’s a friendly guide to help you understand what it takes to open a franchise and what to expect along the way. New businesses use this model to buy brand recognition , a proven business model and dedicated support from successful businesses. What To Know As An Entrepreneur Opening A Franchise Entrepreneurs who want to open a franchise should consider the following: Background Check Do your research on various opportunities and terms. Consider industries that interest you and have growth potential. Look into the franchisor’s reputation, the level of support they offer, and their financial health. Business Appraisal Entrepreneurs who want to open a franchise should assess your skills, interests, and financial situation. Opening a franchise requires a significant investment, so ensure you have the necessary capital or access to...

Emmanuel Desouza

May 24, 2024

Jeneé Naylor Went From Being A Target Employee To Snagging A Business Opportunity With The Retailer

There is so much beauty in making your dreams come true, and this former Target employee’s transition from team member to collaborator for its recent Future Collective collection is proof! Before launching her fashion brand, Jeneé Naylor began her Target career in 2012, quickly rising to the role of store director at stores across the Washington, D.C. area after several years of hard work and commitment. Now, 11 years later, the company has unveiled its latest Future Collective collaboration with Naylor and her brand, which features 70 new pieces designed with individuality in mind, according to Target’s company blog.   View this post on Instagram   A post shared by Target (@target) “From sketching designs in high school to working in retail, fashion has always been a passion of mine,” Naylor said. “It wasn’t until I was working full-time that I started posting my outfits on social media and gaining traction. Because my Target work schedule was so busy, I would create and batch...

Shanique Yates

May 23, 2024

Brittney Mikell Left The Pharmaceutical Field With Aspirations To Become The First Black Woman To Own A Brewery In Minnesota

Former pharmacist Brittney Mikell will be making history in her next chapter. WCCO-TV reports Mikell exited her role in pharmacy after experiencing burnout. She then decided to purse her passion in brewing and landed a role as an assistant brewer at La Dona Cerveceria in Minneapolis, MN. “I didn’t feel like I was making the impact that I really wanted to in healthcare,” Mikell explained to  Eater Twin Cities. “I woke up one day and realized that this could be a really cool place where I could make an impact. You only really live once, so I decided, let’s just pivot — why not?” Mikell maintained bigger aspirations while working at La Dona Cerveceria, referring to herself as “a huge dreamer,” per WCCO-TV. She plans to become the first Black woman to own a brewery in Minnesota. This is significant as just 1% of breweries in the U.S. are Black-owned, Essence reports. Additionally, of the 200 breweries in the state, few are owned by women or people of color, WCCO-TV mentions. “The...

Samantha Dorisca

May 23, 2024

Are Meme Stocks Too Volatile To Invest In?

Meme stocks are stocks influenced by viral social media trends and online forums rather than traditional stock market forces, though their prices often experience surges and dips. Meme stock became a phenomenon in 2020, when retail traders on Reddit’s WallStreetBets (WSB) forum mass purchased shares of GameStop (GME) in bulk, in a bid to save the video game retailer. This strategy led to a spike in GameStop’s stock price, attracting media interest and a new way to invest. Other known stocks have followed the GameStop stock trend and have become known as meme stocks, due to their popularity being driven by memes and trends. Here’s everything you need to know about meme stocks before you decide to invest in them. Meme Stock’s Volatility They are characterized by high volatility. Their wild price swings, often rise or fall by large percentages in a single trading day. The price movements of meme stocks are primarily driven by retail investors rather than institutional investors. Online...

Emmanuel Desouza

May 23, 2024

Mobile Businesses: The Spaceless Market

One of the challenges entrepreneurs encounter is finding a location to situate their business. There is a lot of processing and costs that go into securing a business location or outlet, but not all businesses require a physical location. Rather than waiting for your customers to walk in, you can take your services to them. A mobile business is not bound by space; it assumes the space of its clients. It offers flexibility and minimal startup costs. Here’s a list of mobile business ideas you can create today. 10 Mobile Business Ideas Food Truck Food trucks have become a popular and trendy way to serve delicious food. Whether it’s gourmet burgers, tacos, or ice cream, a food truck allows you to move to different locations, reaching a broader customer base. Plus, you can participate in events and festivals to increase your exposure. Pet Grooming Pet owners love the convenience of mobile pet grooming. You can offer services like bathing, trimming, and nail clipping right at the...

Emmanuel Desouza

May 23, 2024

Snoop Dogg To Auction His Memorabilia, Including Master Recording Tapes

Snoop Dogg will be auctioning some of his own memorabilia. Variety reports the rapper is partnering with sports-and-music auction house The Realest — created by producer and radio host Scott “DJ Skee” Keeney — to auction off items through a project titled “ The Shiznit.” Items will include photos, Playstations, production books, autographed TV scripts, platinum discs, autographed jackets and jerseys, master recording tapes (copyrights to the music will not be included), and an autographed Death Row Records chain. “The items he is putting up are iconic,” Keeney told Variety. “Everything from lyrics, awards — like ‘Pimp of the Year’! — unreleased tapes, outfits, sample toys, photos, scripts, concert riders, even a Snoop-authenticated smoked blunt in a crazy display case and ashtray.” Furthermore, Keeney, who launched The Realest in December 2023 and raised $4.6 million in seed funding in a round led by KB Partners, has a rigorous process to ensure the offerings being sold are...

Samantha Dorisca

May 22, 2024

Jaden Rashada Files Lawsuit Over Failed $13.8M NIL Deal With The Florida Gators

A first-of-its-kind NIL lawsuit is brewing. Forbes reports that Jaden Rashada is suing Hugh Hathcock and his business, Velocity Automotive; University of Florida football coach Billy Napier; and Florida’s NIL director, Marcus Castro-Walker, for alleged “fraud, negligence, and interference.” As previously shared by AFROTECH™, Rashada was initially committed to the University of Miami in Florida for a reported $9.5 million deal. However, in 2023, he pivoted to signing with the Florida Gators for $13.85 million, but the Gator Collective ultimately terminated the binding agreement. After the failed deal, Rashada moved on to Arizona State University and most recently transferred to the University of Georgia as quarterback. Now, Forbes details that Rashada has sued Hathcock, Napier, and Castro-Walker for allegedly causing him to not only lose out on the Miami deal but also potential offers from other colleges and universities. Moreover, he is seeking punitive damages. In Rashada’s...

Ngozi Nwanji

May 22, 2024

Angel Reese Fulfills Her Dream Of Owning A Professional Sports Team — 'I’ve Always Had [A] Desire To Invest In A Local Team As A Maryland Native'

This is Angel Reese’s year, and we’re just living in it! According to The Athletic, Reese is officially a “professional sports owner” as she has joined the ownership group of DC Power Football Club, Washington, DC’s new professional women’s soccer team — which will begin competing in the USL Super League in summer 2024. “I want to help grow women’s sports and elevate female athletes across the board,” Reese said in a statement. “We’re taking over, and I’m honored to be able to support Power FC and invest in women’s soccer in the DMV community.” “Angel’s decision to be a founding investor alongside us in Power FC is groundbreaking,” D.C. United CEO and Co-Chairman Jason Levien added. “As a Maryland native, Angel is so passionate about being a catalyst for positive change in women’s sports in the DMV as well as globally, while inspiring the next generation of female athletes. We’re looking forward to her partnership in the boardroom as an equity partner.” As a native of Randallstown,...

Shanique Yates

May 22, 2024

OpenseedVC Raises $10M To Support Operators Launching Technology Companies In Africa And Europe

OpenseedVC, run by Europe’s first Black solo general partner, has raised $10 million in its first close. Per its LinkedIn, the London, England-based firm exists to invest dollars in operators, those previously involved in daily operations of a startup, who are launching new technology companies across Africa and Europe. “We exist to back the most talented and experienced operators from day zero,” OpenseedVC Founder Maria Rotilu wrote on LinkedIn. “ As an angel-style fund, we are designed for one founder profile. Operators just as they take the leap to start their tech companies. We are driven by *pure merit* (hence the name OpenseedVC), and our goal is to back the most experienced operators and builders as first investors, especially at a time where the need to build truly groundbreaking and impactful solutions is critical.” She continued, “It is a tough fundraising climate, for funds and startups alike. However, we believe this is the best time to invest in the most visionary and...

Samantha Dorisca

May 22, 2024

Rosalind Brewer, Will Packer, And More Join Atlanta Falcons' Ownership Group

The Atlanta Falcons has welcomed four limited partners. According to a press release shared with AFROTECH™, Rosalind Brewer, Will Packer, Dominique Dawes, and Rashaun Williams are now a part of the NFL team’s ownership group. The additions come after the 32 NFL majority owners reached a final vote in Nashville, TN. Ahead of the approval, Brewer, Packer, Dawes, and Williams were vetted by the Atlanta Falcons, the league office, and the NFL’s Finance Committee, the press release discloses. For Brewer, in addition to being a limited partner, she will continue to serve as an associate board director for Falcons owner Arthur M. Blank’s Family Foundation. “ As I embrace the opportunity to become a limited partner of the Atlanta Falcons, I’m reminded that true leadership extends beyond boardrooms and onto the fields where dreams are forged and communities united,” Brewer shared in a statement. “ My journey has always been about people – their stories, aspirations and the communities we...

Ngozi Nwanji

May 22, 2024

50 Cent Is Considering Taking Beam Suntory Legal Woes To Congress After Alleging The Company Cost Him $6M

Curtis “50 Cent” Jackson is prepared to take his woes with Suntory Global Spirits to Congress if both parties are not able to come to a mutual agreement soon. According to HipHop DX, the rapper-turned-businessman used his Instagram account to address the company’s decision to change its name from Beam Suntory to Suntory Global Spirits without taking accountability for its alleged wrongdoing toward him and Sire Spirits. “Changing the company name from Beam Suntory to @SuntoryGlobalSpirits without correcting what was done to my brands @bransoncognac and @lecheminduroi doesn’t fix the problem and lacks honor,” 50 Cent said. “ I attempted to resolve the matter, not once, but twice. Now the legal process will play out publicly for everyone to see what really happened and how @SuntoryGlobalSpirits would rather spend millions to protect and conceal criminal conduct instead of doing the right thing.”   View this post on Instagram   A post shared by 50 Cent (@50cent) As previously reported...

Shanique Yates

May 22, 2024