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Report Says Black Men Cost The Economy $50B Annually — Here's Why

Black men are unemployed at a much higher rate than their counterparts — and it’s creating an economic crisis in the country. According to the Atlanta Black Star, Black communities take a hit totaling $50 billion annually in costs due to this unemployment crisis. “Black people need to take this report and take it to their elected official and say ‘You need to do more because you don’t fully realize how big this problem is,’” said Algernon Austin, who authored the study initially published by the Center for Economic and Policy Research. “I’m hoping that this work serves to inspire people, and, frankly, particularly Black men.” And that’s just the beginning of the problems, according to Austin. Using data going all the way back to 2014, he revealed that Black men between the ages of 25 to 54 would have to get nearly a million jobs (947,000, to be exact) to be on par with their non-Black counterparts and close the economic gap. What’s more, if one million of them got jobs and kept...

All Star Code Receives A $500K Grant From Nike This #GivingTuesday

It’s #GivingTuesday 2021, and Nike has awarded All Star Code with a $500,000 grant. The leading computer science nonprofit, also known as ASC, reported in a press release provided to AfroTech that this is the largest single donation it has received since its founding in 2013. The organization plans to use the grant award to scale its web development and leadership training programs for young minority men. “Addressing systemic racism in America requires urgent action and sustained engagement – and Nike is committed to both,” All Star Code Executive director Danny Rojas said in a press release. “We are so proud to be a part of this commitment and thankful to Nike for their fervent support.” ASC runs a free, six-week education program over the summer that’s supported by leading tech companies including Google and AT&T. The generous gift is part of Nike’s Black Community Commitment, which focuses on supporting organizations that center their work on social justice, education and...

Nov 30, 2021

Kappa Alpha Psi Brothers Launch Initiative To Help The Black Community Collectively Build Wealth

This fraternity is putting brotherhood to the test with a new initiative to help startups and their respective communities build wealth. According to Watch The Yard, 18 members of Kappa Alpha Psi Fraternity, Inc. from all over the nation have partnered with 12 Black and brown executives to form an Equity Crowdfunding Portal. Seed At The Table is FINRA approved and a win-win situation as that it will provide access to capital for diverse founders and allow investors to place their stake in private businesses at lower minimums. “[Seed At The Table] is committed to spurring economic advancement and firmly believes both a founder’s ability to access capital and an individuals’ ability to invest in the business and products they consume are paramount to the viability of Black and Brown commerce,” said founding member and brother of Kappa Alpha Psi, Pierre Le Veaux, in an interview with Watch The Yard. Generally to invest in an early-stage startup, one must have an accredited investor...

Oct 15, 2021