Daymond John is dispelling some traditional truths told in the business world. John is a serial investor and “Shark Tank” judge who made his mark through his streetwear brand FUBU. The brand, founded in 1992 by O’Leary and his friends Alexander Martin, Keith Perrin, and Carlton Brown, was launched from his mother’s home with an initial investment of just $40, as previously reported by AFROTECH™. “I didn’t start with a leap, and I think that’s important to know. I started with $40,” John told the Truckload Authority. “I bought some material and made a bunch of hats. I went out on the street to see if I could sell them. That’s not a leap. It was a small, affordable step. Entrepreneurship isn’t an ‘all or nothing’ thing. You can and should wade into it. I can’t say where I would have been if I didn’t start FUBU, but I know I would have kept trying things.” FUBU received an early boost when John’s mother invested $100,000 from her mortgage to support the brand’s growth. While working to...

A young Black entrepreneur’s tireless work to combat food insecurity is paying off. At age seven, Te’Lario Watkins II launched his business, Tiger Mushroom Farms in central Ohio, according to its website. “The idea of Tiger Mushroom Farms began after I planted cat grass and basil seeds at my 1st Cub Scout meeting,” Watkins wrote. “I enjoyed watering MY plants and was eager to see their growth each day.” He continued, “I began to wonder what else could I grow in Ohio in the wintertime. I remember reading a book about mushrooms. I told my parents and asked them about growing mushrooms. My parents bought me a mushroom kit…and the rest is history.” Nearly nine years after launching Tiger Mushroom Farms and selling his mushrooms at local farmers markets in Columbus, OH, the 16-year-old also has his own nonprofit, according to ABC News. The Garden Club Project’s mission is to eliminate food deserts and motivate children to make healthier food choices. ABC News reports that Watkins has...

Tripping and falling are common occurrences, and most people’s first line of defense is grabbing a bandage to cover the bruise or scar. Using a bandage isn’t the issue for most Black and Brown people. The problem lies in the “nude” tone not matching their skin tone. In response, Rashid Mahdi and Intisar Bashir created a solution to solve this color-matching problem. In 2018, the husband and wife entrepreneurs launched Browndages, a company that sells a variety of skin-toned bandages. On a recent episode of ABC’s “Shark Tank,” the couple admitted that their brand didn’t have a lot of “buzz.” However, all of that changed in the summer of 2020 when social uprisings were happening all over the nation. There was an uptick in Black-owned business support and advocacy during that time, and Browndages reaped the rewards. During that summer, the couple saw revenue go up to around $130,000 in just under a week’s time. Fast forward and the couple has stood on national television explaining to...

The road of entrepreneurship started for Trey Brown at age 12. Now, the 15-year-old’s clothing brand — reportedly projected to bring in $2.2 million in 2021 sales — landed an investment deal set to propel his dream of becoming a billionaire by age 21. Trey Brown is the founder and CEO of Spergo, a Philadelphia-based streetwear apparel brand. During an episode of ABC’s “Shark Tank” — which aired on Nov. 5 — the young entrepreneur pitched to the judging panel and landed a $300,000 investment deal from Daymond John in exchange for a 20 percent stake in Spergo, CNBC reports. https://www.instagram.com/p/CV6j1xqLWrM/?utm_source=ig_web_copy_link According to Brown’s mother and Spergo’s COO, Sherell Peterson, John’s investment will go toward hiring a fashion designer, upgrading the startup’s e-commerce technology and getting further ahead on upcoming production. The deal is perfectly aligned as John himself became a young CEO in the 90s with the launch of his iconic brand, FUBU. The two...

Five entrepreneurs have walked away with the funding needed to help their businesses flourish. According to PR Newswire, Metropolitan Economic Development Association’s Million Dollar Challenge — the largest Black, Indigenous, and People of Color (BIPOC) entrepreneurial competition in the nation — has announced the winners of the fourth annual competition where five companies received $1.2 million in financial support. Metropolitan Economic Development Association ( Meda) was founded by a group of Minnesota business leaders who were looking to attack inequity within minority communities in the state. The press release states, “Meda operates a growing Community Development Fund Institution (CDFI) that provides needed capital for BIPOC businesses to become sustainable.” Since its inception, it has helped to launch more than 500 BIPOC businesses and helped with more than 23,000 Minnesota BIPOC entrepreneurs. Almost 200 businesses in the U.S. applied to participate with only 12 making...