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Will.i.am missed out on an investment that would have made him millions today. During an interview with Fortune held at SXSW, the multi-platinum music artist, producer, and tech entrepreneur revealed he had a chance to invest in Airbnb, a vacation rental company. The opportunity was introduced to him by Airbnb’s co-founder, Brian Chesky. Founded in 2007, the company raised funds in its early stages and allowed individuals to invest up to $200,000. However, will.i.am wasn’t fully convinced by the concept at the time. “’What’s up with concierge? Y’all don’t got that?’ ‘No,’” he explained to Fortune. “What’s up with room service? Y’all got that? He’s like, ‘No.’ I’m like, ‘Yeah, I think I’m gonna have to pass on that one.’” Airbnb did become a success. According to its website, it has more than 5 million hosts and has attracted 2 billion guests from more than 220 countries and regions. Hosts have earned more than $250 billion. Today, Airbnb has a market cap valued at more than $78...
Carol’s Daughter has been sold to an independent entrepreneur in the beauty industry. Born in her Brooklyn, NY, kitchen with just $100 in cash, Lisa Price began selling her hair and body products in 1993 from the comfort of her living room and at flea markets and craft fairs. Her brand attracted the attention of notable names such as Jada Pinkett-Smith, Erykah Badu, and Halle Berry. Carol’s Daughter gained further momentum after Price appeared on “The Oprah Winfrey Show,” which led to the company’s website crashing due to 17,000 interested buyers, Inc. reports . Two years later, Steve Stoute, CEO of UnitedMasters, joined the company as a partner, and the first Carol’s Daughter flagship store debuted in Harlem after receiving an investment from Jay-Z, Jada Pinkett Smith, and Will Smith, as AFROTECH™ previously reported. By 2011, Price was leading a top haircare brand, and three years later, she sold the company to L’Oréal USA. Carol’s Daughter had a $27 million valuation at the time....
Could SKIMS, co-founded by Kim Kardashian and Emma Grede, rival the Jordan brand? Founded in 2019, SKIMS is a brand specializing in underwear, loungewear, and shapewear designed for every body type. Its business footprint has grown to include successful brick-and-mortar locations in Georgetown, D.C.; Aventura, FL; Austin, TX; Houston, TX; Atlanta, GA; and New York, NY. The company also boasts a $4 billion valuation. View this post on Instagram A post shared by SKIMS (@skims) Grede, also CEO and co-founder of Good American, another Kardashian family business, attributes its success —not just the $270 million raised in 2023 or the partnership with The North Face—to more than Kim’s celebrity status. View this post on Instagram A post shared by SKIMS (@skims) “Talent can bring you to a product once, but you don’t come back time and time again,” Grede said in an interview with The Guardian. “You have got to be offering superior product at a price and value people really understand. If it...
Kiyan Anthony does not see more than half of his NIL earnings for good reason. According to Sports Illustrated, the basketball player, son of former NBA star Carmelo Anthony , is ranked among the top prospects in the 2025 class. He is currently a four-star recruit and the highest-ranked high school player in New York, playing for Long Island Lutheran High School in Glen Head, NY. As he prepared for the collegiate level, he gained interest from the University of Southern California, Auburn University, and Florida State University. Ultimately, he committed to Syracuse University in New York. “Just looking at Syracuse and seeing, like, what could be done over there if I was to go over there,” Kiyan shared in a statement on the school’s website. “They already have top people coming in, who I’m close with. Young coaching staff that I can connect to. Close to home, 45-minute flight. They would have me catching 6-hour flights to California. Just all of that, and then the ACC (Atlantic...
Black Unicorn Factory has set a historic precedent in equity crowdfunding. Black Unicorn Factory (BUF) is a business development accelerator and equity crowdsourcing platform established by Johnny Stewart in 2012. Through BUF’s Follow Me for Equity app, it uniquely allows individuals to secure stock in pre-IPO companies by simply becoming a follower of a company through the app. “Stop following for free and earn equity,” actor Anthony Anderson said in a promotional video for the company. BUF’s target audience is underserved communities who are being left out of opportunities in the venture capital space. “It is disheartening to observe that the venture capital industry only allocates funds to a mere 1% of businesses led by individuals from underrepresented communities. At BUF, we firmly believe that this disparity cannot persist, and we are committed to providing an alternative to the discriminatory practices prevalent in the traditional venture capital landscape,” a statement on...
Dave’s Hot Chicken is considering a sale that would bring the company’s valuation to nearly $1 billion. The popular fast-food chain, founded by Dave Kopushyan, Arman Oganesyan, Tommy Rubenyan, and Gary Rubenyan, has locations in states such as Arizona, Massachusetts, California, Missouri, and Texas. In total, the chain has over 250 locations worldwide, per Reuters. It all started in 2017 with a $900 investment that led to the restaurant’s grand opening as a pop-up in an East Hollywood, CA, parking lot, its website mentions. Its menu features chicken tenders and sliders with spice levels ranging from Lite Mild to Reaper. Sides include fries, mac and cheese, and kale slaw. View this post on Instagram A post shared by DavesHotChicken (@daveshotchicken) The company’s business model appears to be a success with each franchise earning on average $2.19 million in revenue (AUV) per year, according to Sharp Sheets. In total, its locations generate an estimated $1 billion in total annual...
Dame Dash claims Drake may have interests in buying his stake in Roc-A-Fella Records. As AFROTECH™ previously reported, Dame Dash is in the midst of having his shares sold after an $800,000 judgement was placed on him in regard to a copyright infringement and defamation of character lawsuit. With a chance to invest in Roc-A-Fella Records, the interest is high as it brings partial ownership of the copyright to Jay-Z’s debut album, “Reasonable Doubt.” “Based on feedback I have received from interested parties (and I can’t mention names), this auction will likely bring out many household names in the sports and entertainment industries as well as those interested in a piece of a historically significant company, which holds an interest in a timeless debut album,” Dame Dash’s attorney Natraj Bhushan explained to Billboard. Bhushan’s prediction may be ringing true as Dame Dash recently shared on the “America Nu Network” show, he received a direct message from Drake, who was looking to...
A retail incubator is opening its doors to disadvantaged founders in Kansas City, MO. Startland News reports that The Porter House KC’s 811 Retail Incubator held its grand opening on July 27, 2024. The 811 Retail Incubator space is designed to ensure entrepreneurs will find support from the ideation phase to an establishment becoming a “fully fledged” business and aims to bridge the gap between pop-up events and permanent brick-and-mortar stores, PHKC’s website mentioned. “Our resilience has paid off, and it’s rewarding to see this space provide what these businesses have been looking for,” said Miranda Schultz, PHKC’s programs director, according to Startland News. According to PHKC’s website, Daniel Smith and Charon Thompson, co-founders of The Porter House KC and Kansas City natives, saw the firsthand struggles of business owners . “We wanted to become the bridge between underrepresented businesses and their access to entrepreneurial success,” a statement on the website read. The...
Celebrity-backed Dave’s Hot Chicken continues to scale nationwide. The restaurant was created in 2017 by Dave Kopushyan, Arman Oganesyan, Tommy Rubenyan, and Gary Rubenyan. It offers customers tenders and sliders with flavor profiles ranging from mild to hot, extra hot, and reaper, alongside sides like fries, macaroni and cheese, and kale slaw, among others. View this post on Instagram A post shared by DavesHotChicken (@daveshotchicken) Dave’s Hot Chicken has received backing from notable names in entertainment. Former NFL player turned American television host and journalist Michael Strahan and Drake are investors. “I tried the food and it was amazing. After meeting the founders and hearing their story, I jumped at the opportunity to invest,” Drake said, per Bloomberg. As AFROTECH™ previously reported, Samuel L. Jackson is also backing the company. “I never thought about going in the restaurant business , but I am an investor in Dave’s Hot Chicken,” Jackson said during an interview...
An accountant took advantage of Kenan Thompson’s glory days at Nickelodeon. During an interview on “The Breakfast Club” podcast, the comedian recalls his experience with an accountant who went sour between 1999 and 2000, leading him to go broke and lose $1.5 million. “I’ve been blessed to continue working, but I had a bad accountant, and it came to the light around ’99, around 2000, which was really bad timing ’cause that’s right when I left my consistent gig. So, then I went into being an adult actor for hire, and that is very hit and miss,” Thompson said. He was introduced to the accountant by his mother, as the man had previously helped her with her taxes. The pair had given the accountant power of attorney, which would permit him to act on their behalf on a temporary or permanent basis, according to the American Bar. “We gave that dude power of attorney when we shouldn’t have. I was a kid and my mom was trying to protect me,” Thompson mentioned. “He had helped her out of her and...
News of rappers venturing into the cannabis industry has been making headlines very frequently as of late, and Drake is one of the latest to join with his new investment. The rapper is now an investor, partner and strategic advisor for Bullrider — a Toronto-based cannabis brand — according to a press release. Drake is joining his music partner in crime Noah “40” Shebib — who co-owns Bullrider — to “play a role in advising and helping with strategy as part of the brands mission to bring an unmatched cannabis experience to the North American market.” “I’ve always viewed 40 as the expert when it comes to cannabis so I’m very excited to invest, partner and contribute to setting a new standard for a premium cannabis experience,” Drake said in a press release. Bullrider is set to offer multiple high-grade strains, merchandise, retail and premium cannabis products. “At the heart of Bullrider is the convergence of street art, hip-hop and limited premium Cannabis product drops,” said CEO...
The time is now for Historically Black College and University (HBCU) student-athletes to get their due shine. One of the latest HBCU athletes lined up for a name, image, and likeness (NIL) deal is Fayetteville State University’s ( FSU ) defensive back Joshua Williams. According to a press release, Fuddruckers’ newest owner Nicholas Perkins will now aid a portion of the FSU football star’s school expenses in exchange for Williams making appearances at a Church’s Chicken restaurant — owned by Perkins. In June, Perkins acquired the Fuddruckers franchise for an estimated $18.5 million, which made him the largest franchise owner and the first African American to have total ownership of a national burger business, Essence reported. “I gravitated to the food-service business to put myself into a position to help bright, highly motived HBCU students like Joshua Williams,” Perkins said in a press release. “Joshua brings a level of determination and perseverance to the table that just can’t...
Say whatever you want about Bryan “Birdman” Williams, but at the end of the day, he’s part of Hip-Hop royalty. Without him, there would be no Drake. Without him, Nicki Minaj would still be “Mixtape Nicki” in Queens. And without him, Lil’ Wayne’s career would have hit the skids after The Hot Boys called it a day. (“Back Dat Azz Up” proved that Juvenile, not Lil’ Wayne, was gunning for the gold.) At his peak, Birdman said that he was buying 100 new cars every six months, which he would then give away to family and friends when he no longer had any use for them. So extensive was his car collection, in fact, that when Hurricane Katrina blazed through New Orleans, he claimed to Jet Magazine that he lost five houses, 20 condos, 30 cars, and the Cash Money headquarters in New Orleans. According to The New York Post, even his “abandoned” property in New Orleans — which was all but wiped out during Katrina — is worth more than $600,000, in the condition that it’s in. So, the man knows money....