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For the third consecutive year, Atlanta, GA , is the leading hub for Black-owned businesses in the United States. According to a LendingTree analysis, the city boasts the highest percentage of Black-owned businesses in the nation, with 11.3% of all businesses in Atlanta — or 13,766 — being Black-owned. The analysis used the 2023 U.S. Census Bureau Annual Business Survey to rank metropolitan areas by the percentage of Black-owned businesses in 2022. Windsor Jones, co-owner of Sweet Auburn Bread Company in the historic Sweet Auburn district, told Atlanta News First that he was not surprised by LendingTree’s findings. “It’s always been the Black mecca for excellence and resilience and entrepreneurship,” Jones told the outlet, describing Atlanta as the best city for Black entrepreneurs to thrive. As for nationwide trends, the LendingTree report revealed that Black-owned businesses in the U.S. grew by 22.2% year-over-year, accounting for 3.3% of all enterprises in 2022, up from 2.7% in...
Taking into consideration its network of entrepreneurs, T.D. Jakes Enterprises has launched an accessible marketplace. In 2023, the social impact holding company set out to support underrepresented entrepreneurs by addressing a critical gap. Despite the efforts of stakeholders driving meaningful change, there were no centralized systems or platforms to provide comprehensive resources. This need inspired the launch of the Good Soil Movement in April 2023. “What we didn’t find was one centralized space where entrepreneurs can not only network but actually get access to capital, access to back office support, legal help, accounting support, business plan development, understanding where they fall on the capital continuum… So out of that, we created Good Soil,” Michael Phillips, chief operations officer of T.D. Jakes Enterprises, told AFROTECH™. Nourysh Good Soil has set an ambitious goal: to empower 1 million small business owners to generate $1 million in revenue each. To advance this...
A Michigan-based venture capital fund focused on investing in businesses owned by people of color has joined forces with a renowned investment firm, paving the way for expanded growth and a more significant impact for both organizations. According to Crain’s Grand Rapids Business, the New Community Transformation Fund has partnered with Michigan Capital Network, which will manage fund’s, daily operations, and offer strategic guidance. Discussions between the two Grand Rapids firms began months ago. Paul D’Amato, CEO and managing director of Michigan Capital Network, said it “made sense” for both organizations from the start of the process. “We share their goal of creating access to capital for people of color because we know that business growth, entrepreneurship and capital investment strengthens our economy and makes our state more attractive to other businesses looking to relocate,” D’Amato said, Crain’s Grand Rapids reported. Through the affiliation, which gives the venture...
In 2024, BMW remains one of the most prominent car manufacturers worldwide, known for its luxury and performance-driven vehicles and, sometimes, even flying cars (yes, you read that right.) That said, articles published earlier this year have estimated that BMW will make less money in 2024, with the issue being production costs. As investors consider BMW’s financial standing, an important metric to examine is its enterprise value (EV). So, what exactly is enterprise value, and how does it apply to a company like BMW? What Is Enterprise Value (EV)? Enterprise value is a comprehensive measure of a company’s total value, often used by investors to evaluate the full cost of acquiring a business. Unlike market capitalization, which only accounts for the value of a company’s outstanding shares, enterprise value takes into account additional financial factors, such as debt and cash reserves. Essentially, EV reflects what an investor would have to pay to acquire the entire company,...
Robert F. Smith’s Vista Equity Partners has signed off on a multi-billion-dollar deal. According to a news release, the private equity firm that has more than $100 billion in assets under management, has agreed to acquire Smartsheet— an enterprise platform for modern work management — alongside Blackstone for nearly $8.4B in an all-cash transaction. Per the agreement, the buyers would acquire all outstanding shares held by Smartsheet stockholders for $56.50 per share in cash once the proposed transaction is completed. “For more than a decade, we have built a thriving community of employees, partners, and customers, each focused on building and benefiting from Smartsheet’s industry-leading work management platform,” Mark Mader, CEO of Smartsheet, said in the press release. “Our next phase of growth and customer success is underway, and we look forward to partnering with Blackstone and Vista Equity Partners to accelerate our vision of modernizing work management for enterprises,...
Tiger Woods’ reported payout from the PGA Tour has been revealed. As previously shared by AFROTECH™, the PGA Tour announced its $1.5 billion investment from Strategic Sports Group (SSG), which was launched to allow almost 200 PGA Tour members to become “equity holders” in PGA Tour Enterprises. The grants from the new enterprise hinge on career accomplishments, future participation and services, and PGA Tour membership status. “It was incredibly important for us to create opportunities for the players of today and in the future to be more invested in their organization, both financially and strategically,” Woods and fellow board members Patrick Cantlay, Peter Malnati, Adam Scott, Webb Simpson, and Jordan Spieth shared in a joint statement. “ This not only further strengthens the Tour from a business perspective, but it also encourages the players to be fully invested in continuing to deliver–and further enhance–the best in golf to our fans.” Moreover, d uring a conference call with...
Dr. Benjamin Harvey liquidated his retirement accounts to make advancements in the world of artificial intelligence (AI), Forbes reports. Harvey, born in Jacksonville, FL, and raised in a seven-child household, found his love for the field of technology thanks to his father, who worked as a pastor and AT&T project manager, the outlet notes. His father would bring home computers that were not functioning properly, and Harvey took the initiative to learn how to fix them. Foreshadowing his future, he would obtain a computer science degree from HBCU Mississippi Valley State University in 2008. He later scaled his education obtaining a master’s degree and Ph.D. in the same field between 2010 and 2015, his LinkedIn profile mentions. Among his career pathways included a role as chief of operations data science at the National Security Agency (NSA). His observation at the agency would open his eyes to a gap in the market as it pertains to data and analytics. It wouldn’t be until 2021 that...
Deon Graham boasts the title of Chief Brand Officer at Combs Enterprises. Before reaching this career milestone, Graham worked in the Miami, FL, nightlife scene for several years. He also worked with liquor brands and later launched his nightlife website, City Never Sleeps, in 2008. The pivot came after recognizing a lack of diversity within the space. Going forward, Graham knew it would be important to work in an environment that places diversity at its center. His wishes were answered. One year later, he landed the role at Combs Enterprises. “When I got into the club scene, I realized they don’t want certain crowds to represent their brands. My first instinct was — I have to try to fix this. Then joining the Combs team, which was Blue Flame at the time, was my first real corporate job, and all I know is Black and brown employees.” He continued: “What Puff is doing here, is really the example and the blueprint that we should be sharing across the industry. I see the genius. I see...
Toni Braxton ’s beauty enterprise has received support to foster continued growth. According to a press release, the Grammy Award-winning singer will join forces with Accelerate360 to propel the expansion of TMB Beauty’s brain children which include vegan skincare line Nude Sugar, debut fragrance BREATHE, and onboarding beauty lines.
Platforms like Eventnoire and Black people drive the culture forward. Period. Whether it’s music, fashion, or throwing the hottest events that the world has ever seen, you can bet that the idea transpired from one of us. But why is it that we don’t always reap the rewards for providing that creative sauce? It’s because rather than always asking for a seat at the table, it may be time to begin building our own. As a serial entrepreneur and co-founder of Eventnoire, Jeff Osuji knows a thing or two about creating his own lane and ensuring that his people come with him along the way. Eventnoire is the technology startup and event ticketing platform on a mission to support and promote Black enterprises and cultural events. After realizing the discrimination that comes along with event planning while Black, Osuji, along with his co-founder Femi Masha decided to take matters into their own hands. “One of the things that we found out while hosting events for two years, especially in the...
Buying Black just got a whole lot easier! Salesforce and Combs Enterprises have joined forces to create SHOP CIRCULATE, a curated digital marketplace that will allow customers to discover and buy products exclusively created and sold by Black entrepreneurs. On the heels of the centennial anniversary of the Tulsa Race Massacre this past weekend, SHOP CIRCULATE was created to equip Black businesses with a platform that would allow them to reach global audiences and will empower consumers to shop the world’s best Black-owned brands. “Building Black wealth starts with investing in Black-owned businesses and giving entrepreneurs access to the consumers needed to build sustainable companies that can thrive,” said Sean Combs , Chairman of Combs Enterprises in an official press release. “I’m excited to partner with Salesforce to create a platform that will advance our collective pursuit of economic justice.” The announcement reiterates the value that comes with both supporting and...
The leading U.S. wholesaler of branded cannabis products just leveled up its board of directors! Cresco Labs has appointed seasoned executive Tarik Brooks to its board of directors effective immediately, Business Wire reports. Brooks is the current President of Combs Enterprises where he is responsible for overseeing all business operations and investments owned by Sean “Diddy” Combs. The diverse portfolio includes moves in the spirits industry through CÎROC Vodka and DeLeón Tequila, media through REVOLT TV, music through iconic label Bad Boy Records, consumer packaged goods with the AquaHydrate brand and education through the Capital Preparatory Schools. Brooks is also responsible for new business development activity which includes the launch of “Our Fair Share,” a platform designed to help minority-owned businesses gain access to capital through the Paycheck Protection Program (PPP). View this post on Instagram A post shared by Tarik Amin (@tarikamin) “I’m thrilled to welcome...
CÎROC, Combs Enterprises, and Culture Creators have announced the latest cohort of “Empowered Women,” and as always, the list features a who’s who of amazing Black women across a swath of various industries and talents. In a press release announcement, it was revealed that the following women were being honored in this new cohort: Anastasia Williams — BUSINESS — Founder, The A-List Angela Christine Stevens — ART & STYLE — Founder, Conscious Curls Hair Ashley Kalmanowitz — ENTERTAINMENT — VP Publicity, Atlantic Records Brandice Daniel — ART & STYLE — Owner, Harlem Fashion Row Gail Mitchell — ENTERTAINMENT — Executive Director, R&B/Rap, Billboard Magazine Grace James — ENTERTAINMENT — SVP Marketing, Atlantic Records Jaia Thomas — BUSINESS — Founder, Diverse Representation Justina Omokhua — BUSINESS — SVP Brand Marketing, Endeavor Kimberly M. Jenkins — ART & STYLE — Lecturer, Founder Fashion + Race Database Kristi Henderson — SOCIAL IMPACT — Social Impact & Experiential Marketing...