Editorial Note: Opinions are the writer’s own and not those of AfroTech. There is a persistent myth that investing in Black businesses is a charitable endeavor rather than a profitable one. In fact, almost twice as much money is donated to BIPOC focused nonprofits vs. invested in BIPOC founded startups. This myth assumes that Black entrepreneurs are not capable of producing the same level of returns as their white counterparts. However, research has shown that investing in Black-owned businesses can be extremely lucrative. A report by McKinsey & Company found that companies with diverse executive teams are 33% more likely to have above-average profitability than those without diversity. Furthermore, a study by the National Bureau of Economic Research found that companies with Black CEOs receive higher valuations than those with white CEOs. Despite these findings, Black founders continue to face significant obstacles when it comes to securing funding. In 2022, only 1% of all venture...

It’s no secret that Michael Jordan transformed Nike once he became one of the greatest to join forces with the sneaker giant in 1984. However, the two making history would’ve never occurred if not for the legendary basketball star’s mother.