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A new venture capital firm is on the block with significant capital at its launch. According to WWMT-3 TV, Kalamazoo Forward Ventures (KZFV), reportedly the first Black-owned investment fund in Southwest Michigan, has launched with $50 million in capital, derived from limited partners. The firm has as its purpose to arm underrepresented founders residing in Kalamazoo, MI, as well as startups. “We came up with that fund by thinking about what we want to accomplish in the community, the ecosystem, and the funds started growing as the ideas started growing,” Eric L. Wimbley, CEO and founder of First Line Risk Management and managing partner of KZFV’s venture capital fund, explained, according to the outlet. Jamauri A. Bogan, CEO of Bogan Developments and KZFV general partner, commented: “It’s our job now as investors to this community and this ecosystem to now get that capital to folks who traditionally never have it.” Also a part of the group is Bobby J. Hopewell, who was the former...
Black businesses are profitable. The University of Cincinnati Alpaugh Family Economics Center for the Greater Cincinnati released a report that examined 1,417 Black-owned businesses across eight counties in Southwest Ohio and Northern Kentucky in partnership with the Greater Cincinnati and Northern Kentucky African American Chamber of Commerce (AACC). The report revealed that Black-owned businesses generated over $2.8 billion in 2023. This total includes $1.5 billion in direct sales, supporting 9,024 jobs, and $1.4 billion in indirect sales, resulting in 7,448 additional jobs. “Business ownership provides an opportunity to build wealth for Black or African American individuals,” the report’s authors wrote. “Such an opportunity is particularly significant for Black or African American families, whose median net worth of $24,100 was 7.8 times lower than the median net worth of white families in 2019. Furthermore, Black- and other minority-owned businesses bring additional...
CircNova, a Michigan-based biotech startup, has completed a $3.3 million seed round to advance its technology, which uses artificial intelligence (AI) to target “circular RNA.” Crystal Brown co-founded CircNova in May 2023 with scientist Joe Deangelo. Brown told TechCrunch that it has since developed a “proprietary AI engine that allows us to identify, design, and then produce novel, non-coding, circular RNAs.” RNA, or ribonucleic acid, is present in all cells and is a key molecule that carries the instructions to convert genetic information into proteins. F irst discovered in 1976, circular RNA — a class of structures that forms a circle rather than a strand — regulates critical biological processes, per TechCrunch. The aim is to “treat diseases we haven’t treated so far, things like ovarian cancer, triple-negative breast cancer, neurodegenerative diseases, rare genetic diseases,” Brown said. CircNova’s website states that its AI NovaEngine is the first in the world capable of...
Hello Alice’s steadfast commitment to supporting small businesses remained strong, even amid adversity. Founded in 2017 by Elizabeth Gore and Carolyn Rodz, Hello Alice is driven by a mission to support the growth and success of small businesses. This dedication was evident from the outset, especially when the company faced a financial setback due to the cancellation of South by Southwest (SXSW) at the onset of the COVID-19 pandemic in 2020. Instead of moving forward with a large marketing campaign as planned, Hello Alice redirected those funds to launch a grant program, offering critical support to small business owners in need during a challenging time. “It was the biggest amount of money we’d ever spent on anything at the time. And then the world shut down and there’s initially that moment of us saying, ‘Oh my gosh, like what’s gonna happen to us?’ And then we said, ‘If we’re dealing with this, and here we are that we had the luxury of having raised capital, we had investment...
Goodr has opened a new grocery store in Atlanta, GA. The Atlanta-based company, which combines technology and logistics to combat food waste and fight food insecurity, is the brainchild of Jasmine Crowe-Houston. “[Goodr] uses technology to solve hunger — that’s our big focus. I think we are taking a radically different approach to how this country solves hunger and food waste,” Crowe-Houston told AFROTECH™ in a 2021 interview. “A lot of times people say to me, ‘How is this a business? How can this be profitable?’ But, the main thing is people have to understand that billions of dollars get spent every year on food insecurity and trying to make sure people have access to food. But, it typically only goes to the same organizations.” She added, “And what we’re trying to do is come in and kind of disrupt that and say, ‘Listen, we’re getting a lot wrong about solving hunger if we’re always going to give money to the same people. We’re going to keep on having the same results.’ Give Goodr...
A spirit of curiosity has led Chef Andrew Black to become a James Beard Award-winning chef. Black’s journey traces back to his roots in Jamaica. As a child , he assisted his grandmother by creating outdoor clay ovens to bake roti, a staple flatbread in the country, his website mentions. Pursuing a career as a chef, he later worked in various resort kitchens and eventually left Jamaica to work in restaurants across Europe. He would then receive a nudge to make his way to the United States, notes CBS Mornings. “I wanted to try to find myself where would I fit in, and so I got a call to come to Oklahoma City and I said where the heck is that,” he recalled to the outlet. After initially rejecting the idea of moving to Oklahoma City, he eventually had a change of heart. “When someone see you an Oklahoman shake your hand and say, ‘They’re going to be there,’ they mean it. A word is our bond here. It’s absolutely one of the best state and the best place to live in,” Black told CBS...
Tim Scott is a United States Senator from South Carolina and a prominent figure in American politics. He made history as the first African American senator from the South since Reconstruction and has been a significant voice in the Republican Party. Known for his advocacy on economic empowerment, tax reform, and education, Scott has built a substantial career in public service and private enterprise. But how has his career translated into his personal wealth, and what is Tim Scott’s net worth? Tim Scott’s Net Worth In 2024 As of 2024, Scott’s estimated net worth is around 2 million dollars. Scott’s wealth has been accumulated through a combination of his earnings from public service, his career in business, investments, and book deals. Let’s dive deeper into the different facets that have contributed to his financial standing. Sources Of Income Salary As A U.S. Senator Scott’s primary source of income is his salary as a U.S. Senator. Senators earn an annual salary of approximately...
You may know Detroit rapper Danny Brown from his electrifying music, his energetic collaborations with acts such as JPEGMAFIA, Run The Jewels, and Eminem, or even from his self-titled podcast venture . The underground rap legend has garnered a reputation for his gut-busting sense of humor and his boundary-pushing bars, having amassed a following of just under 2 million monthly listeners on Spotify alone . From his numerous business ventures in the entertainment industry, Danny Brown has seen massive financial highs and lows, and currently touts a net worth of over $4 million, per Celebrity Net Worth . Now that “The Danny Brown Show” podcast is blowing up and the Detroit-born artist is seeing more new fans than ever before, it seems like as good a time as any to take a brief deep dive into his financial portfolio. We’ll see what we can learn from his long and storied career. Let’s examine Danny Brown’s revenue streams, endorsement deals , and other forms of income contributing to his...
HBCUs, an acronym for Historically Black Colleges and Universities , are a transformative educational experience. Getting to be surrounded by peers who look like you within walls that foster black excellence is a priceless gift. HBCUs exist to give Black Americans access to the education and opportunities they were once excluded from. Historical figures from Kamala Harris and Dr. Martin Luther King Jr. to Oprah Winfrey and Langston Hughes have each attended HBCUs. This lends to them making a major impact in culture and society. This is especially true for HBCUs in Texas. While states all over the country are home to over 100 HBCUs, Texas is home to nine of them . Whether you’re scouting for yourself or someone else, here’s what to know about each Texas HBCU and weigh your options. Top HBCUs In Texas: Prairie View A&M University Prairie View A&M University is the top-ranked HBCU in Texas for its academics, sporting impressive graduates like U.S. Congresswoman Sheila Jackson Lee and...
Dedra Simmons walked away from the pharmaceutical industry to become the owner of a successful bakery. Simmons now leads Pookie Crack Cakes in Chicago, IL, alongside her husband Doug. Her dream of owning a bakery manifested at the age of six when she would bake from the comfort of her grandmother’s kitchen, the Chicago Reader reports. Throughout her life, Simmons baked at home for special occasions and during the holidays. Plus, encouragement from her family helped her business grow. Her brother, Shundell Johnson, firmly believed in her cakes, and she said that he would “go door-to-door to different businesses, beauty salons, barber shops, and he would sell the cake,” according to the outlet. In doing so, Simmons said it attracted more customers in her direction. Before opening her storefront in July 2023, she ventured to nearby restaurants to sell her cakes. Now, thanks to her storefront, people are flocking to try Pookie Crack Cakes, which offers sweet treats, including her...
Amaya Woodley is the proud owner of an indoor cycling studio. Woodley recalled falling in love with cycling after a former coworker invited her to a class in 2017. When the pandemic hit, she purchased a bike for her home but missed being surrounded by the community. That feeling drove her to open Adrenaline+ in her hometown. It is one of the few Black-owned cycling studios in Charlotte, NC, Woodley told AFROTECH™. She opened the studio in 2023 with her co-founders: her uncle Darrell Harding, aunt Heather Harding, and her husband Theo. Together, they self-funded the boutique studio. “It was a dream that I had, but I didn’t think it would happen as quickly as it did,” Woodley, Adrenaline+, co-founder and CEO, told AFROTECH™. “There was such a need for a space like that in Charlotte, especially for Black people, people of color, who were seeking a safe space to show up as their authentic self and still get a workout and be seen and have a good time.” View this post on Instagram A post...
Idris Elba has several business moves in the works to advance Africa. As AFROTECH™ previously reported, the English actor has roots that trace back to Sierra Leone, his father’s native country. Elba was also granted citizenship there after he made a visit in 2019, BBC reports. At the time, he said the moment was “ the biggest honour I could get from my country.” “I’m no stranger to Africa: I’ve been in Africa, I’ve made films in Africa, I’ve championed Africa,” Elba explained to BBC. “But Sierra Leone, it’s a very different feeling because it’s my parent’s home. The welcome has been incredible, and I’ve plugged straight into that energy that I think Sierra Leone is rising with. The son of the soil is coming back to fertilise the soil.” Elba also announced plans to invest in the area and surrounding lands with his eyes set on its tourism and entertainment. “America or England cannot house my ambition. Africa can house my ambition, I can create another Disney here [and] I can’t do...
Da’Vinchi, 28, has been on quite a roll in Hollywood. From shows like “Grown-ish” to “All American,” the Haitian-American actor has been stacking roles. However, Da’Vinchi’s starring role and portrayal as Terry “Southwest T” Flenory on 50 Cent’s “BMF” (or “BMF: Black Mafia Family”) on Starz is his biggest gig to date. Although Da’Vinchi, born Abraham D. Juste, has made a name for himself in the acting world, he is transparent about coming from humble beginnings. In an interview on REVOLT’s “The Blackprint,” the Brooklyn, NY, native was open about the way he grew up. “I grew up in poverty,” Da’Vinchi told host and REVOLT CEO Detavio Samuels. “A very normal situation that most of us grow up in, but of course while you’re in it you don’t really know it because everyone else is like that around [you] until you switch environments. And then, you start realizing the depths of the lack that you were in.” He added, “The poverty that I faced was you don’t have all the meals throughout the...
Bozoma Saint John may not be a household name for the average media consumer, though her contributions to the marketing industry have touched nearly every corner of the market. If you’ve ever used an Apple product , taken an Uber, drank a Pepsi, or binge-watched something on Netflix, you may have unknowingly been impacted by Saint John’s advertising techniques. The illustrious businesswoman has held numerous positions and developed something of a reputation for being poached by top brands in very brief intervals. Today, Bozoma Saint John has an estimated net worth of over $30 million, according to NetWealth , making her one of the most highly sought-after women in marketing. So, let’s explore what makes Bozoma Saint John so effective in her field, and unpack the many avenues she has utilized to exacerbate her tremendous wealth. Without any further preamble, let’s dive into the net worth and earnings of the respected executive, and dissect her business strategies. Who Is Bozoma Saint...
A bright future in education awaits the students of Benjamin E. Mays High School in southwest Atlanta, GA. WABE, a local PBS station, reports that on Friday, April 19, 2024, the class of 2024, made up of 272 seniors, gathered for assembly and were surprised with a visit by Kevin James, the 19th president of Morris Brown College in Atlanta. James, who has maintained the post since 2020, per 11Alive, had good news for them. He began by giving a brief history lesson on the college, which had lost its accreditation in 2002 due to challenges stemming from debt and financial mismanagement, as AFROTECH™ previously reported. Nearly two decades following the defeat, it had announced in 2021 that the college had regained its accreditation, becoming the first Historically Black College and University (HBCU) to do so. “It’s so many HBCUs that have lost their accreditation that are still closed today,” James told the class of 2024, according to WABE. “That usually is a death sentence for an...