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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...
Boston Celtics star Jaylen Brown remains committed to supporting Black-owned businesses, empowering communities of color, and fostering generational wealth along the way. On Feb. 14, 2024, Brown announced the launch of OaklandXChange, a sister project to his nonprofit, BostonXChange (BXC). Jaylen Brown announces a new business district and incubator program as part of his Xchange fund in a speech at a community luncheon at Oakstop in Oakland pic.twitter.com/kZwpd0HYEM — Celtics on CLNS (@CelticsCLNS) February 14, 2025 Founded in 2024, BXC aims to create $5 billion in generational wealth within Boston, MA’s communities of color, AFROTECH™ previously reported. The organization provides funding, resources, workplaces, and mentoring from seasoned individuals to Black and minority entrepreneurs, helping them launch businesses that contribute to sustainable economic growth . According to Sports Illustrated, OaklandXChange, which launched in partnership with Jrue and Lauren Holiday’s JLH...
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...
Gmail users may have been confused when they opened their email accounts and saw pop-ups about Gemini . Instead of Google sending out big “coming soon” announcements about their next-gen flagship artificial intelligence (AI) model, Gmail users just saw a subtle star in the right-hand corner of their screens. With Gemini, ChatGPT and China’s DeepSeek, along with plenty of other programs, it’s clear that AI is sticking around for the long haul. So is it worth newbie investors investing in AI, and how is this possible to do anyway? African-American Investors Are Getting Younger A new report from Financial Industry Regulatory Authority’s (FINRA) confirmed that African-Americans tend to be much younger than white investors, with 49% of African-American investors between the ages of 18-34 while 51% of white investors were ages 55 and older. Growing up in a tech-dominant age, African-American investors are using social media to get their investment education and to learn about trading...
Editorial Note: Opinions and thoughts are the author’s own and not those of AFROTECH™. President Donald Trum p, who was once a cryptocurrency skeptic, has now yielded to many of the industry’s demands, such as easing federal regulations and oversight. From appointing cryptocurrency advocate and former Securities and Exchange Commissioner Paul Atkins to reprise his old role, to launching his own meme coin, Trump has chosen to embrace cryptocurrency . A few years ago, cryptocurrency was touted as the new form of currency. We wouldn’t be using archaic financial currency and stick to this revolutionized way of transactions. Although some people have made a lot of money off of crypto, its intended use as a decentralized banking system hasn’t been realized. Cryptocurrency is still very new, so new that engaging in it feels comparable to gambling. Trump lifting regulations to give cryptocurrency his blessing bodes well for the industry. A day after announcing Paul Atkins as his pick, the...
Charlamagne tha God has been inspired by his father’s entrepreneurial spirit for as long as he can remember. His father, who owned a fish market and a construction business, told him long ago, “When you get a business, don’t put your name on it. Because people [will] hate on it for no reason.” He’s kept that advice in mind on his journey. Born Lenard McKelvey, Charlamagne has established himself as a radio host, television personality, comedian, and businessman. One of his latest ventures involves expanding Krystal Restaurants. In an interview with AFROTECH™ , Charlamagne said franchising has always been a goal of his, and partnering with Krystal, a beloved Southern staple, was a great opportunity. “It just became one of those things that me and my wife wanted to do,” he told AFROTECH™. “This is one of those situations that just happened pretty organically. And I was with it. My wife was with it. You know, my financial team was with it. And we made it happen.” Charlamagne and his...
Maryland’s first Black family-owned wine company is expanding! As AFROTECH™ previously reported, Boyd Cru Wines is led by married couple Matthew and Jon’ll Boyd, who pursued separate career paths for over a decade before collaborating on a shared business venture in the wine industry. For over a decade, Jon’ll worked in the event planning industry, while Matthew built his career in the pharmaceutical and chemistry sectors. In the wake of COVID-19 in 2020, Jon’ll’s industry came to a standstill, leading to a greater focus on what became Boyd Cru Wines in April 2023. “I think the pivotal point for us came right about during the pandemic because that, of course for me, brought my event planning business to a very quick and fast halt as you can imagine with people not being able to gather,” Jon’ll told the Washington Business Journal. “It afforded us an opportunity to delve deeper into the wine industry, and simultaneously, I think at that time, I was seeing that there was some shifting...
James Harden hit the jackpot thanks to an investment decision influenced by the late Kobe Bryant. During an interview on the “Earn Your Leisure” podcast, the basketball star revealed that Bryant suggested creating a pool of money dedicated to investments, including sports drink company BodyArmor. As previously reported by AFROTECH™ , Bryant had invested $6 million in BodyArmor back in 2014. “Kobe basically was like ‘W e going to put a stash of $5 million and then any like business opportunities — it might be as little as $200,000, it might be $500,000 just depending on what, you know, what investment it is. But we going to put a pot together and we just going to invest our money,’ rest in peace before he passed away,” Harden explained to “Earn Your Leisure” hosts Rashad Bilal and Troy Millings. “ But BodyArmor was the beginning of that, and we seen how it is.” While it is unclear what Harden’s direct contributions were, the investment into BodyArmor was a smart move. In 2021,...
Industry veteran Taye Diggs has come a long way in the entertainment industry. In an email interview with AFROTECH™, “The Best Man” actor reminisced on his early career, sharing how he spent his first paycheck as an actor. With three decades in the industry, his first role was “Carousel” in 1994, with his big break coming four years later in “How Stella Got Her Groove Back.” “I remember I bought a tailored suit from the then fashion icon, Barney’s. It took me a while to switch my mindset from so-called immediate needs and wants to having more of a ‘full picture’ perspective that takes the future into consideration,” he recalled. Portfolio He acknowledges that financial management is an ongoing learning journey. However, his strengthened understanding of long-term planning has paved the way for him to step confidently into investing. “I’ll be the first person to admit I’m still learning when it comes to managing money. I’m excited to extend my finances into the real estate space. It...
Investing $30,000 annually is a substantial commitment that can lead to significant wealth accumulation over time. Whether you’re saving for retirement, a large purchase, or financial independence, a $30,000 yearly investment has the potential to yield impressive returns. However, determining if this amount is “good” depends on various factors, including your financial goals, income level, investment strategy, and risk tolerance. Here’s a breakdown of what makes investing $30,000 a year effective and what to consider in order to maximize your investment strategy. Potential Growth of a $30,000 Annual Investment To understand the impact of investing $30,000 a year, let’s consider some hypothetical growth scenarios. If you invest $30,000 annually and earn an average return of 7% per year (a common historical average for the stock market ), your investments would grow to around $1.02 million over 20 years. Over 30 years, the total could reach approximately $2.85 million, thanks to the...
The NAACP has launched a “fund of funds” to scale impact within communities of color. According to a news release, NAACP Capital was formed with the support of Kapor Capital, the Kapor Center, and nine venture fund managers. It seeks to raise $200 million to fulfill its goal of investing in fund managers connected to sectors such as education, healthcare, and finance, with a focus on supporting underserved communities. Beyond capital, the initiative aims to close racial equity gaps and increase diversity within the tech industry. As part of this mission, resources and support will be provided to fund managers and founders. “As an ever-evolving legacy organization, the NAACP knows that innovation is borne out of inclusivity. Impact investing has the power to drive historic financial returns and uplift overlooked communities,” NAACP President and CEO Derrick Johnson said in a statement. “Right now, deeply entrenched systemic barriers are curtailing the innovative progress necessary to...
Chiney Ogwumike has been a trailblazer in both sports and media. Ten years after being drafted as the No. 1 pick in the WNBA by the Connecticut Sun, Ogwumike has had numerous opportunities to reflect on her illustrious career, which began at Stanford University. According to her Stanford profile, she held the title of all-time leading scorer by the end of her time there. Her collegiate achievements include: Pac-10 All-Freshman Team (2011) Pac-10 Freshman of the Year (2011) Pac-12 Tournament MVP (2013) 3x Pac-12 Defensive Player of the Year In October 2024, Ogwumike was inducted into Stanford Athletics’ Hall of Fame. View this post on Instagram A post shared by Chiney (@chiney) Embracing It All Although talented in sports, Ogwumike initially dreamed of a career in politics and even considered becoming a lawyer. “I always loved politics. As a kid, my family would always catch me watching the news, not like cartoons. I was a super nerd,” she told AFROTECH™ in an interview. In college,...
Many NFL players shine on the field, but not all translate that success into thriving businesses — Zaire Franklin is making it happen. The Indianapolis Colts linebacker has teamed up with his longtime mentor, Eric Taylor, to open a Rita’s Italian Ice & Frozen Custard franchise. Taylor was coaching youth football in Philadelphia, PA, when he met a 9-year-old Franklin, and their bond quickly developed. While he acknowledges that it may sound “crazy” for an adult to have much in common with a younger person, that’s exactly what it was like when he met Franklin. “I think the basis and foundation of our relationship comes with the love of our grandmothers,” Taylor shared in an interview with AFROTECH™ . “At the time, when Zaire was a young guy, his grandmother was instrumental in his life. She was at all the football games, she was very supportive.” Taylor had a similar bond with his own grandmother, so when Franklin lost both his mother and grandmother just months apart in 2013, their...
The AFROTECH ™ community continues to push the mission and discussion of inclusivity in the tech space. As we gear up for AFROTECH™ Conference 2024, let’s dive into a session of the past. View this post on Instagram A post shared by AFROTECH™ Conference (@afrotech.conference) On the Executive Stage at the 2023 AFROTECH ™ Conference, Kapor Capital’s founding partners Freada Kapor Klein and Mitch Kapor were part of the panel “Closing The Equity Gap: C reating Wealth and Fostering Justice in Startup Investing” — titled after their book, released in March 2023. Alphonzo Terrell, co-founder and CEO of social media platform Spill, moderated the panel, addressing equity gaps in the startup landscape and how to build a more inclusive future. Klein and Kapor shared that the company has invested more than $106 million into over 170 companies, 62% of which are women-led or underrepresented founders , according to their website . In addition, Kapor Capital has achieved an internal rate of...
Marquise Brown doesn’t want to have any regrets when his NFL career comes to an end. The Kansas City Chiefs’ wide receiver has met with various retired NFL players, and it has served as a reminder of what he can do now to maximize his time in the league. Brown was drafted in 2019 by the Baltimore Ravens as a 25th pick in the first round, the NFL mentioned. He then played for the Arizona Cardinals and now is on the Kansas City Chiefs’ roster, signed to a one-year, $7 million contract, which includes a $3 million signing bonus and $6.5 million guaranteed, per Spotrac. He intends on leveraging his contracts to create a better life for himself, family, and other players in the league considering life beyond the field. “I got pulled aside by so many retired NFL legends talking to me about what they should have done differently, what they wish they did. With me being in the league, I don’t want to be a guy to do this when I’m done. I want to be a guy to do this now. Not just for my...