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Entrepreneurship is a long, arduous journey that’s rarely linear. And, for Black entrepreneurs the process can be even harder. It’s no secret that minorities and female founders often struggle to secure capital when compared to white male founders. Even attracting as much visibility in mainstream media as other businesses — including social media growth — can be harder. Plus, not having a network of fellow entrepreneurs who understand the challenges can make the entire experience lonely. Daymond John, a serial entrepreneur, understands this process all too well. From his days launching the iconic streetwear apparel brand FUBU to parlaying his business acumen into the investor niche, John learned from his growing pains. Now, he wants to help other Black-owned businesses navigate those issues. From Hollis, Queens, To The Tank Today, John is a household name, thanks to his tenure on the ABC’s “Shark Tank.” But many people are familiar with him from FUBU, a streetwear brand he started...
A Black-owned business has gone from securing what was initially a promising deal to facing a “nightmare.”
In 1997, we were introduced to the sibling trio of Teri, Maxine, and Bird — the Joseph sisters. Like many families, they were a tight-knit group that navigated life’s challenges and moments in what they believed were the most appropriate ways. With spouses, children, and close friends all a part of the ecosystem around the siblings — their mom was at the center, holding them all together. If you haven’t figured it out yet, “Soul Food” is the story, and it’s a “blassic” (Black classic) about the power and influence of Mama Joe and how the lessons she gave her girls served as generational wisdom that was deeply rooted in tradition. Familial relationships range in closeness and health, but moms frequently have a special place in the hearts of children. When growing up, your mom’s advice may seem nerve-racking and annoying, but when the perils of adulting start to kick in, her wisdom is always clutch. Millionaire Daymond John is a testament to such wisdom and support. John is likely...
Tripping and falling are common occurrences, and most people’s first line of defense is grabbing a bandage to cover the bruise or scar. Using a bandage isn’t the issue for most Black and Brown people. The problem lies in the “nude” tone not matching their skin tone. In response, Rashid Mahdi and Intisar Bashir created a solution to solve this color-matching problem. In 2018, the husband and wife entrepreneurs launched Browndages, a company that sells a variety of skin-toned bandages. On a recent episode of ABC’s “Shark Tank,” the couple admitted that their brand didn’t have a lot of “buzz.” However, all of that changed in the summer of 2020 when social uprisings were happening all over the nation. There was an uptick in Black-owned business support and advocacy during that time, and Browndages reaped the rewards. During that summer, the couple saw revenue go up to around $130,000 in just under a week’s time. Fast forward and the couple has stood on national television explaining to...
Daymond John’s success is credited to the immeasurable value of having a solid support system. It’s a known tidbit that the “Shark Tank” co-star turned FUBU into an iconic brand thanks to his mother’s belief in him. However, in an interview with Shannon Sharpe, he revealed the extent of just how much she supported his dream. After Sharpe mentioned that John’s mother was his first investor, he shared his journey that led to the special moment. From seeing him work tirelessly on his brand for five years to being denied by 27 banks, she made a big decision to help her son. “I go to my mother and tell her I got turned down from 27 banks and she says, ‘Daymond, you’ve been trying to contribute to this house as long as you were a kid. I wouldn’t do this if you didn’t have the money. Let’s take all of the money we can out of the house. You manufacture and deliver the clothes and put the money back into the house.’ And that’s how she gave me the money,” he told Sharpe. He continued: “My...
Sometimes it just takes the right person to see the vision in order to make things happen! After a desire to help their children remain connected to their roots, Abisola and Temidayo Adedokun created Ade+Ayo , an apparel brand that not only designs comfortable clothing but also teaches kids about African traditions. View this post on Instagram A post shared by Ade + Ayo (Ah-day and Eye-yaw) (@adeandayo) According to Meaww, during a recent episode of “Shark Tank,” the company stepped into the tank with hopes of securing $175,000 for ten percent equity. Currently, Ade+Ayo sits at a valuation of $1.7 million and has drawn in approximately $160,000 in sales. So, the goal was to land a deal that would allow them to expand their staff beyond the workflow operation that is made up of two people. Although the “Shark Tank” crew did not fully get behind the brand, they did walk away with an offer that could set them on the right path toward expanding and growing the company.
The road of entrepreneurship started for Trey Brown at age 12. Now, the 15-year-old’s clothing brand — reportedly projected to bring in $2.2 million in 2021 sales — landed an investment deal set to propel his dream of becoming a billionaire by age 21. Trey Brown is the founder and CEO of Spergo, a Philadelphia-based streetwear apparel brand. During an episode of ABC’s “Shark Tank” — which aired on Nov. 5 — the young entrepreneur pitched to the judging panel and landed a $300,000 investment deal from Daymond John in exchange for a 20 percent stake in Spergo, CNBC reports. https://www.instagram.com/p/CV6j1xqLWrM/?utm_source=ig_web_copy_link According to Brown’s mother and Spergo’s COO, Sherell Peterson, John’s investment will go toward hiring a fashion designer, upgrading the startup’s e-commerce technology and getting further ahead on upcoming production. The deal is perfectly aligned as John himself became a young CEO in the 90s with the launch of his iconic brand, FUBU. The two...
Even beyond ABC’s “Shark Tank,” Daymond John remains committed to supporting small businesses. During his second annual Black Entrepreneurs Day, Daymond John awarded $250,000 in NAACP Powershift Grants to Black entrepreneurs across the U.S., ET reports. The event featured conversations with Kevin Hart, Shaquille O’ Neal, Tyra Banks, Michael Strahan, Marcus Samuelsson, Rev Run and D Nice — where they all shared stories of their journey as business owners. “One thing I preach, ‘Different is better than better,’ I preach that, I preach that, and it is. However, when you are even a female founder, it’s not just about being different, you’ve gotta be better,” Banks shared at the event. “It’s like as Black people, momma has taught us, you can’t just do the same thing, you’ve gotta do better just to get this much.” Along with sharing their stories, the special guests were all a part of awarding the grants to small business owners who fought through the impact of the pandemic. According to...
The founders of CurlMix have taken the phrase “know your worth” to a whole new level! Tim and Kim Lewis launched CurlMix in 2015 as a do-it-yourself (DIY) subscription box but in order to improve sales, they pivoted the concept into a haircare line that has been thriving ever since. “ CurlMix was birthed from our first business as a DIY box for curly hair, so think like Blue Apron, but for hair,” said Kim in an exclusive interview with AfroTech. “We were sending people raw materials to make their own kits or products at home and one box emerged from all 24 that we produced and that was our flaxseed gel.” After customers loved the box, the Chicago couple shifted their entire business to focus on their flaxseed gel noting that customers weren’t able to get the product in stores because most brands would never consider making real flaxseed gel because of the way that it is produced is like cooking. “You have to boil real flaxseeds and then extract the gel,” Kim explained. “Then you...