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Black Unicorn Factory has set a historic precedent in equity crowdfunding. Black Unicorn Factory (BUF) is a business development accelerator and equity crowdsourcing platform established by Johnny Stewart in 2012. Through BUF’s Follow Me for Equity app, it uniquely allows individuals to secure stock in pre-IPO companies by simply becoming a follower of a company through the app. “Stop following for free and earn equity,” actor Anthony Anderson said in a promotional video for the company. BUF’s target audience is underserved communities who are being left out of opportunities in the venture capital space. “It is disheartening to observe that the venture capital industry only allocates funds to a mere 1% of businesses led by individuals from underrepresented communities. At BUF, we firmly believe that this disparity cannot persist, and we are committed to providing an alternative to the discriminatory practices prevalent in the traditional venture capital landscape,” a statement on...
Serena Williams is supporting innovation in women’s health. Teal Health The tennis star has aligned herself with Teal Health, a women’s health startup founded by Kara Egan (CEO) and Dr. Avnesh Thakor in 2020. According to the company website, Teal Health’s inception trickles back to Thakor’s medical experiences over the years. He observed insufficient innovation around cervical cancer screenings and created a self-collect prototype. With Egan’s two decades of experience in finance, health, and technology, the company was formed with the vision to develop an at-home self-collect cervical cancer screening kit, currently under FDA review. A user can start by requesting a kit, which initiates a vetting process to confirm eligibility. Once approved, the kit will be delivered to your home for sample collection. The sample is then mailed to a lab, and results are shared through Teal Health’s application. Users also have the option to speak with a provider for additional support. Teal...
Artificial intelligence is now a major part of our daily lives, shaping how we interact with technology personally and professionally. Businesses, in particular, are beginning to use AI tools to streamline operations and enhance efficiency on daily tasks. With platforms like ChatGPT on the rise, AI is not just about optimizing existing workflows; it can also open doors to new business opportunities. As organizations and professionals continue to explore the capabilities of AI, we’re witnessing a shift in how businesses operate and compete in the global marketplace . As these changes continue, embracing these advancements and the tools available to make your skills sharper in the workplace is important. The Increase Of AI In The Workforce With most companies already utilizing AI in some capacity, its adoption continues to expand in our day-to-day roles. Businesses across industries, from small startups to corporations, are beginning to use AI tools and shortcuts to reach their goals....
The racial wealth gap for Black Americans remains significant, directly impacting social and economic growth. For some, this wealth gap is one of the biggest hindrances to upward mobility and a key producer of financial anxiety. Organizations are working to reduce the racial wealth gap and provide a space for everyone to reach their financial goals. Northwestern Mutual , a leading financial services firm, is one of the companies committed to equity-focused work by supporting the growth and diversity of businesses, as it delivers a multiplier effect on job creation and community vitality. On October 26, Northwestern Mutual hosted Gather Against the Gap in partnership with Northwestern University’s Kellogg School of Management and brought together hundreds of leaders, academics and experts in the field to have a conversation on how to best standup initiatives and funding to reduce the racial wealth gap and sustain action for racial equity. The event was supported by the Boston...
Access to resources is one of the most significant barriers to entry for Black entrepreneurs. Whether it is a lack of funding or a gap in training, Black business owners have often found it challenging to tap into the same level of success–at the same rate– as some of their racial counterparts. Northwestern Mutual , a leading financial services company which has been helping people and businesses achieve financial security for more than 160 years, acknowledges this systemic challenge and is committed to investment opportunities that will help reduce the racial wealth gap. One program the company has stood up, its Black Founder Accelerator program, furthers its commitment to championing diversity, equity and inclusion. Based on recent research, Black founders receive less than two percent of venture capital funds. Northwestern Mutual is stepping in and offering each eligible entrepreneur a $100,000 investment and inclusion in a 12-week intensive program. As part of the accelerator,...
AFROTECH Executive is back! On Sept. 22, AFROTECH Executive is taking place in Brooklyn, NY, at The William Vale. During the final stop of 2023 for the multi-city series, attendees will have the opportunity to network and collaborate with some of today’s industry leaders and executives. View this post on Instagram A post shared by AFROTECH (@afro.tech) Focused on wealth, finance, and innovation, the event is set to hold conversation-starting discussions including a fireside chat with Abim Kolawole, chief audit executive at Northwestern Mutual, moderated by Dennis Cail, founder and CEO of Zirtue, about corporate’s responsibility in closing the wealth gap. In addition, there will be a chat between Wemimo Abbey, co-founder and co-CEO of Esusu, and Ollen Douglass, CEO of Hanover Street Advisors, on investment in fintech. To close the event out, there will be a networking reception presented by Remitly. Grab your tickets here. Ahead of the event, AFROTECH wanted to highlight Black...
For those struggling to make ends meet this holiday season, Zirtue is here to help. As previously reported by AfroTech, the world’s leading relationship-based lending app has always aimed to drive financial inclusion, and today that mission remains the same. With the launch of their Alternative Payment Solution for businesses, companies will be able to utilize the platform as a payment option for customers allowing them to pay bills directly through the platform. Courtesy of Zirtue With a mission to drive financial inclusion, one relationship at a time, our vision at Zirtue is to prove that friends and family are the largest banks in the world,” said Dennis Cail, CEO and Co-founder of Zirtue, in an official email-exclusive with AfroTech. “Ultimately, we aim to be the modern-day solution for people to access needed funds through relationship-based loans, avoiding payment defaults and predatory lenders, while keeping their personal and creditor relationships intact. We believe this...
This fund manager is on a mission to get Black founders the capital they deserve! And in less than a year after she started, she’s succeeded in that mission by raising $13.5 million for her Milwaukee-based venture fund. When venture capitalist (VC) Dana Guthrie first sought out a career in the technology industry, she had no idea that it would lead her to help others in a massive way. As a basketball recruit in 2006, she enrolled in Milwaukee’s School of Engineering and from there jumped headfirst into the technology field majoring in computer engineering. Today, she’s using her platform to help connect Black founders with the financial resources that they need to not only survive but thrive. According to Yahoo! Finance, Guthrie created Alchemy Angel Investors after she crossed paths with like-minded individuals while working at Johnson Controls, a building equipment company. It was there that she also met Black professionals with a background in finance, but no real knowledge of...
Black woman-owned healthcare startup HUED is getting plenty of community support to bet on its revolutionary mission in the health industry. According to CNBC Make It, HUED — a company that aims to diversify patient-physician experiences with culturally competent providers — has announced the raise of $1.6 million in seed funding that will be used to help address the racial disparities in health plaguing communities of color. Among its investors includes Serena Williams’ venture capital fund Serena Ventures, Black Founders Matter, Female Founders Fund, Osage Venture Partners, Northwestern Mutual, Gingerbread Capital, angel investor and health industry leader, Halle Tecco and others. The idea behind the digital health company — which was founded by ESSENCE senior editor Kimberly Wilson in 2018 — was inspired by Wilson’s own personal experience with the healthcare system after she received an improper fibroid diagnosis in 2017, CNBC Make It reports. With issues of bias and...
Northwestern Mutual’s latest investment is one that we could all possibly benefit from. Zirtue — the world’s first and only relationship-based lending app — has received a huge investment from Northwestern Mutual Future Ventures. Northwestern Mutual’s corporate venture capital fund investment combined with Zirtue’s seed round brings the fintech startup company’s total amount raised to $4 million. Other investment funds include Google for Startups Black Founders Fund, the Jaylon Smith Minority Entrepreneurship Institute Capital Fund, Revolution’s Rise of the Rest Seed Fund, plus more. The funds will be used to not only grow the team but also add product offerings. Photo Credit: Courtesy of Zirtue In an effort to further its commitment to accelerating financial technology startups, Northwestern Mutual is committed to working with startups like Zirtue, which are focused on historically underbanked and underfunded populations. They are also committed to investing in Black founded...
Smirnoff is on a mission to make up for last summer, but not without the help of Anthony Anderson. Since last summer was canceled due to the pandemic, the leading vodka brand has joined forces with Anderson to help fans have the best summer ever. Anderson and some other special guests will team up with Smirnoff Red, White & Berry to give away 2,021 epic trips and dream experiences as a part of the brand’s latest summer-long “Smirnoff Summer of 2,021 Dreams” campaign. “This is my first campaign as a part of the Smirnoff family and to know we’re going this big at the start, I can only imagine the things we will be able to celebrate together,” said Anderson in an exclusive press release shared with AfroTech. “To be a part of giving away 2,021 dreams, trips, experiences, swag– you name it — feels good. I missed my friends and family too last year and look forward to enjoying some good times.” Not only is the popular vodka brand giving away summer getaways, but Smirnoff is also adding to...
Utah Jazz guard Donovan Mitchell recently donated $12 million to Greenwich Country Day School (GCDS ), the institute announced. A champion for providing resources to underserved communities, the NBA star (class of 2012) created the Mitchell Family Scholarship Fund to help GCDS achieve its ambitious goals for low-income students. The fund will help need-based aid for students in grades Nursery through 12. Thank you does not begin to express our appreciation for NBA superstar Donovan Mitchell @spidadmitchell '12, his family, and their pledge of $12 million, the largest single pledge of support to the school in the history of the institution. Read more: https://t.co/Kso80BpMEd pic.twitter.com/jsbWAk0ZTP — Greenwich Country Day School (@gcdstigers) December 4, 2020 “This school has shaped who I am in so many ways, and I feel blessed to be able to give back and make the Country Day experience available for more kids especially those from inner-city neighborhoods or with backgrounds like...
Financial services company Northwestern Mutual announced a commitment to combat racism and inequality back in July . Now it’s following through on some of its promises to ensure a better future filled with sustainable change. As part of its long-term commitment to diversity and inclusion, the company has announced new initiatives aimed at supporting Black startup founders across the nation. We are announcing a new accelerator program and $20 million to support Black entrepreneurs. EVP & Chief Product and Innovation Officer, John Grogan, shares our commitment to racial equity in venture capital: https://t.co/vzMSd7mHIO — Northwestern Mutual (@NM_Financial) November 18, 2020 According to a press release, the company’s venture capital fund, Northwestern Mutual Future Ventures, has dedicated a total of $20 million toward investing in startups founded by Black entrepreneurs. “At Northwestern Mutual we’re dedicated to supporting and promoting diversity not just within our company, but...