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Consumer tech giant Best Buy just found a huge way to pledge its support toward Black and brown entrepreneurs in the tech industry. According to a press release, Brown Venture Group — a venture capital (VC) firm created to fund Black, Latinx and Indigenous tech entrepreneurs — announced that Best Buy has committed up to $10 million to its $50 million inaugural fund, considered one of the largest in the country dedicated to this group of techpreneurs. This commitment from Best Buy builds on its recent pledge to spend at least $1.2 billion with diverse businesses by 2025 with a focus on the tech industry. “We’re committed to taking meaningful action to address the challenges faced by BIPOC entrepreneurs,” Best Buy CEO Corie Barry said in a statement. “Through partnerships like this, we believe we can begin to do this by helping to build a stronger, more vibrant community of diverse innovators in the tech industry, some of whom we hope will become partners of Best Buy in the future.”...
Live music is an immersive experience that many believe they can only enjoy after trekking to a 20,000-seat arena or flying out to a middle-of-nowhere desert. However, what if you could bring that experience to you? GoghNow is a music app that allows users to book live music performances on-demand, empowering music fans to create smaller, intimate gatherings and control the way they want to hear their favorite musicians. As a result, the platform can connect musicians to folks for dinner parties, birthday soirees, or intimate proposals—you name it. Founders Ajalon Elliott and Chance Smith developed this concept after attending a local performance and witnessing a musician pass the hat. For Smith, the idea of having to leave home to have fun is a fading thrill. Growing up together in Roanoke, Virginia, Elliott and Smith first connected through basketball camps then shared a mutual interest in technology. As Elliott rebuilt computers and produced beats, the two would attempt to get...
Entrepreneurs Felecia Hatcher and Derick Pearson founded the Black Tech Miami initiative in 2012 with a vision of fostering more opportunities for Black innovators in the city’s startup ecosystem. As a result of their commitment to the cause — developing youth coding initiative Code Fever Miami and Blacktech Week, and expanding Black Girls Code to Miami — their vision has been recently bolstered by a $2.1 million investment that will support the Center for Black Innovation, The Miami Times reports. “We have a long-term goal where we hope to raise more money to create a foundation we believe can last long term,” said Pearson. The funding is courtesy of the Knight Foundation, which contributed $1.5 million just this month, and other financial commitments, including $350,000 from social justice reform-focused organization, Surdna Foundation, and $250,000 from Comcast NBCUniversal. “As a cornerstone for opportunity, the Center provides the technical assistance necessary to build out...
It can’t be said enough: Black women are leading the charge in entrepreneurship. Access to capital is still extremely low, but Black female founders are maintaining successful startups through continuous hard work and innovation, especially in tech. From Silicon Valley to tech’s newest mecca, Atlanta , Black women are using a wide range of technology to shift the culture across all industries — beauty, health, food, agriculture, economy, you name it. In celebration of Women’s History Month, here are seven Black women founders spreading their magic to make a difference in and through tech. Jessica Matthews, Uncharted Power Michael Kovac/Getty Images for Moet & Chandon The self-proclaimed mashup of Bill Nye the Science Guy and Beyoncé, Jessica Matthews founded renewable energy startup Uncharted Power in 2011. The smart tech company addresses the generation, transmission and storage of power in underserved communities. In March 2020, Los Angeles Lakers legend and business magnate Magic...
Finding a dedicated program for entrepreneurs not only helps you grow your business but maintain your sanity in the process. While it’s easy to fall into the trap of thinking you can run, manage, and scale a business on your own; a business can’t grow without support. Beyond day-to-day funding support, at some point, you’ll need strategic guidance and direction — especially when you’re ready to scale. What got you here won’t get you there. Feelings of hopelessness and isolation are also prevalent for entrepreneurs. Should I quit or stay in the game? I’ve tried everything, and nothing is working. To help you avoid burnout, find resources and uncover the blind spots preventing you from reaching the next level of success, a diverse professional network is crucial. Even founder of FUBU and “Shark Tank” investor, Daymond John, said: “Mentors are one of the main reasons why people are successful.” If you’re an entrepreneur or aspiring business owner located in or around Detroit, you’re in...
Launching a company is difficult, and limited funding is the most common barrier to entry to the startup world. Do you have a great idea, but you’re trying to figure out how to fund it? Are you already running a startup, but cash is running out fast? Here are some ways to raise capital for your startup: Save Money Saving money isn’t easy, but it’s the most straightforward way to raise funds for your business. If you’re still working a regular full-time job, commit to saving a part of your current salary to help fund your dreams. Review your monthly expenses and eliminate unnecessary expenses like subscriptions and expensive lunches. If you live with roommates or a significant other, consider sharing expenses to reduce cost per person. This might include shopping in bulk, sharing an Amazon Prime account (or any subscription for that matter), and taking advantage of family memberships at the gym. If you’re already committed to your startup on a full-time basis, you should be auditing...