Black-owned businesses are amongst the fastest growing businesses in America. In 2002 alone, black-owned businesses accounted for 1.2 million of the United State’s 23 million businesses. And as of 2011, that number has grown to approximately 2 million US businesses, making it the only racial group in America to have such largest growth in the number of businesses, from 2002 to 2011.
In 2012, the Census Bureau said there were already over 2.6 million black-owned businesses in the U.S. and hopefully by 2025, the figure would double, which is to say, black-owned businesses will be far ahead of any other racial group. Also, it showcases the immense contribution and impacts of the black community to the business world globally.
Here are some of the top Black-owned businesses in America that will inspire you to start a business of your own.
World Wide Technology, Inc. (WWT)
World Wide Technology (WWT) is one of the largest private companies in the U.S. Estimated at almost $4 billion, it is a technology solution provider that provides innovative technology and supply chain solutions to large public and private organizations around the world. It was co-founded by David Steward (the present chairman) and James Kavanaugh in 1990 in Saint Louis, Missouri and headquartered in Maryland Heights later. It has $12 billion in annual revenue and over 5000 employees.
Vista Equity Partners
Vista Equity Partners is an investment company that specializes in software, data, and tech. They have offices in Chicago, Oakland, Austin, Texas, New York, and San Francisco. Vista Equity Partners was founded by Robert Smith (A Forbes billionaire who just hit a whopping sum of $5.5 billion in February 2019) and Brian Sheth. Currently, the company has about 65000 employees worldwide and over $52 billion in cumulative capital commitments.
Based in Los Angeles, Blavity is an Internet company and website created to economically and creatively support Black millennials so they can pursue what they love and change the world doing it. Blavity was founded by Morgan DeBaun in 2014 along with her friends, Jonathan Jackson, Aaron Samuels, and Jeff Nelson. Owing to its rapid growth between 2014 and now, it has attracted a cumulative investment of almost $10 million.
Johnson Publishing Company, Inc.
Johnson Publishing Company is the largest black-owned publishing company in the world and also the only book and magazine publishing company that targets readers of color. Founded by John H. Johnson (the CEO) in 1942, it began its first service that year in Chicago, Illinois. Ebony and Jet are two of its famous magazines that are widely read among many and are the two most prominent sources of income the company rests on. In 2013, it had an annual revenue of $90 million. And in April 2019, it filed for liquidation, ending the company’s 76-year run.