We’re seeing a surge of companies and celebrities urging people to purchase from Black-owned businesses. Etsy created a special category on its website for Black creators. Beyonce launched Black Parade, an online directory with Black-owned businesses that fall into different categories. In addition to these big names, Kyle Gardner, the creator of The Empower Project, is helping Black entrepreneurs in the consumer packaged goods sector. Gardner joined Bold Business to discuss his project and the disadvantages Black entrepreneurs face.
The wealth gap
There’s no surprise that there is a wealth gap in this country. This wealth gap has a tremendous effect on Black people and explains why there is a lack of Black-owned businesses. Gardener says access to capital is one of the main disadvantages Black entrepreneurs face. A study Elizabeth Warren highlighted finds that Black businesses typically start out with $35,000 in capital. As the fight continues, small victories are being made. Partake Foods, a Black-owned business, raised $4.8 million dollars from investors such as Jay-Z and Rihanna.
The Empower Project
Back in the ’70s, Gardner’s grandparents started a business in the hair care industry. Despite their lack of knowledge in business, they were able to receive $250,000 in capital and sell the company to L’Oreal. Their experience inspired Gardner to create The Empower Project. The winner of this pitching program receives half a million dollars in free services for their businesses. This includes accounting, marketing, public relations and more. “We’re really trying to kind of re-create that story and really help uplift the brands that are doing some incredible things nationwide,” he said.
If you’re a Black entrepreneur in the consumer packaged goods industry, visit The Empower Project for more information on winning half a million dollars in services for your business!
For more on Black entrepreneurs, check this out.