Discover how you can uplift Black entrepreneurs during the holiday shopping season and beyond.
With the holiday shopping season in full swing, it's a great moment to consider where our money goes and the businesses we choose to support. Recent studies indicate that consumers are increasingly prioritizing a brand's values: a Harris Poll revealed that 82% of shoppers prefer brands aligned with their beliefs and act accordingly.
Using our spending power to advocate for our values is vital. We proudly highlight women-led and Black-owned businesses. Black-owned enterprises contribute over $200 billion to the economy annually, yet only 1% of venture capital funding in the U.S. goes to Black entrepreneurs. While 17% of Black women are launching businesses, funding gaps mean that just 3% remain operational after five years. This disparity exacerbates the wealth gap: data shows the median wealth for white families is $184,000, versus only $23,000 for Black families.
This discussion focuses on bridging these gaps by empowering Black-owned businesses. We’re joined by LaToya Williams-Belfort, executive director of the Fifteen Percent Pledge — a nonprofit urging major retailers to allocate 15% of their purchasing to Black-owned brands. Since its inception in 2020, 29 companies, including Sephora, Macy’s, Gap, Madewell, and West Elm, have pledged their commitment, enabling over 600 Black-owned businesses to engage with these retailers.
Listen as LaToya and our host discuss the Pledge's origins and what corporate support for racial justice truly entails. LaToya shares insights on working with Sephora, the first company to take the pledge, and the challenges presented by “compassion fatigue” since 2020 — making this work even more crucial.
Despite obstacles, the Pledge has redirected nearly $10 billion in revenue to Black-owned businesses through retail collaborations. We also celebrate some of the thriving brands that emerged from this initiative, such as Estelle Colored Glass and BLK & Bold Specialty Beverages, both perfect for holiday gifting.
LaToya reflects on the Pledge’s ambitions as it enters its third year, aiming to engage larger retailers and implement new strategies to provide funds directly to Black entrepreneurs. Tune in to learn about the Fifteen Percent Pledge Achievement Award, which will distribute $250,000 to three Black-owned businesses in 2023.
In our Mailbag section, we answer a listener's question about introducing her nieces to investing and discuss the pros and cons of I-bonds. In Thrive, we present a beginner’s guide to donor-advised funds.
To learn more about the Fifteen Percent Pledge and how you can support Black-owned businesses, visit the organization’s website.
