Entrepreneurship has long served as a way to build generational wealth, which has allowed individuals and families to accumulate assets and pass them on to subsequent generations. However, systemic racism and disparities in access to resources have kept the Black Community from fully participating in and benefiting from entrepreneurial opportunities. From discriminatory lending practices, limited access to quality education and networking opportunities, and unequal access to capital, the barriers that disproportionately affect Black Entrepreneurs limit their ability to start and grow businesses that could otherwise contribute to generational wealth creation.
Which is why we created a platform that addresses these disparities while driving the type of economic growth that fosters generational wealth creation. This case study illustrates how we’re leveraging the power of commerce, innovation and community support to create lasting generational wealth for Black Women Entrepreneurs.
Creating a marketplace for economic empowerment
The core of Buy From A Black Woman lies in our directory of Black Women-Owned Businesses, where hundreds Black Women Entrepreneurs showcase their products and services. By providing a centralized platform, we eliminate many barriers these entrepreneurs might face in reaching a broader audience. Over 4,000 consumers visit the Black Woman Business Directory every month, which translates into real dollars. And
Customers aren’t just buying products, they’re investing in the economic empowerment of Black Women and actively participating in the dismantling of barriers.
We also partner with organizations to create opportunities for Black Women Entrepreneurs, and have partnered with major companies like Goldman Sachs, PayPal and Masterclass. Through one such partnership, we’ve put 120+ Black Women-Owned Brands on H&M shelves across the country. We did this through two programs:
The Buy From A Black Woman Inspire Tour presented by H&M is a multi-city tour that showcases Black Women-Owned Brands across the country, in addition to creating opportunities to network and connect through community enrichment events.
And the Buy From A Black Woman Holiday Market presented by H&M is a pop-up shopping event that highlights Black Women Business Owners during the holiday season.
We’ve also hosted pop-ups in major cities across the country, allowing Black Women Business Owners to leverage high foot traffic and increased visibility to connect with potential customers, build brand awareness and make direct sales.
Promoting innovation in every way possible
Entrepreneurship thrives on innovation, which is why we actively encourage and celebrate the unique, creative ideas of Black Women Entrepreneurs. We support innovation by:
Providing access to funding: We provide financial resources through stipends, grants and loans targeted at innovative projects. So far we’ve awarded 45 business grants and 24 Relief Fund stipends for business owners going through hardship.
Hosting accelerator programs: Our accelerators provide entrepreneurs with mentorship, resources and a conducive environment for innovation. We’ve helped 33 Black Women elevate their businesses through accelerator programs. And 16 founders earned their Minority Business Enterprise certification after completing our accelerator program.
Promoting education and training: To ensure a sustainable and lasting impact on generational wealth, we invest heavily in education. We’ve hosted over 160 workshops and trainings to enhance the entrepreneurial and technical skills of Black Women Founders.
Advocating for regulatory support: We advocate for policies that foster a supportive regulatory environment for innovation. Our particular focus has been on streamlining processes and reducing bureaucratic hurdles for Black Women Entrepreneurs, especially in emerging and high-tech industries.
Providing access to markets: We provide avenues for Black Women Business Owners to access markets, both locally and globally. And we encourage partnerships with established companies that can help entrepreneurs scale their innovations.
Championing recognition and awards: Through the Black Woman Business Awards we’ve highlighted 70 innovative Black Women Entrepreneurs and their contributions. This recognition has attracted attention, funding and additional support for the innovative projects that our recipients are leading.
Building a supportive community
Beyond being a marketplace, Buy From A Black Woman is a community that fosters collaboration and support. Community support is essential in building resilience and ensuring long-term success, which is why we’ve approached this from both a psychological and business perspective:
Community for inspiration and motivation: Black Women Entrepreneurs often face unique challenges, so we provide a space where they can share experiences and uplift each other. Through community enrichment events, work-a-thons and meet-ups, the Black Women we support are able to connect with like-minded individuals who understand the challenges they face.
Community for lasting change and support: Local governments, educational institutions and industry associations are also part of the entrepreneurial ecosystem. Which means they need to challenge stereotypes and dismantle long-standing obstacles within their own organizations if they want to be a part of meaningful change.
We’ve built a community of 220,000 Black Women, partners and allies who are committed to creating a more equitable business landscape. And together we’re nurturing innovation and empowering Black Women Entrepreneurs who are leaders in their fields.
A systemic approach to a systemic problem
Supporting Black Women-Owned Businesses is our strategic way of counteracting systemic barriers and contributing to generational wealth creation within the Black Community. Over the last 12 months alone, we’ve helped Black Women Business Owners drive $2.7 Million+ in revenue. We’re not only supporting wealth creation, but also encouraging consumers, investors and policymakers to actively participate in dismantling barriers and promoting economic inclusivity. Which is creating a legacy of generational wealth where Black Women Entrepreneurs thrive.
To become a corporate partner or find out how your organization can support Buy From A Black Woman, email info@buyfromablackwoman.org. To donate to our cause, click here.