September 10th 2023.
Thousands flocked to Atlanta last month for Invest Fest, a three-day financial empowerment festival geared toward Black and brown communities. The annual summit featured world-class experts, celebrities, entrepreneurs, executives, and influencers who spoke on a wide array of topics about entrepreneurship and finance. There were also keynote fireside chats with business titans Sean “Diddy” Combs, Robert F. Smith, and Steve Harvey, and live performances from entrepreneurial rap stars Jeezy, Ja Rule, and Jim Jones.
Organizers reported that over 20,000 people attended Invest Fest, held at the Georgia World Congress Center, with a VIP Night kickoff at Guardian Works in downtown Atlanta. The festival was created in 2021 by Rashad Bilal and Troy Millings, co-founders of the popular financial education podcast and multimedia platform Earn Your Leisure. They wanted to equip millennials of color with wealth-building strategies and tools.
“We created Earn Your Leisure and now Invest Fest to marry culture and commerce,” said the co-founders in a joint statement. “We know that information and resources about financial literacy, investing, entrepreneurship, and building generational wealth have traditionally been inaccessible for our culture. Our goal with Invest Fest is to make this information available for our communities, and to do it in a way that is entertaining and enriching."
During a keynote fireside chat, Sean “P. Diddy” Combs opened up about his career journey, business hardships, and the importance of Black ownership. He also spoke frankly about the racial discrimination lawsuit he filed against Diageo, a multinational spirits conglomerate. Combs argued that Diageo treated their joint venture, DeLeón Tequila, unfairly by not producing agave plants to create the tequila.
“The situation is in the courts now, so I’m going to share with you all what I can,” said the legendary producer on stage. “I had to send my people down to Mexico—this is what the fight is about. They went down to Mexico, and when they got down there, they found out that there was zero agave planted for DeLeon. There was no plan for it to be successful. There was no equal treatment. The other brands, they had agave planted.”
Combs urged members of the audience to unify their dollars to fight against racial boundaries. As a gesture of good faith, he presented Bilal and Millings with a $1 million check issued to the Earn Your Leisure Fund to provide Black investors and business owners with educational tools and resources.
Robert F. Smith was also a keynote speaker during the summit. During his chat with Steve Harvey, Smith discussed the fundamental principles of succeeding in a capitalist society. He gave a nod to Black Enterprise Magazine, saying, “There was a magazine called Black Enterprise that actually presented a number of…Black folks on Wall Street, and I started to understand that experience from reading [about] the difference between labor and capital.”
Monique Rodriguez, the founder and CEO of haircare giant Mielle Organics, also addressed the festival. She talked about the historic $100 million investment she received in 2021 from Berkshire Partners, making her the first Black woman entrepreneur to receive a nine-figure business investment. Rodriquez also addressed the backlash from those who accused her of “selling out” after it was announced in January that Procter & Gamble acquired Mielle.
Other speakers at the summit included sports marketing guru Maverick Carter, vegan advocate Tabitha Brown, actress and entrepreneur LaLa Anthony, legendary producer and entrepreneur Jermaine Dupri, sports agent and founder Rich Paul, NFL star Cam Newton, investor Cathie Wood, thought leader 19 Keys, and celebrity host and real estate investor Terrence J.
Civil rights attorney Benjamin Crump told BE after speaking on a panel about reparations, “When we think about Invest Fest, we think about Black economic empowerment. Who’s going to build the 21st century Black Wall Street? Well, it’s going to happen from the individuals that come to the Invest Fest festival.”
Hip-hop legend and Atlanta native Jeezy closed the 2023 festival with a fireside chat focused on his burgeoning real estate portfolio and rap career, followed by a live performance of his top hits. Troy Millings reflected on the weekend’s success, “Witnessing over 20,000 individuals come together underscores the urgency to create platforms that uplift and educate, which is why Invest Fest was created – to transform lives, spark conversations, and drive change.”
Rashad Bilal also spoke to BE, encouraging those who missed the event to attend next year. He said, “There’s a variety of different reasons why you should come. But I think [for] anybody that’s serious about improving their life, it would be beneficial for you to come.”
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