June 21st 2023.
Aurora James, founder of the Fifteen Percent Pledge, is sparking a movement that could potentially bring $14 billion to Black businesses and entrepreneurs over the next three years. According to Forbes, more than 600 Black-owned businesses have taken the Pledge, and 625 retailers have signed on.
James excitedly told Forbes, “We’ve put more than 600 Black-owned brands on the shelves with Pledge takers, which is super exciting, but there’s still a lot more shelf space to be had. And even when we look at access to capital, less than 1% of all VC dollars are going to Black women.”
Twenty-nine companies have already agreed to dedicate 15% of their shelves to products from Black businesses for more than one year. Major companies across the U.S., Canada, and the U.K., such as Ulta, Vogue, Moda Operandi, J. Crew, and Nordstrom, are participating in multi-year contracts.
LaToya Williams-Belfort, executive director for the Pledge, said that this collective action movement of many stakeholders coming together has involved 5,000 Black businesses and more than 29 retail partners. These entrepreneurs have the opportunity to connect through the Pledge’s Business Equity Community.
James has set a goal to increase representation for Black businesses by 14.6%, and to bring out $1.4 trillion in wealth for Black entrepreneurs within the next seven years. Williams-Belfort also noted that the team aims to provide in-person opportunities for Black entrepreneurs to commune, exchange ideas, collaborate, share insights, and grow.
Black Enterprise previously reported that Black-owned brands have seen growth due to the Fifteen Percent Pledge. This news is encouraging, and shows that the movement is having a positive impact on the Black business community.
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