July 15th 2024.
The second annual ForbesBLK Summit in Atlanta was a gathering of influential Black individuals from different industries, all with the goal of inspiring and empowering Black entrepreneurs and executives. The three-day event, held from June 23-25, focused on strategies for investing in the Black community. Attendees gained valuable insights on raising capital, product ownership, financial literacy, and promoting diversity, equity, and inclusion.
One of the main themes discussed at the summit was the importance of mentorship in raising capital. Kneeland Youngblood, CEO of Pharos Capital Group, shared his own journey to success and stressed the significance of perseverance and seeking mentorship. He encouraged Black entrepreneurs to approach potential investors, regardless of their status, and shared his own experience of meeting with the late Richard Rainwater, who helped him despite his immense success.
Youngblood also highlighted the importance of connecting with the right investors, such as billionaires David Bonderman and Michael Milken, who provided him with initial capital. Bukie Adebo, Investment Principal, echoed this sentiment and shared the top three qualities she looks for in founders seeking capital: deep industry knowledge, challenging insights, and genuine customer understanding. Derek Smith of Plug In Ventures advised Black entrepreneurs to showcase their unique strengths and "secret sauce" when pursuing venture capital.
At the summit, entertainment industry veterans Fantasia Barrino-Taylor and Kirk Franklin also delivered powerful testimonials. They discussed their experiences as Black entrepreneurs in the music industry and emphasized the importance of financial literacy and product ownership. Barrino-Taylor opened up about her struggles with financial management and contractual intricacies, which led her to twice losing everything. This experience motivated her to become more financially savvy and independent. Franklin shared his own story of starting in the music industry with a focus on craft rather than business acumen, which resulted in him unknowingly signing away rights. He urged aspiring Black entrepreneurs to prioritize business knowledge alongside artistic talent.
The summit also highlighted the importance of promoting financial literacy among Black youth. Young entrepreneurs Caden Harris and Zoe Oli shared their experiences in building successful businesses focused on financial literacy and empowerment. Harris, CEO of Caden Teaches, aims to teach financial literacy to over 500,000 children. Oli, CEO of Beautiful Curly Me, plans to impact a million girls through her product line and social impact projects. Additionally, Anthony Brock, the visionary behind Montgomery's Valiant Cross Academy, aims to celebrate the brilliance of young Black boys through his faith-infused curriculum.
The summit also addressed the ongoing fight for diversity, equity, and inclusion. Stacey Abrams, voting rights activist, emphasized that DEI has existed for over 240 years and encouraged people of color to engage in local and state elections to effect change. Erica Bolden of Mercedes-Benz USA spoke about improving diversity beyond traditional hiring practices, while Ayana Parsons, co-founder of the Fearless Fund, highlighted the need for Black people to acquire more money and power. Dr. Sesha Joi Moon, former Chief Diversity Officer in the U.S. House of Representatives, urged the Black community to remain proactive and united in their efforts to advance DEI. Ryan Williams, founder of Cadre, also stressed the importance of showcasing Black excellence to counter negative narratives.
The ForbesBLK Summit was a powerful and insightful event that brought together a diverse array of individuals to inspire and empower Black entrepreneurs and executives. It highlighted the importance of mentorship, financial literacy, product ownership, and advancing diversity, equity, and inclusion in the Black community. It also showcased the amazing achievements and potential of Black individuals, and the need to continue fighting for equal opportunities and representation.
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