The second annual ForbesBLK Summit in Atlanta brought together a diverse array of entrepreneurs, business leaders, athletes, and entertainers to inspire Black entrepreneurs and executives. According to Forbes, the three-day event, held from June 23-25, focused on strategies for investing in the Black community, with attendees gaining valuable insights on raising capital, product ownership, financial literacy, and advancing diversity, equity, and inclusion (DEI).
Importance of Mentorship in Raising Capital
Kneeland Youngblood, CEO of Pharos Capital Group, shared his journey to success, emphasizing the importance of perseverance and seeking mentorship. He encouraged Black entrepreneurs to approach potential investors, regardless of their status. Sharing his story meeting the late Richard Rainwater, he said, “If this man, who went from $20 million to $12 billion, took the time to meet with me and help me, then he must see something in me that I don’t see in myself.”
Youngblood stressed the significance of connecting with investors interested in their ideas, like billionaires David Bonderman and Michael Milken, who provided him with initial capital.
Investment Principal Bukie Adebo echoed these sentiments, highlighting three qualities that excite her 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 “secret sauce” when pursuing venture capital.
Fantasia Barrino-Taylor And Kirk Franklin On Owning The Product
At the ForbesBLK Summit, entertainment industry veterans, including American Idol star Fantasia Barrino-Taylor and gospel icon Kirk Franklin, delivered powerful testimonials. Both emphasized their experiences as Black entrepreneurs in the music business, highlighting the importance of financial literacy and product ownership.
Barrino-Taylor candidly discussed her journey, recounting how she twice lost everything due to a lack of financial knowledge. As BLACK ENTERPRISE previously reported, The Color Purple actress opened up in 2023 about the struggles she faced following her rise to fame. She confessed her initial naivety regarding contractual intricacies and financial management, acknowledging she lacked the knowledge to secure her fair share of earnings. This experience motivated her to become more financially savvy and independent.
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Franklin similarly urged Black entrepreneurs to prioritize product ownership as he appeared for a ForbesBLK Summit fireside chat. Franklin shared his own experience of starting in the music industry with a focus on craft rather than business acumen. The Grammy-winning artist recounted how his career catapulted with his 1990 composition “Joy” for the Georgia Mass Choir, but his business naivety led to signing away rights unknowingly. He shared the lesson to urge aspiring Black entrepreneurs to prioritize business acumen alongside artistic talent.
Promoting Financial Literacy Among Black Students
Young entrepreneurs Caden Harris and Zoe Oli shared their experiences in building successful businesses focused on financial literacy and empowerment during the ForbesBLK Summit. Harris, Caden Teaches CEO, aims to teach financial literacy to over 500,000 children. “I was able to start this journey with a $200 investment and turn it into a six-figure business,” said the young entrepreneur.
Oli, Beautiful Curly Me CEO, plans to impact a million girls through her product line and social impact projects. “I am working on speaking, as well as launching in retail, and a girls confidence course and a girls empowerment club that’s going to be reaching schools soon,” Oli said. Through her initiative, Youth Mean Business, Oli has established a growth accelerator that’s fueling the ambitions of pre-teen and teenage entrepreneurs, providing crucial capital and resources to help these young visionaries scale their ventures.
Anthony Brock, the visionary behind Montgomery’s Valiant Cross Academy, has crafted an educational haven celebrating the brilliance of young Black boys. His faith-infused curriculum aims to nurture a profound sense of self-worth and cultural pride in these budding leaders.
Fighting For DEI And A Plan For Underrepresentation
During the ForbesBLK Summit, voting rights activist Stacey Abrams emphasized that DEI has existed for over 240 years, contrary to recent narratives. She stated, “If we do not have access, if we do not have diversity in our process, if we do not have inclusion for all, then we do not have a real opportunity for the American dream.” Abrams 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, emphasized the importance of showcasing Black excellence to counter negative narratives. “We have to fight with examples of Black excellence because we are seeing examples of Black ignorance and incompetence every single day by the enemy,” Williams said.
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