networking
by BLACK ENTERPRISE Editors

February 6, 2024

Black Entrepreneur And Business Owner Launches Free Webinar To Help 1,000 Black-Owned Startups

Kevin D. Williams, accomplished author, speaker, entrepreneur, and business owner is committed to sharing the secrets of networking success with Black startups.

This news was first reported by Blacknews.com.

Kevin D. Williams, a distinguished Black author, business owner, accomplished entrepreneur, and the visionary behind the bestselling book Unlocking Opportunities: The Ultimate Guide to Excelling at Networking Events and Crafting the Perfect Elevator Pitch, is committed to sharing the secrets of networking success.

Networking, often overshadowed by technical skills, is a critical but underrated aspect of professional success. While expertise in a specific field is essential, the ability to build and maintain a strong network can open doors, foster collaboration, and create opportunities. It goes beyond mere socializing; it involves cultivating meaningful relationships that can lead to mentorship, job referrals, and valuable insights. 

Embarking on an inspiring journey, Kevin D. Williams navigated the intricacies of networking events and personally generated a six-figure income for his business through chambers and gatherings. His book provides readers with invaluable tools and strategies to replicate his success, making it an indispensable read for aspiring entrepreneurs.

As a seasoned workshop facilitator, Kevin has conducted signature workshops for prestigious banking institutions, corporations, and chambers of commerce, with a special focus on empowering Black chambers of commerce. His expertise lies in equipping individuals with practical skills to excel in professional environments.

Looking ahead to the next 48 months, Kevin sets forth an ambitious yet impactful mission—to distribute 50,000 copies of his book and provide coaching to 1,000 startups, small business owners, and college students. As part of this mission, Kevin invites you to a Free Webinar on “How to Master the Art of Networking Events & Perfect Your Elevator Pitch”.

Register here for the free webinar:

Networking Webinar

In addition to the wealth of knowledge in his book, Kevin encourages enthusiasts to order an autographed copy for an even more personalized experience. Each autographed copy is a testament to Kevin’s dedication and commitment to the success of every reader.

RELATED CONTENT: 7 Ways To Fund Your Startup

Jordan
by Cedric 'BIG CED' Thornton

February 6, 2024

Collection Of Nikes Worn By Michael Jordan Sold For $8M At Auction

The six sneakers were dubbed the “Dynasty Collection” and included a pair that were worn for the last games of the 1991, 1992, 1993, 1996, 1997, and 1998 NBA finals.

It seems that anything Chicago Bulls legend Michael Jordan has worn throughout his basketball career sets records when it is presented at auctions.

According to Footwear News, a set of sneakers worn by who some consider the greatest basketball player to grace the NBA, has sold for a record $8 million at a recent auction presented by Sotheby’s. The collection consisted of the six Nike Air Jordans that were worn in the games that clinched the championships that Jordan and the Chicago Bulls captured.

The six sneakers were dubbed the “Dynasty Collection” and included a pair that was played in for the last games of the 1991, 1992, 1993, 1996, 1997, and 1998 NBA finals. Jordan only played in six and was undefeated in the NBA Finals.

“Today’s record-breaking price is a testament to the GOAT [greatest of all time]. The Dynasty Collection undeniably ranks among the most significant compilations of sports memorabilia in history. Serving as both a reminder of Michael Jordan’s lasting impact on the world and a tangible expression of his recognized legendary status, its significance is further validated by this monumental result. A truly unparalleled moment and a milestone in auction history, the sale of these six championship-clinching sneakers will likely never be replicated,” said Brahm Wachter, Sotheby’s head of modern collectibles, in a written statement.

Footwear News stated that this collection was the second-highest price paid for memorabilia owned by Jordan. In September 2022, Sotheby’s held an auction for Jordan’s 1998 NBA Finals Game 1 jersey, and that item was sold for $10.1 million.

The Air Jordans were sold to Sotheby’s by someone who bought them from Tim Hallam, who was a public relations director for the Bulls when Jordan was playing. Jordan supposedly had given Hallam the shoes.

All of the sneakers, which were either a size 13 or size 13.5, were also signed by Jordan.

The auction house did not identify the person who bought the collection.

RELATED CONTENT: Michael Jordan In ‘Rare Air’ As He Notches A Spot On The Forbes 400 List With $3B Net Worth

JSU Director Of Public Relations Named Professional Of The Year
by Nahlah Abdur-Rahman

February 6, 2024

JSU Director Of Public Relations Named Professional Of The Year

Jackson State University's director of public relations, Rachel James-Terry, has been announced as the 2023 Outstanding Professional of the Year by the Public Relations Association of Mississippi.

Jackson State University (JSU) is celebrating an honor for its director of public relations. Rachel James-Terry was named the 2023 Outstanding Professional of the Year by the Public Relations Association of Mississippi (PRAM) at its ceremony in Jackson on Jan. 31. 

The award is bestowed on individuals working in public relations in Mississippi who have displayed excellence in their field. James-Terry was announced as one of the three honorees for the past year via JSU’s official website, which detailed the PR aficionado expressing her gratitude for being nominated among her chapter members.

“I am completely floored to receive this recognition from my peers,” James-Terry said.

“Making a difference and leaving an impact in the public relations industry is something that I strive toward daily. I enjoy the work that I do and serving the Jackson State University community. So, this acknowledgment just reaffirms my journey and God’s plan. Thank you, PRAM Central. It is an honor.”

James-Terry is a veteran in the media profession and corporate litigation, with over 20 years of experience since receiving her Bachelors and Masters degree at JSU. Through her position as Director of Public Relations, she has produced segments for prominent networks such as SiriusXM, MSNBC, and programs like Good Morning America, doing considerable work toward her alma mater. Her work as in this role has elevated the JSU’s brand to a vast audience through numerous media, also utilizing her position as editor-in-chief of its alumni publication, The Jacksonian, to make it the sole HBCU finalist for the 2023 PRNews Platinum Award for online publication. 

Her accolades also include becoming 2023 Maynard Fellow from The Robert C. Maynard Institute for Journalism Education, as she continuously works to break the barriers surrounding her industry for the next generation. JSU’s associate VP of marketing and communications, Alonda Thomas, spoke on behalf of their school to remark on James-Terry’s “deserving” achievement.

“Rachel is the consummate professional, and she is so deserving of this recognition by the Public Relations Association of Mississippi,” shared Thomas.

“Her passion for creative storytelling and enthusiasm for enhancing the JSU brand is evident throughout her work. I look forward to her continued success as an industry leader.” 

RELATED CONTENT: Jackson State University’s New President Officially Begins Tenure

FIDELITY: WEALTH BUILDING TIMELINE, homeownership
by Rafael Pena

February 6, 2024

Housing Market Remains Unattainable Amid Soaring Prices And Mortgage Rates

The American dream of homeownership is slipping away for the middle class as the housing market becomes increasingly unaffordable.

Fortune reports that the American dream of homeownership is slipping away for some in the middle class as the housing market becomes increasingly unaffordable, with mortgage rates hitting a two-decade high in late 2023. According to Ali Wolf, chief economist of building consultancy Zonda, “In the past, if you were middle class, it was almost assumed you would become a homeowner.” While the aspiration to own a home remains, it is now significantly more challenging, requiring wealth or luck.

The Pew Research Center reveals that while household incomes have increased considerably over the past five decades, the rise has not kept pace with those in upper-income households. A middle-class household income is $90,000 on average, and a middle-class American with a median household income of $74,580 would struggle to afford a median-priced home of $410,000, according to Realtor.com.

Tate Kelly, a broker with Coldwell Banker Warburg, notes that finding an affordable home is nearly impossible for many Americans, with “affordable” housing requiring 35%-40% of household income. Buyers are advised not to spend more than 30% of their income on housing, and for the middle class, this means affording a $270,000 home if they put 10% down and have minimal debt.

Per Inman, Christopher M. Naghibi, executive vice president at First Foundation Bank, says the historical middle-class path of buying a starter home and progressing to larger homes has shifted. Homeownership used to be central to the middle-class lifestyle. Today’s housing affordability crisis, on the other hand, is being compared to the turbulent 1980s and the aftermath of the 2008 housing bubble.

Naghibi says that the current housing market is the least affordable in history, with mortgage rates approaching 7%, hindering new buyers and depriving them of crucial equity-building years. Despite forecasts predicting a drop in mortgage rates and home prices for 2024, adjustments are being made, with Zillow now projecting a 3.7% increase in home prices, according to Inman.

In Fortune, Tate Kelly emphasized that while a drop in mortgage rates might help, “To many Americans, finding a home that is considered ‘affordable’ is nearly impossible.” The limited options available to buyers only exacerbates the crisis. With housing market experts expressing such pessimism, it appears that the struggle for middle-class Americans to achieve homeownership will persist this year.

RELATED CONTENT: Detroit Passes Miami As The Fastest-Appreciating U.S. Housing Market

Sarah Mayrant Walker Fossett, streetcar, Ohio
by Atiya Jordan

February 6, 2024

Sarah Mayrant Walker Fossett’s Fight For Justice Helped Integrate The Cincinnati Streetcar

The fight to integrate streetcars dates back to the mid-1860s, when Black voices sought to spark racial freedom. Civil rights pioneer Sarah Mayrant Walker Fossett used her voice and harnessed her power of perseverance and justice to claim her right to ride in a Cincinnati, Ohio, streetcar.

Fossett’s stand against the Cincinnati streetcar system took place before the abolition of slavery and nearly a century before Rosa Parks and the Montgomery Bus Boycott. By the 1850s, Cincinnati was the sixth largest city in the United States, with a population of 115,000 and about 3,600 African American residents by 1860.

On January 16, 1860, Fossett, a hairdresser from South Carolina, was on her way to an appointment to fix a client’s hair for their wedding. Fossett had diligently cultivated a network on her journey to building her own hair salon empire in Cincinnati. She decided to take the Third Street line, operated by the City Passenger Railroad Co. When Fossett ascended the platform, a white conductor denied her entry. But Fossett held onto the streetcar rails as the horses trod on, while the conductor remained persistent in prying her hands off. According to a story provided by the Cincinnati Preservation, Fossett bit the conductor’s knuckles until she finally released her grip after three blocks. She suffered multiple injuries. 

To pursue justice, Fossett filed a lawsuit against the streetcar and had the white conductor, Henry Kimber, charged with assault and battery. The judge presiding over the case fined Kilmer $10 plus costs, which is about $344 today. Fossett sought $1,000 in damages but only received $65 for the entry denial. According to the company, Fossett did not step on the platform and claimed the car was already in motion when she lunged onto the rails.

The Weekly Law Gazette reported that Fossett testified that the “the Conductor stopped for her and said she could not ride. She told him it was her impression that it was a public conveyance and that she was not committing any offense. The conductor then commenced beating her across the breast and shoulders; still, she held on to the car and refused to get off. The conductor then told the driver to go ahead. When the cars had proceeded a square or so, the conductor pushed her off.”

James J. Robbins, president of City Passenger Railroad, testified that the conductors were following his orders not to permit “colored people” entry on the streetcars. The company’s official rules, however, were not indicative of his orders in his testimony.

In favor of Fossett, the judge acknowledged, “It is not pretended that the passenger was in any way disorderly, that she refused to pay her fare, that there was any lack of room for her accommodation, that any of the passengers objected to her being received, or that there was any objection to her whatever but her complexion.”

As a result of his verdict, Black women and children were legally allowed to ride inside the streetcar, while Black men were permitted to ride outside on the platform. It took another incident, two years later, for the city to desegregate all streetcars.

Fossett’s legacy lives on, not only for her legal victory but also for how she changed society and fostered community as the first pastor of First Baptist Church of Cumminsville in 1879. She established the church with her husband, Peter Farley Fossett, and in December 2023 was recognized with an Ohio historical marker placed outside the church.

Beverly Johnson Advocates For Black Models Ahead Of New York Fashion Week
by Jeroslyn JoVonn

February 6, 2024

Beverly Johnson Advocates For Black Models Ahead Of New York Fashion Week

Legendary supermodel Beverly Johnson is kicking off New York Fashion Week by advocating for Black models' rights.

Legendary supermodel Beverly Johnson is kicking off New York Fashion Week by advocating for Black models’ rights.

The first Black woman to grace the cover of Vogue was outside the Elysabeth Kleinhans Theatrical Foundation building on February 4 to bring awareness to the Fashion Workers Act, which proposes to oversee unregulated management firms in New York in order to curb predatory practices in the modeling industry. Johnson used the moment to advocate for Black models of the present and the past who have survived abuse they were afraid to speak up about.

Johnson also called out the obstacles Black models face in securing employment, fair compensation, and workplace safeguards, and expressed her concern about artificial intelligence becoming a new threat to Black models.

“The lack of regulation in our industry makes it so much more difficult for Black models to flourish. Black models are fighting for basic dignity and respect,” the veteran supermodel explained. “Something as exciting as signing a contract to a modeling agency can take a quick turn into an agency becoming your decision maker, and having power over your finance, life, and body.”

Her advocacy comes on the heels of a recent tell-all interview she conducted where she revealed the racism she faced at a luxury hotel during the height of her career in the 1980s. At the time, the hotel drained its pool after Johnson had stepped inside it.

“So you get a lot of that. People draining pools, it was racist,” she told “Page Six.” “As a model, there were different kinds of things that would happen to me because I was Black.”

The Fashion Workers Act was introduced to New York legislation in 2021. It has yet to pass lawmakers and become a bill, hence models joining NY state Sen. Brad Hoylman-Sigal (who sponsored the bill) to rally for its passing, CBS News reports.

“We are going to change the law in New York, close the loophole,” Hoylman-Sigal said.

Tiger Woods
by Rafael Pena

February 6, 2024

Tiger Woods Secures Ownership With The PGA Tour In Groundbreaking $3B Deal With SSG

Tiger Woods and other PGA Tour players are set to become equity holders in PGA Tour Enterprises following a $3 billion investment from Strategic Sports Group.

In a historic move that promises to reshape the landscape of professional golf, Tiger Woods and other PGA Tour players are set to become equity holders in PGA Tour Enterprises, a newly established for-profit company, following a monumental $3 billion investment from the Strategic Sports Group, according to MSN. The deal, finalized after months of negotiations, marks a significant moment in sports history as players will now own a share of the PGA Tour, a concept unprecedented in professional sports.

The announcement was made during a conference call featuring key figures such as Tiger Woods, PGA Tour Commissioner Jay Monahan, and Boston Red Sox owner John Henry, according to Golf.com. The call, described as a pivotal moment by insiders, began with Woods expressing his excitement about the groundbreaking agreement.

“Thank you, SSG, for believing in us and believing in our sport. Believing in the potential growth that we could enjoy together,” said Woods, recognized as one of the greatest players in PGA Tour history, during the call. “Golf is an amazing sport. It has allowed communities to heal and grow. And we, as a team, are going to offer that according to what we believe is the true compensation and meritocracy that our sport has been built upon for all these years.”

The $3 billion investment from SSG, led by Fenway Sports Group, is a landmark agreement that values PGA Tour Enterprises at $12.3 billion. This infusion of capital is set to benefit not only elite players like Tiger Woods but also close to 200 PGA Tour members who will receive equity shares based on criteria such as career accomplishments, recent achievements, and Tour status.

Monahan emphasized the deal’s significance, stating that the equity grants would vest over time and an additional $600 million in recurring equity grants would be distributed starting in 2025. This move aims to align the interests of players, management, and investors, ensuring stability and growth within the sport.

The SSG consortium, which includes prominent sports figures like Steve Cohen, Arthur Blank, and Marc Lasry, was chosen over more than two dozen entities that submitted investment bids, highlighting the widespread interest in owning a piece of professional golf.

RELATED CONTENT: Tiger Woods And Nike End Partnership After 27 Years

NFL, Black leadership, coaches, sports, Lawson-Jackson, Jim Trotter
by Daniel Johnson

February 6, 2024

As Black Team Presidents Increase In The NFL, A Luncheon Seeks To Give Them Their Flowers

Minorities in Sports, a network dedicated to providing opportunities and access to sports professionals of color, and Diverse Representation, an organization dedicated to increasing Black representation in all aspects of the sports and entertainment management industries, will be honoring the Black executives with a luncheon.

Sandra Douglass Morgan became the first Black woman president in NFL history in 2022, part of a growing class of Black front office executives.

Las Vegas Raiders owner Mark Davis approached her in 2021 about taking the open position following the departure of two team presidents. Morgan has unexpectedly become something of a role model, as she recounted to CNBC the story of a father telling her that his daughter now wants to get involved in football, all because she saw Morgan.

“He told me that he brings his son and daughter to the games and that his son always talks about wanting to play for the Raiders while her daughter says nothing,” she says. “But when she saw me on the field, she turned to her dad and said, ‘Maybe I can work for the Raiders, too.'” Morgan continued, “I realized, at that moment, that this job is much bigger than me. It’s giving people hope, visibility, and optimism that this is something you can strive for.”

The number of Black NFL team presidents has grown significantly since 2020 when the Washington Commanders hired Jason Wright. Since then, Wright has been joined by Kevin Warren (Chicago Bears), Sashi Brown (Baltimore Ravens), Morgan, and Damani Leech (Denver Broncos). The rapid rise of Black team presidents in the NFL created a juxtaposition where the front office and team composition were overwhelmingly Black, but the coaching ranks were not.

Before this year’s hiring cycle, the league only had three Black head coaches. The Pittsburgh Steelers’ Mike Tomlin, the Tampa Bay Buccaneers’ Todd Bowles, and the Miami Dolphins’ Mike McDaniel. Over the past few months, the league executed its version of a hiring blitz. The league now boasts six Black head coaches, and one of them, Houston’s Demeco Ryans, is receiving buzz for coach of the year after he guided the Houston Texans to an improbable playoff run. The other Black head coaches are Raheem Morris (Atlanta Falcons), Jerrod Mayo (New England Patriots), and Antonio Pierce (Las Vegas Raiders).

Ahead of the Super Bowl, two organizations are coming together to celebrate the achievements of these Black team presidents. Minorities in Sports, a network dedicated to providing opportunities and access to sports professionals of color, and Diverse Representation, an organization committed to increasing the hiring and exposure of Black attorneys, agents, managers, publicists, and financial advisors in the sports and entertainment industries will be honoring the Black executives with a luncheon.

According to Jaia Thomas, an attorney and founder of Diverse Representation, “The 2023-2024 NFL season is the first season in NFL history to boast five Black team presidents. We’re excited to celebrate their accomplishments and the numerous ways in which they’ve opened opportunities for greater diversity in the league.”

The NFL, according to the press release, is currently the league with the most Black team presidents across all major American sports. The luncheon plans to honor Wright, who kicked off the Black team president hiring frenzy, and Warren, the most recent hire among Black team presidents. The event will take place on Feb 8 at the Resorts World Hotel in Las Vegas.

According to Shaina Wiel, the founder and CEO of Minorities in Sports, the event is an attempt to give these Black team presidents their flowers. “With our Toast to Black Sports event, we aim to highlight and celebrate the top Black sports executives in the industry. Too often, Black executives are behind the scenes accomplishing phenomenal feats with little to no recognition. Our goal is to give proverbial flowers by recognizing them for their work.”

tech Accelerator, grant
by Jeffrey McKinney

February 5, 2024

Tech Accelerator Gains $1M Grant, Plans To Boost Investment In Black Startups

The funding will be used to support diverse business owners in South Los Angeles and surrounding cities and neighborhoods.

Plug In Ventures, a Black-owned tech accelerator, has secured a new $1 million grant from the California Office of Small Business Advocate (CalOSBA). Plug In Ventures will receive $250,000 annually over four years. The funding aims to empower Black and brown early-stage startups in Southern California, fostering a more inclusive entrepreneurial ecosystem through access to capital, mentorship, resources, and educational programs.

CEO and Founder Derek Smith says the funding will be dedicated to supporting diverse business owners in South Los Angeles and surrounding cities and neighborhoods. The grant will be used to enhance his firm’s accelerator program and support new founders outside the program. That will include tailoring services to prepare Black entrepreneurs for VC opportunities and connecting them to potential capital investors.   

“Our focus will be on equipping them with the skills and resources needed to develop venture-backable business models and ideas, particularly in the realm of software technology,” he tells BLACK ENTERPRISE.

In general, tech startup accelerators are run by seasoned entrepreneurs who help early-stage tech firms connect with investors, advance their products, and sharpen their business plans. Capital infusion is crucial. Funding to Black founders has steadily declined for three years after the murder of George Floyd in 2020. That was a banner funding year with promised pledges from tech firms. However, last year, just 0.48% of all VC dollars were raised by Black founders, based on tech research firm Crunchbase. That means roughly only $661 million out of $136 billion went to Black firms.

Smith started his South Los Angeles-based firm in 2014, focusing mainly on supporting Black startups. Since 2019, companies in his firm’s ecosystem have raised over $22 million in VC dollars, coming from areas such as climate/sustainability, the creator economy, and athletic apparel. 

But now, Smith wants to see the number of companies his firm helps secure investment grow conservatively by 10% to 20% by 2025 and expand into new sectors like automation, healthcare, and digital technology. Plug In Ventures now works with over 30 companies, including about 20 owned by Black entrepreneurs.   

Smith explains that his firm has provided all labor at no cost to help its founders thrive until now. But this spring, it is shifting to an equity-based model targeting 5% to 7% ownership, allowing founders to participate in its accelerator.

“We intend to also facilitate follow-on investment directly and through our community of investors,” he says.

Smith expects his firm’s revenue to grow conservatively by 30% to 40% this year, although he did not provide exact amounts. He expects the uptick to come from increasing the firm’s program base and new funding sources and expanding into new markets such as Atlanta and New York this year. 

“With the scale back in venture capital flowing into Black and brown entrepreneurs, the work that we’re doing to support these enterprises is more important now than ever,” he explains.  

RELATED CONTENT: Black-Owned Social Media App Selected For TechStars Accelerator Program

 

Yara Shahidi, TED talk, perfume, Divine, Jean Paul Gaultier
by Stacy Jackson

February 5, 2024

Yara Shahidi is The New Muse For Jean Paul Gaultier’s Newest Fragrance ‘Divine’

Jean Paul Gaultier looked to the Harvard graduate as the muse for the new Eau De Parfum that represents divine womanhood.

Actress Yara Shahidi is one of the golden muses behind Jean Paul Gaultier’s newest fragrance, Gaultier Divine.

A parallel message to Shahidi’s activism for equality, equity, Gen Z voting, and women’s rights, Gaultier launched the new “feminine and radiant” eau de parfum in 2023 to celebrate womanhood. The campaign features the Grown-ish actress dripped in gold alongside a diverse selection of models Gaultier called upon to represent the new fragrance. As grand doors open to reveal Shahidi centered in an all-gold room, the actress shakes around a glass bottle with a ship at sea sealed inside.

Gaultier styled Shahidi in a gold ensemble that reflects the voluptuous corset design of the fragrance bottle, a symbol of feminine liberation. According to Gaultier, the golden silhouette honors the diversity of the female body. The new perfume is a balance of floral and gourmand notes “interspersed with a salty vibe” and an airy meringue.

The Harvard graduate discussed her “message of hope” for women as part of the campaign. “My piece of advice is to lean into community,” she said in a video published on the brand’s Instagram page. “It’s through being in community with other women that I learn something that I didn’t know the day before, that I get another dose of hope, where I feel inspired.”

The actress dressed elegantly in a gold corset and shared that her secret to maintaining balance in life is unknown.

“I graduated from school and literally said, ‘How did I do that?'” Shahidi said, emphasizing the importance of community. “I’m only as good as my support network.”

The young activist added: “So much of my work is the product of love, but my ability to do it is the product of being loved.”

Throughout September, several videos and photos were published on Instagram by Gaultier. They featured other muses like South African model and prosecutor Thando Hopa, who shared that she carries many “institutions of womanhood” inside her, including albinism and being African and Black.

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