The journey of Black business ownership in 2020 is a mixture of prosperity and acceptance of lingering societal roadblocks to progress. Those firms which are owned by blacks built 34% from 2007 to 2012, totaling 2.6 million companies and minority small businesses increased by 79% in general by 2017. The top 100 Black-owned companies produced $30 billion in 2018, and a huge 50% of businesses owned by women in 2019 were managed by females of color. On the other side, there are still far distances in racial policies in funding opportunities.
The obstacle persists, as Black entrepreneurs are least likely to get investment, property funding. Yet, these entrepreneurs proceed to begin new businesses, notwithstanding these differences, promoting a rich legacy of Black innovation and progress. An Ewing Marion Kauffman Foundation study unveiled the fact that Black-owned businesses often inaugurate with three times less capital than white-owned businesses.
The following are the Black entrepreneurs who have created prosperous companies in logistics, tech, retail, and establishing new criteria for business.
1. Asmau Ahmed
Asmau Ahmed is a co-founder of Plum Perfect, she began as a chemical engineer but soon changed her enthusiasm for innovation. The Columbia grad established Plum Perfect, an app that examines a users’ picture to discover the ideal makeup according to their skin color that includes the different colors of women’s skin. She ranked as one of five “Top Women in Digital”.
2. Adelanwa Adesanya
Adelanwa Adesanya is an engineer that preferred entrepreneurship that connected technology with healthcare to assist cardiac attack care. His company, Moving Analytics, gives a digital recovery plan that supports hospitals to do home-based care to the patients. His clinical etiquette and technology help to care outside the hospital surroundings.
3. Moziah Bridges
Moziah Bridges made his short appearance as a bright 12-year-old bow-tie maker on the reality TV show Shark Tank a few years ago.
Reality TV does not place an impact on his profession, but it has made bridges for his career. Now 15 years old of him recently signed a seven-figure contract to provide bow ties to the NBA, and his business, Mo’s Bows, is now progressing.
Previously, on Shark Tank, he refused an offer of a $50,000 investment from one investor in support of zero money but a continuous mentorship with fashion mogul Daymond John. The turndown of that offer is looking like a bold move now.
4. Myriam Taylor, Muxima
The daughter of Angolan refugees, Myriam Taylor is the co-founder of two companies, a biotech company and a luxury haircare company in Lisbon, Portugal with her husband Paulo.
Taylor started her company with the idea of getting desired hair when she was pregnant. She wanted to have both curly and straight types of hair while avoiding any harsh substances. Not seeing any solution which makes her happy, so she chose to build one herself, and now her company, Muxima, sells a different variety of caviar-based shampoos, conditioners, oils, and other products for getting textured hair in European stores and online as well.
5. Kymberlee Jay
Kymberlee Jay began his profession as a dancer for Madonna before serving as a choreographer, but now, she has seen her progress with DoodleDirect company that creates slick animated videos to promote companies’ internal and external relations.
DoodleDirect has created work for significant clients like Knight Frank, Vauxhall, and the Food Standards Agency, and its achievement was recognized a few years ago when Jay won the Arts and Media Rising Star award at the 2017 Black British Business Awards.
6. Amari Ruff
Previously Amari was the CEO of R2 Trucking Solutions, and now operates Sudu, a technology-based logistics company. They work with data and analytics to support companies ship their packages efficiently by managing a network of carriers.
7. Angela Benton
Angela founded NewME Accelerator, the first accelerator for minority founders. She was included in CNN’s award-winning documentary, Black in America. She manages data to estimate what media people are utilizing over streaming programs.
8. Ashifi Gogo
Ashifi Gogo was brought up in Ghana and was first to come across technology through cell phones. When he was thirty, he established a technology company based on them. Sproxil is a supply chain management and consumer engagement company created to check false goods. They also assist companies to guard their brand and engage their clients.
9. Chris Bennett
Chris Bennett established a company Soldsie to make it comfortable for small businesses to monetize their Facebook pages. Customers give their pay information to Soldsie, after which they can purchase goods by hardly commenting on the stores’ pages. For the sellers, Soldsie covers a full administrative dashboard to assist them to manage their list and user remarks.
10. Courtney & Tye Caldwell
A team of husband and wife, Courtney and Tye Caldwell just won a $100,000 investment from Dallas to begin the competition for their ShearShare startup.
Their purpose is simple, which is to unite owners of barbershops and beauty salons who have empty chairs with individual stylists who require a place to work. Tye is an owner of a salon with more than 20 years of working experience, while Courtney has served in sales and marketing for companies like Zendesk, Zenefits, and Qualtrics. With their compact business plan, necessary skills, and a new immersion of cash, expect ShearShare to progress even quicker in the coming years.
11. Anne Githuku-Shongwe
After serving at the United Nations Development Programme (UNDP) for a longer time, Anne Githuku-Shongwe initiated to inaugurate her own mobile gaming company, Afroes.
Although it appears like a diverse direction, growth is still at the focus of her work. The purpose of Afroes is to design games that will “position African youth for productive futures by innovating in skills acquisition, engagement and connecting to opportunity.”
With a great track record and appreciation over the years from companies like the Cartier Women’s Initiative and the Schwab Foundation for Social Entrepreneurship, there are lots of scopes and more to come for this imaginative South African entrepreneur.
12. Maya Penn
Maya Penn started her sustainable fashion company when she was just eight years old by the name of Maya’s Ideas.
In 17 years of age, Penn has written a book, given three TED talks, and been acknowledged by Oprah Winfrey as a “SuperSoul 100 Entrepreneur”. She also funds charitable enterprises such as designing eco-friendly sanitary pads for women and girls in under-developed countries and sending them healthcare facilities to them in Haiti, Senegal, Somalia, and more.
13. Freddie Figgers
It needs a lot of strength to go up against the well-established tech titans like Apple and Verizon, but that is what precisely Florida entrepreneur Freddie Figgers has done with his cellphone company, Figgers Communication.
The company manufactures and trades its own exclusive handsets as well as giving its own cell phone network. The phone also has a unique feature to restrict texting while driving. Figgers got started with technology at a growing age and already has a list of inventions to his name.
14. Lanny Smith
You are regularly advised to “follow your passion” as an entrepreneur. But some people have many passions, and it is usually their passion for being successful and rich.
That has been the state for former NBA basketball player Lanny Smith, who currently operates Active Faith Sports, a sports retailer introduced with his Christian faith. Many of the products have mottoes following his religious beliefs, and this blend of sport and religion has unquestionably captured an audience, the company produced revenue of almost $7 million in 2016.
15. Anne-Marie Imafidon
When Anne-Marie Imafidon was just 20, she finished her Master’s Degree in Mathematics and Computer Science from the University of Oxford and went on to a prosperous career that involved positions at Goldman Sachs, Hewlett-Packard, and Deutsche Bank.
Her current investment is a social enterprise called Stemettes, which strives to support more young women to start in the Science, Technology, Engineering, and Maths (STEM) professions.
Nothing is impossible with consistency and hard work and here these are the examples of black entrepreneurs who start with nothing and now growing their business and helping others as well.
We hope our little effort makes a good impact on your motivation. If you have any query do not hesitate to contact us.