Black Entrepreneurs Day

Black Entrepreneurs Day Quick Facts

HashtagsCompiled on#BED2022
Related Hashtags#Entrepreneurs, #Blackentrepreneurs, #Black
2023 DateOctober 24, 2023

Black Entrepreneurs Day

Black Entrepreneurs Day is a celebratory occasion primarily dedicated to showcasing, empowering, and inspiring Black business owners or those aspiring to be. Serving as a platform for acknowledging their prowess and the role they play in the nation’s economy, the event underscores the significance of diversity and inclusivity in the entrepreneurial ecosystem.

Originated in 2020 by NFL star Rob Gronkowski's manager, Danny Morales, Black Entrepreneurs Day was initially launched as a means of providing financial help and mentorship to Black business owners reeling from the effects of the pandemic. It featured live performances, celebrity interviews and presented seven Black-owned businesses with $175,000 in grants via the NAACP Powershift Entrepreneur Grant.

Today, Black Entrepreneur Day has evolved into an annual event that shines a spotlight on Black excellence in entrepreneurship. Aside from monetary benefits, it also offers expert tips, inspirational talks, and a platform for successful Black entrepreneurs to share their stories. These aspects make it an effective tool in empowering the community and encouraging more African Americans to step into the entrepreneurial space. The event usually takes place mid to late October, making it a significant highlight in America’s entrepreneurial calendar for the year.

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Facts about Black Entrepreneurs Day

  • According to the Census Bureau, in 2022, there were about 141,000 Black owned businesses in the US.
  • Studies have shown that while Black-owned businesses face challenges in accessing capital, they still provide a positive economic impact in their communities. One study by the Association for Enterprise Opportunity found that for every dollar invested in minority-owned businesses, $3 is generated in local economic activity.
  • Black entrepreneurs often face systemic barriers, including racial bias and discrimination. Studies have shown that investors are less likely to fund Black-led startups compared to white-led startups, even with similar business pitches and performance metrics.
  • Black women are the fastest-growing group of entrepreneurs in the United States. Between 2014 and 2019, the number of businesses owned by Black women increased by 50%, which is more than any other racial or ethnic group.

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