Black women are the fastest-growing group of entrepreneurs. Their success is the foundation for their communities and a core element of the Black ecosystem. They are creating job opportunities, building strong families, strengthening neighborhoods, mentoring future entrepreneurs, and establishing vibrant communities. They are the innovators, creatives, and disruptors who are making a difference.
Yet, Black women are facing a multitude of roadblocks, barriers, and impasses as they start, grow, and scale their businesses. According to Goldman Sachs’ research in “Black Womenomics,” only 0.5% of single Black women own their own business. This rate is 24 times lower than single White men. Goldman Sachs is changing the trajectory of Black woman-owned businesses by creating a pathway for business success through their One Million Black Women program.
Several Black woman-owned businesses in Minnesota are seizing the opportunity to build a more just society and inclusive economy. They were selected from over 2,000 applicants to join in the 2023 Black in Business cohort. Goldman Sachs seeks to uplift the work of one million Black women by providing $10 billion in direct investment capital and $100 million in philanthropic support to eradicate the barriers at the intersections of racial and gender inequities.
This is an investment not only in the growth and development of Black woman-owned businesses but also in eradicating the Racial Wealth Gap. It is estimated to take over two centuries to bridge this gap. Black women experience a 90% wealth gap compared to their White male counterparts. “The earnings gap drives 2/3 of the wealth gap,” according to Goldman Sachs.
Through One Million Black Women, Goldman Sachs is creating new pathways for economic empowerment and community development.
Support local businesses in the 2023 One Million Black Women Cohort:
Kobi Co. is a candle company that sits at the intersection of scent, sound and self-care, pairing hand-poured luxury candles with dope playlists to help you set your vibe. We’re a mother-daughter duo who believe self care is non-negotiable, and we want our candles and music to help you be your best self, do your best work, and be the best friend, steward, and ancestor you can be.
Nosh Posh is on a mission to reimagine healthy convenience. Our innovative product line includes snack boxes designed for corporate use, fresh food vending machines, and a workplace snack program. With products sourced from BIPOC or women-owned suppliers, we’re proud to be a Minnesota leader in inclusive business practices, bridging access for diverse suppliers, and reimagining healthy convenience for all.
Planting People Growing Justice
Reading is fundamental to education. Only 18 percent of Black fourth graders are reading at grade level making them four times more likely to not graduate. Children are more likely to read books when they can identify with the characters. Black youth are more likely to see a black dog on a book cover than a Black child. The book industry has been ineffective in promoting the joy of reading among Black children. Planting People Growing Justice (PPGJ) publishes, promotes, and distributes books that encourage and empower Black children to find joy in reading
Revering Law Office
Revering law office stands as a beacon of inspiration and justice for the community, led by a successful Black woman for over 20 years. Through her staunch dedication to fairness and legal excellence, she has shattered economic and systemic barriers, and proudly paved the way for future generations seeking a career in law. In her office, they go beyond legal advocacy; they are catalysts for meaningful change. Beyond the courtroom, they are active partners in community initiatives, advocating for fair policies and representing juvenile defendants on a pro bono basis. The firm’s success is not only measured by legal victories, but also by the positive impact they have on lives and society as a whole.
Through her organization, Planting People Growing Justice Leadership Institute, Dr. Artika Tyner seeks to plant seeds of social change through education, training, and community outreach.