Black entrepreneurship has witnessed unprecedented growth as more business owners are launching digital platforms. A recent survey from the Black Liberation and the Digital Economy (BLADE) called “The BLADE Blueprint” reveals that Black entrepreneurs are establishing wealth through new online businesses.
BLADE surveyed 900 Black digital entrepreneurs to observe how digital business is changing the economic landscape for the better. The survey found that 23% of respondents secured venture funding: a significant achievement in the field, as Black founders previously acquired only 1% of total venture funding. Some 77% of survey participants also own profitable businesses, a stark contrast compared to Guidant Financial’s 2023 reports, which found only 54% of small POC-owned businesses and 66% of small businesses maintained profitable companies.
The digital business world is as lucrative as it is competitive, and many young people are using it to their fullest advantage. According to the Black Liberation Alliance, there is a steep generational divide in the industry, with Black Gen Z and millennial entrepreneurs accounting for 90% of this new demographic. Of the survey’s respondents, an astonishing 76% are millennials, with another 12% being Gen Z. Social media has made it even easier for these entrepreneurs to reach wide audiences, relying on sites like TikTok and Instagram for promotional marketing.
Still, despite these statistics, digital business is not just a young person’s game. As more businesspeople discover the advantages of digital entrepreneurship, many are flocking to these platforms to leverage their businesses.
Supported by the Kauffman Foundation, the first BLADE Blueprint edition was published in spring 2022. However, this year’s edition, which was scheduled to release on Oct. 18, is funded by Walmart and the Walmart.org Center for Racial Equity as part of BLADE’s annual conference highlighting Black creators who are transforming the digital landscape. To register for the digital event, which takes place Oct. 18-20, visit here.
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