Supporting Black Women-Owned Businesses: A Pillar of Growth and Empowerment

A Black History Month Blog

In recent years, the growth of Black women-owned businesses has highlighted a remarkable trend within the entrepreneurial landscape. These enterprises are not only a testament to the resilience and innovation of Black women but also play a crucial role in fostering economic growth and advocating for social change. Understanding the importance of supporting these businesses is key to promoting diversity and inclusive economic prosperity. As the President and CEO of a veteran, black woman-owned firm, I wanted to highlight the importance of supporting our businesses.

Statistics indicate that businesses owned by Black women represent the highest growth rate of any female demographic. From 2014 to 2019, the number of such businesses grew by 50%, an indicator of the significant strides made in this sector (JPMorgan Chase & Co.). Despite making up about 7% of the U.S. population, Black women's businesses accounted for 0.9% of total businesses and 4.2% of women-owned businesses in 2020 (Brookings). This growth is a testament to the entrepreneurial spirit and the pursuit of economic independence among Black women.

While the growth is impressive, Black women entrepreneurs face significant hurdles such as securing funding and overcoming stereotypes. A mere 3% of Black women-owned companies survive longer than five years (Forbes). Moreover, the combined share of venture capital for Latina and Black women founders is only slightly over 1% (Fast Company). These challenges underscore the need for more robust support systems and advocacy for Black businesswomen.

Organizations like Black Girl Ventures and the NAACP's advocacy for minority business development play a critical role in providing resources and support to Black women entrepreneurs (Startup Champions Network, NAACP). These groups not only offer financial assistance but also create platforms for networking and mentorship, which are invaluable for business growth and sustainability.

The intersectionality of race and veteran status brings to light another layer of entrepreneurship. Black veteran-owned businesses, such as those supported by Bunker Labs, demonstrate the multifaceted nature of Black entrepreneurship (Bunker Labs). They embody the skills and discipline of military service while contributing to the diverse tapestry of Black business ownership.

Supporting Black women-owned businesses is a step towards a more equitable economy. By acknowledging the systemic challenges, they face and actively choosing to support these businesses, consumers and organizations can contribute to creating a more diverse and robust economic landscape. The collective effort to amplify and purchase from Black women-owned businesses will empower these entrepreneurs, strengthen communities, and drive innovation. Let's continue to celebrate and support the growth of Black women-owned businesses for a more inclusive future.

Encouraging the support of Black women-owned businesses is essential for advancing economic equality and fostering diverse entrepreneurship. With this blog post, the aim is to shine a light on the importance of such businesses this Black History Month and every month of the year, and how everyone can contribute to our success.

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Laurie Sayles is an author, change agent, thought leader, serial entrepreneur, and the President & CEO of Civility Management Solutions, a professional consulting firm for government and commercial contracting.??As an advocate for veteran, black, and women-owned businesses, she has served on Small Business Committee Hearings in the U.S. Senate and the House of Representatives and participated in many pilot programs for veterans and small business owners to provide direct input on the economic development and growth opportunities for women-owned and Veteran-owned businesses.?

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