Black-owned businesses are booming. Contributing over $206 billion annually to the economy and supporting 3.56 million American jobs, companies like Calendly, SheaMoisture, and Esusu Financial are among over 100 Black-owned startups that have achieved unicorn status with over $1 billion-plus valuations. Multi-million-dollar acquisitions like Compass Diversified’s purchase of The Honey Pot underscore the growing economic power of Black-owned companies. While headlines celebrate these successes—as they should—they remain exceptions rather than the norm. Despite the surge in Black entrepreneurship, significant funding gaps persist, with approximately 71% of Black-owned startups denied VC funding compared to only 12% of their white-owned counterparts.
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