Quote of the day:
frican-Americans have played a profound role in shaping the U.S. business landscape. Technological innovations like the traffic light, automatic elevator doors and even caller ID all sprung from the minds of creative black luminaries. spoke to a number of founders, investors, activists, celebrities and experts on the black diaspora.
The black community’s long history of entrepreneurship is marked by ebbs and flows. The Reconstruction era, the period after the Civil War, saw a sharp rise in the number of black-owned businesses as the country attempted to right some of the inequities of slavery. But in the late 19th and early 20th centuries, the resurgence of Jim Crow laws enforcing racial segregation, coupled with the Great Depression, led to the decline of black entrepreneurship.
But even with this forward momentum, black entrepreneurs still face a number of challenges: primarily, a lack of access to capital, says Ron Busby, president of the U.S. Black Chambers. “We have the acumen, the creativity, the knowledge and even the manpower. But without access to capital, our ideas come to a standstill, are stolen or are manipulated.”
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