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SheaMoisture Founder Richelieu Dennis Launches $100 Million New Voices Fund For Women Entrepreneurs of Color at 2018 Essence Festival

By goodblacknews on July 6, 2018
Richelieu Dennis (photo via blackenterprise.com)

by  via blackenterprise.com

On Thursday, SheaMoisture haircare and skincare products founder Richelieu Dennis announced a $100 million fund for women entrepreneurs of color at the 2018 Essence Festival. The announcement surrounds the New Voices Fund that he’s been prepping for the past year.

“About six months ago, we announced that we were launching the new voices fund,” Dennis told the audience at the press conference during the Essence Festival. “I’m proud to say that we get to officially launch the $100 million New Voices Fund for women of color entrepreneurs here at Essence Festival this weekend. Over the past six months, we have already either invested in or committed to, over $30 million in black women entrepreneurs.”

As reported previously, Dennis sold SheaMoisture to Unilever in 2017. As part of the deal, he vowed to use the capital to create an investment fund for minority entrepreneurs, specifically women of color. Unilever and Sundial Brands, creators of SheaMoisture, agreed to contribute an initial investment of $50 million to the fund.

In addition to creating the fund to provide investment opportunities, Dennis wants to equip entrepreneurs with other resources to help contribute to the success of their companies. “We are going to leverage the businesses that we’ve built—many of you know, Shea Moisture, Nubian Heritage, Madame CJ Walker,” he said.

There has been a push of late to find ways to invest and provide women of color the funding they need to launch businesses. Women founders received less than 3% of VC dollars in 2018. Investment in black female founders—who in recent years have been starting businesses at higher rates than any other group, so they’re not hard to find—was barely discernible, at .02%.

Recently, Arlan Hamilton, founder and managing partner of the venture fund Backstage Capital, announced that her new $36 million fund will invest exclusively in black women-led startups.

“When you talk to a group of white, affluent male investors and tell them you’re investing in women of color, the first thing that comes out is, `Oh, that’s really nice of you. That’s a great mission.’ They immediately correlate us to needing a helping hand,” Hamilton said in an interview with Fortune several months ago. “This is not that.”

Yet, women of color have been making progress in landing business funding. A recent study shows that more black women have gained access to venture capital since 2016. According to the new report, which was conducted in collaboration with digitalundivided, JPMorgan Chase, the Case Foundation, and the Ewing Marion Kauffman Foundation, the number of black women who have raised upwards of $1 million from VC firms has more than tripled from 11 to 34. The number of startups founded by black women has also increased 2.5 times from 2016 to 2018, jumping from 84 to 227.

The New Voices Fund provides a way for women of color entrepreneurs to approach Dennis for capital infusion. Because of the parameters of the fund, he is likely looking at businesses that are looking to scale and not just an idea on a sheet of paper.

All of the information is located on the site. If you think you’re ready, log on and apply.

Source: http://www.blackenterprise.com/shea-moisture-founder-100-million-fund-essence-festival/

T.I. is Buying Back Center Hill in Atlanta to Beautify and Improve His Old Neighborhood While Keeping it Affordable

By goodblacknews on July 5, 2018
T.I. (photo via vibe.com)

by Daryl Nelson via atlantablackstar.com

T.I. is on a mission, and it has to do with rebuilding his old neighborhood in the Center Hill section of Atlanta. In 2017 he started a real estate company called Buy Back the Block, and considering what he’s accomplished already the name couldn’t be any more fitting.

In a recent interview, Tip said that he’s partnered with fellow Atlanta rapper Killer Mike and bought the Bankhead Seafood building, a beloved eatery that closed earlier this year after five decades of being in business.

On top of that, he purchased a number of lots in his old neighborhood and bought six buildings as well. So far Tip has spent over $2 million out of his own pocket, without any outside assistance and it seems he’s just now getting started.

“I grew up in the 1980s and ’90s in the Center Hill section of Atlanta, just off Bankhead Highway,” he told Inc. “Back then that part of town was considered the lower end of the middle class. After the crack era the community stalled, and from 1994 to 2012 it became an extremely desolate area for business. There’s no major grocery store chain, there’s no fresh produce, there’s no CVS, there are liquor stores.”

But the rapper said he doesn’t want to improve the area then make it so expensive that people can’t afford it. He wants to do the opposite, so those who’ve always been there don’t have to move.

“Now, with the BeltLine and Mercedes-Benz Stadium a stone’s throw away, there’s an incentive to redevelop,” T.I. explained. “But I didn’t want it to be one of those situations where luxury condos go up, and people who are native are pushed out to the fringes because they can’t afford to live there. I wanted to provide development that would allow people from the area who love the community to be able to afford to stay.”

Tip also said he’ll turn a lot of the buildings that he purchased into “mixed-use” housing, and it’s possible that two of the properties will be ready by the close of 2019. One building will have over 100 units and the other will have less.

In addition, the Grand Hustle founder is working with veteran real estate agent Krystal Peterson so that housing costs are kept affordable, and he’s doing other things like beautifying the neighborhood.

“Green spaces and gardens are incredibly important,” said T.I. “We want a movie theater, bowling, laser tag, stuff I didn’t have. I’m trying to build a community where the people within it can be proud. If they’re proud they’ll have more of a sense of wanting to maintain it.”

“I’d love to see children walk and play and live in green spaces,” he added. “I want to see senior citizens excited about the next generation. The only way to do that is to invest. Why wait for someone else to come into a community where I went to elementary school, where I rode my bike and played?”

It seems a number of rappers share T.I.’s theory since others are investing in their neighborhoods too. Dr. Dre, for example, gave $10 million to build a performance arts center in his hometown of Compton, Calif.

And Los Angeles rapper Nipsey Hussle invested heavily in his Crenshaw neighborhood and opened Vector 90, a co-working space for young people, entrepreneurs and creatives of all types. The rapper Slim Thug has given back to his Houston community as well by launching Boss Life Construction, a company that builds quality, affordable homes in low-income neighborhoods.

According to T.I, he doesn’t want people in the Black community to equate success with escaping local problems, and he’ll try to be an example.  “So many times our answer to fixing things is ‘I’m gonna make some money and leave all these people behind,’” he stated. “There’s rarely an intent to get rich and make where you came from better for generations to come. It’s extremely ambitious, but I’ve worked myself to a place where I should be the one leading the charge. In my mind, that’s what it means to be king.”

Source: http://atlantablackstar.com/2018/07/03/t-i-explains-why-hes-buying-back-his-old-neighborhood-no-fresh-produce-liquor-stores/

Howard University Alumni Damon Lawrence and Marcus Carey Open The Moor, a Hotel Dedicated to Black Culture

By goodblacknews on July 3, 2018
Marcus Carey and Damon Lawrence of Homage Hospitality (Photo credit: Kim Davalos)

by Lori Lakin Hutcherson (@lakinhutcherson)

According to blavity.com, while attending Howard University, Damon Lawrence worked in the hotel industry as a front desk agent, and decided he would own his own hotels one day with one exception–his business would cater exclusively to blackness. “Black culture leads American culture and American culture leads global culture, so [we] think it’s time a hotel property reflected the best of black culture,” Lawrence.

The young entrepreneur, along with his business partner and co-founder of Homage Hospitality, Marcus Carey (also a Howard alum), opened the doors to The Moor in New Orleans, Louisiana, this week. The upscale 10-room hotel pays homage to the Moors of North Africa  through its architecture aesthetic. (You can use the promo code “Launch” through July 4th for 60% off your stay.)

https://www.instagram.com/p/BktbVPoHK8o/

Lawrence and Carey plan to open locations where black “culture is thriving;” such as Washington, D.C., Brooklyn and Detroit. The duo plans to open a 102-room property called The Town Hotel in Downtown Oakland by 2019. Even sooner, they plan to launch another property in the Treme section of New Orleans called The Freeman; it is known as the first place in the U.S. black people could purchase property.

“We want to go everywhere that culture exists and thrives, so there’s plenty on the plate”, Lawrence says.

To learn more about these men and their mission, check out their recent interview with Rolling Out.

Mellody Hobson to Become Starbucks Vice Chair

By goodblacknews on June 5, 2018
Melody Hobson (photo via tnj.com)

by Nigel Roberts via blackamericaweb.com

Mellody Hobson climbed another rung on the ladder of success in the Fortune 500 business world, as she solidified her role on Starbucks’ board while holding down two other top board memberships. Few African-Americans have multiple board membership on the nation’s wealthiest companies.
Hobson, a graduate of Princeton University and considered an expert on matters of personal finance, often speaking on panels and featured on television news shows.
Starbucks’ board of directors on Monday appointed Hobson as its vice chair shortly after longtime chairman Howard Schultz announced his retirement, the company said in a statement on Monday.
Hobson’s promotion to the number two position came as Starbucks has been in the throes of damage control following a high-profile episode of racial profiling when two Black men were arrested at a Philadelphia store in April because they didn’t order anything. Last Tuesday, the company closed 8,000 stores nationwide for an afternoon of anti-bias training.
Fortune 500 boards are dominated by white men, but Hobson, who has served on Starbucks’ board since 2005, has defied the odds. JP Morgan Chase & Co. also appointed her to its board  and she has been on Estee Lauder‘s board since 2004.
Still, African-Americans have made small gains in diversifying corporate boards. Black men increased their boardroom presence by 2 percent and Black women by 18.4 from 2012 to 2016, according to a multi-year study by the Alliance for Board Diversity (ABD).
The ABD report found that Blacks had the highest rate among all demographics of serving on multiple boards, which falls right in step with Hobson’s professional achievements, according to Ronald C. Parker, ABD’s chairman.
It’s an indication “that companies are going to the same individuals rather than expanding the pool of African-American candidates for board membership,” Parker told the New York Times last year.
Source: https://blackamericaweb.com/2018/06/05/mellody-hobson-will-become-starbucks-vice-chair/
Black-Owned Coffee Shops to Try Instead of Starbucks Today

Black-Owned Coffee Shops to Try Instead of Starbucks Today

By goodblacknews on May 29, 2018

Starbucks locations across the U.S. are closed today for the “unconscious bias” training mandated throughout the company in the wake of the wrongful arrests of two black men in a Philadelphia Starbucks this April. So to find (and perhaps fall in love with) a black-owned cafe in your town, click on either link below:
http://blackstarjournal.org/2018/05/03/500-black-coffee-houses-and-cafes/

 Black-Owned Coffee Shops to Try While Starbucks Is Closed | Teen Vogue

Harvard Business School Senior Lecturer Paula A. Price to Join Macy’s, Inc. as Chief Financial Officer

By goodblacknews on May 25, 2018

New Macy’s Chief Financial Officer Paula A. Price (photo via theshelbyreport.com)

by Lori Lakin Hutcherson (@lakinhutcherson)
According to businesswire.com, Macy’s, Inc. (NYSE:M) recently announced that Paula A. Price will be appointed the national department store’s Chief Financial Officer, effective July 9, 2018.
Price will be responsible for leading the company’s finance, accounting, investor relations and internal audit functions. She will report to Jeff Gennette, Macy’s, Inc. chairman and chief executive officer, and will be based in New York. Price will succeed Karen Hoguet, who plans to retire at the end of the 2018 fiscal year. Ms. Hoguet will remain with Macy’s, Inc. in an advisory role to support the company during a transition period until February 2, 2019.
“I’m excited to have Paula join Macy’s, Inc. at such an important time for our business. She is an accomplished financial executive with an impressive breadth and depth of retail experience and will be a great addition to the team. Having led finance in a variety of complex and dynamic retail organizations, Paula’s insights and experience will serve Macy’s, Inc. well,” said Gennette.
Price joins Macy’s, Inc. with 30 years of finance experience primarily in retail and consumer-facing businesses. She is currently a full-time senior lecturer in the accounting and management unit at Harvard Business School, a role she has held since 2014.
According to the Wall Street Journal, Price also serves as a director on the board of consulting firm Accenture PLC, where she chairs the audit committee and is a member of the compensation committee. She is a director on the boards of Western Digital Corp., Blue Cross Blue Shield of Massachusetts and the Financial Guaranty Insurance Company. Ms. Price resigned from the board of Dollar General Corp. on May 17.  Before her stint at Ahold U.S.A. as CFO, Ms. Price was controller and chief accounting officer at CVS Caremark Corp.

Barack and Michelle Obama Sign Overall Production Deal with Netflix

By goodblacknews on May 21, 2018
Barack Obama Michelle Obama
Michelle and Barack Obama (CREDIT: VICTOR R. CAIVANO/AP/REX/SHUTTERSTOCK)
by Daniel Holloway via Variety.com
Netflix has secured a deal with former President Barack Obama and First Lady Michelle Obama to produce series and movies for the streaming service. The former first couple will, according to an announcement Monday from the company, potentially work on scripted and unscripted series as well as docu-series, documentary films, and features under the multi-year deal.
“One of the simple joys of our time in public service was getting to meet so many fascinating people from all walks of life, and to help them share their experiences with a wider audience,” said Barack Obama. “That’s why Michelle and I are so excited to partner with Netflix — we hope to cultivate and curate the talented, inspiring, creative voices who are able to promote greater empathy and understanding between peoples, and help them share their stories with the entire world.”
“Barack and I have always believed in the power of storytelling to inspire us, to make us think differently about the world around us, and to help us open our minds and hearts to others,” said Michelle Obama. “Netflix’s unparalleled service is a natural fit for the kinds of stories we want to share, and we look forward to starting this exciting new partnership.”
Signing the Obamas is the latest, and by far the biggest, in a string of moves by Netflix to lock up the entertainment industry’s highest-profile producers in exclusive production and development pacts. Last year, Netflix poached “Grey’s Anatomy” creator Shonda Rhimes from ABC Studios with a deal valued at more than $100 million. “Glee” creator Ryan Murphy jumped from his longtime home at 20th Century Fox Television earlier this year to also join Netflix. Murphy’s deal was reported at the time to be worth as much as $300 million. However, sources tell Variety that tally includes money that Murphy is expected to make from his current and former Fox series over the life of his Netflix contract, and that the true value of the deal is in line with that of Rhimes’.
It is unknown how much the Obamas’ Netflix agreement is worth. In March, Penguin Random House signed the couple to a joint book deal that pays them a reported $65 million for their respective memoirs.
“Barack and Michelle Obama are among the world’s most respected and highly-recognized public figures and are uniquely positioned to discover and highlight stories of people who make a difference in their communities and strive to change the world for the better,” said Netflix Chief Content Officer Ted Sarandos. “We are incredibly proud they have chosen to make Netflix the home for their formidable storytelling abilities.”
Among President Obama’s most visible public appearances since leaving office was on David Letterman’s new Netflix series, “My Next Guest Needs No Introduction.” Obama was the first guest in the former “Late Show” host’s new long-form interview program.
Word of a possible pact between the former U.S. president and first lady surfaced in March, when the New York Times first reported that the couple was in talks with the streaming service on a deal to produce several high-profile projects.
Sarandos has a close relationship with the Obamas. His wife, Nicole Avant, served as U.S. ambassador to the Bahamas in President Obama’s first term in office.
Source: http://variety.com/2018/digital/news/barack-michelle-obama-netflix-deal-1202817723/

Veteran NBC TV Executive Vernon Sanders Named Co-Head of Amazon Studios TV

By goodblacknews on May 21, 2018
Vernon Sanders Amazon
Vernon Sanders, New Co-Head of Amazon TV (CREDIT: COURTESY OF AMAZON)
by Lori Lakin Hutcherson (@lakinhutcherson)
Former NBC executive Vernon Sanders has joined Amazon Studios as co-head of television, according to Variety.com. He will oversee creative and production units for Amazon Prime Video.
Sanders will head the TV division with Albert Cheng, who was hired during a reorganization of Amazon’s entertainment division under new top executive Jennifer Salke in April.  Cheng also serves as Amazon Studios COO. “I’m thrilled to announce Vernon Sanders’ appointment to Co-Head of Television for Amazon Studios,” said Salke. “Vernon’s undeniable expertise in nurturing talent and creative material will be a huge asset to our studio. Having worked side-by-side with him for seven years at NBC Entertainment, I can speak first-hand to his talents as a leader and creative force. I know Vernon and Albert Cheng will be a formidable team as we continue to build Amazon Studios.”
At NBC Sanders held posts as executive vice president of current programming and executive vice president of comedy. He also has experience in drama-series development, having been senior VP of drama at the network and sister studio Universal Television. “I am tremendously excited to be joining Jennifer Salke, Albert Cheng and the forward-thinking team at Amazon Studios as they build an incredible destination for high-quality, compelling content,” Sanders said. “My time as a producer has reaffirmed my passion for working closely with creators to champion shows which delight and surprise our audiences. I’m grateful to my family at NBCU for their support as I jump into this new challenge.”
Among the series Sanders worked on while at NBC are “30 Rock,” “The Office,” “Friday Night Lights,” “This is Us,” “The Blacklist,” “The Good Place,” and the revival of “Will and Grace.”

In Wake of Wrongful Arrests, Starbucks Announces New Policy: No Purchase Needed to Use Restrooms or Sit in Cafes

By goodblacknews on May 20, 2018

(Photo by Mark Makela/Getty Images)

by Lori Lakin Hutcherson (@lakinhutcherson)

According to the Chicago Sun Times, Starbucks Coffee announced a new policy yesterday that allows anyone to sit in its cafes or use its restrooms, even without buying anything. The new policy comes five weeks after two black men who hadn’t bought anything were arrested at a Philadelphia Starbucks. Company executives have said its previous policies were ambiguous, leaving decisions on whether people could sit in its stores or use the restroom up to store managers. Starbucks now says it has instructed workers to consider anyone who enters its stores a customer, “regardless of whether they make a purchase.”

The company said anyone can use its cafes, patios or restrooms, but noted workers should still call the police if someone is a safety threat. “We are committed to creating a culture of warmth and belonging where everyone is welcome,” Starbucks said in a statement.

The two men who were arrested April 12 in Philadelphia were awaiting a third person for a meeting. One of them was denied use of a restroom because he hadn’t bought anything. A worker called police, and the men, Rashon Nelson and Donte Robinson, were arrested. They spent hours in jail before they were released. The incident, video of which was posted on social media, was a major embarrassment for the coffee chain.

In response to the arrests, Starbucks plans to close more than 8,000 of its U.S. stores on May 29 for racial-bias training for its employees.The men who were arrested settled with Starbucks earlier this month for an undisclosed sum and an offer of a free college education. They also reached a deal with Philadelphia for a symbolic $1 each and a promise from city officials to set up a $200,000 program for young entrepreneurs.

With Her 'It's About Damn Time' Fund, Arlan Hamilton's Backstage Capital is Bringing $36 Million in VC Funding to Black Women

By goodblacknews on May 7, 2018
Backstage Capital’s Arlan Hamilton (photo via essence.com)

by PAULA ROGO via essence.com

Arlan Hamilton, the founder and director of Backstage Capital, has announced that her firm will be investing $36 million specifically towards black women.
Hamilton announced the news while participating in the United State of Women summit this past weekend. Backstage Capital is a venture capital firm that invests specifically in underrepresented founders. Through this newly-announced initiative,  the firm will invest in black women founders $1 million at a time.
“The rumors are true. Today at [the summit] I announced that my venture capital firm has launched a $36m fund that will invest in Black women founders $1mill at a time,” she tweeted
Hamilton is part of the only 9 percent of VCs that are women, according to Forbes. Also, only 15 percent of total VC money went to female founders last year.
The numbers are even more dismal among underrepresented groups like people of color and LGBT founders. “Investing in us—people of color, LGBT people, and women—is good business, good sense,” Hamilton, who is a black queer woman, told Quartz earlier this year. “And you are foolish if you think otherwise.”
As for what she’s branded the name of this initiative, Hamilton coined a name we are all the way here for. “They’re calling it a ‘diversity fund’,” Hamilton tweeted. “I’m calling it an IT’S ABOUT DAMN TIME fund.”
And according to a Monday morning tweet, the work has already started with the new fund. “It is launched and raising,” she said. “Been in motion for months, and have some great partners. Will invest in 2-3 companies out of it before the end of the year, 5-6 in 2019.”
You can learn more about Hamilton and how she overcame all odds to create Backstage Capital in the latest season of Gimlet’s entrepreneurship podcast “Startup”.
Source: https://www.essence.com/news/arlan-hamilton-36-million-funding-black-women