Daymond John helped revolutionize urban fashion in the 1990s as founder, president, and CEO of FUBU (“For Us, By Us”). He guided the iconic brand into a multimillion-dollar business, placing it at the same table with such designer sportswear labels as Donna Karan New York and Tommy Hilfiger.
These days, John is known for being a “shark” on the hit reality series “Shark Tank”. Every Friday night, some seven million viewers tune in to the ABC show that features a panel of investors, or “sharks,” that consider offers from aspiring entrepreneurs seeking capital. John, a member of the cast since the show’s premiere in 2009, along with four other prominent chief executives listens to business pitches (a contestant’s one-hour pitch is edited down to a 10-minute segment) from everyday people hoping to take their company or product to new heights. Using their own money, the sharks have invested more than $20 million, having completed more than 30 deals with an average valuation of $250,000. John is the show’s second leading investor.
Studies show that African American-owned firms are less likely to receive angel investment. In the first half of 2013, only 8.5% of startups pitching to angels were minority-owned; 16% were women-led, according to a report by the Center for Venture Research at the University of New Hampshire. Only 15% of those minority-owned businesses successfully got funded, while 24% of the female entrepreneurs received angel investments. Moreover, ethnic minorities account for less than 5% of the angel population.
Republished from the Huffington Post:
In our Money Mic series, we hand over the podium to people with controversial views about money. These are their views, not ours, but we welcome your responses.
Today, one woman shares how she amassed enough scholarships to graduate from college debt-free.
The first time I ever heard about student loan debt was in 2007. I was a high school senior in Upper Marlboro, Maryland, and in the midst of applying for colleges.
My cousin, who had graduated with a business degree six months earlier, had come over to visit and was complaining about someone named Sallie Mae. Since getting her degree, she hadn’t been able to find a job — and was struggling to make payments on her $9,000 of student debt.
I wondered: Who in the world is Sallie Mae?
After hearing my cousin’s explanation — that Sallie Mae was a company that gives students money to attend college — I was shocked, worried and confused.
I’d never thought critically about the costs associated with going to college. Everyone — family, teachers, friends and even my guidance counselors — just told me I needed to attend in order to secure a better future, which I could do by choosing the school that offered the best education. But it hadn’t occurred to me that I’d have to pay for that privilege.
My mind started racing: How would I ever be able to afford college? The housing bubble had just burst, and I knew my mom, a real estate agent, wouldn’t be able to contribute. What would happen if I couldn’t come up with the money? Would I still be able to get a good job?
I knew I had to come up with a plan — quick.
The embattled Los Angeles’ Martin Luther King Jr. Hospital is set to reopen in early 2015 according to hospital officials, giving residents in its surrounding community access to much needed care as well as job opportunities. The hospital originally opened in 1972 serving the African American and Latino community with various types of medical services until the year 2007. The “heaven sent” hospital as it is known to many members of the community was shut down due to high patient deaths, unqualified staff, hygiene issues, and medical scandals. The shut down resulted in the loss of hospital jobs and lack of nearby emergency rooms for the community.