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.
Posts tagged as “Sterling Farms”
Wendell Pierce welcomes the first customers inside his 25,000 square-foot store.
Wendell Pierce, best known for his roles on “The Wire” and “Treme” is now launching a chain of grocery and convenience stores in places where fresh food can be hard to find. As a boy, Pierce dreamed of leaving his hometown one day for the world stage. Today, the veteran actor with global credits has returned on a mission: rebuilding neighborhoods, brick by brick, aisle after aisle.
After Hurricane Katrina devastated this city in 2005, Pierce seized an opportunity to help his childhood neighborhood — Pontchartrain Park, an historic enclave for middle-class blacks — get back on its feet. He started the nonprofit Pontchartrain Park Community Development Corp. with a goal of replacing hundreds of flood-ravaged, 1950s-era houses with new homes. Now, the next item in his recovery recipe is a long-missing ingredient.
Pierce, 50, and his partners are investing big in something seemingly so small: convenient access to a grocery store. They have launched a chain of convenience stores, Sterling Express, and a full-service grocery store, called Sterling Farms, the latter just unveiled in what is often described as a “food desert,” a neighborhood where residents must travel more than a mile to a store selling fresh food. According to 2011 data, 19 percent of all Orleans Parish households have no access to a vehicle.
After Hurricane Katrina devastated this city in 2005, Pierce seized an opportunity to help his childhood neighborhood — Pontchartrain Park, an historic enclave for middle-class blacks — get back on its feet. He started the nonprofit Pontchartrain Park Community Development Corp. with a goal of replacing hundreds of flood-ravaged, 1950s-era houses with new homes. Now, the next item in his recovery recipe is a long-missing ingredient.
Pierce, 50, and his partners are investing big in something seemingly so small: convenient access to a grocery store. They have launched a chain of convenience stores, Sterling Express, and a full-service grocery store, called Sterling Farms, the latter just unveiled in what is often described as a “food desert,” a neighborhood where residents must travel more than a mile to a store selling fresh food. According to 2011 data, 19 percent of all Orleans Parish households have no access to a vehicle.