Disrupting with Purpose: Black Excellence in Entrepreneurship

Our Disrupting with Purpose event November 16, 2021 focused on Black Excellence in Youth Entrepreneurship. The session was moderated by Lissa Jones-Lofgren and featured Wokie Weah founding President of Youthprise; Thompson Aderinkomi CEO and co-founder of Nice Healthcare; Dario Otero founder of Youth Lens 360; Precious Wallace CEO and founder of King P. Studio; and Bradley Taylor, owner of The Donut Trap.

Findings from a 2018 study by Junior Achievement and Ernst & Young LLP indicate that 41% of teenagers are more open to entrepreneurship as a career option than traditional employment. Survey results from the same study revealed that nearly 70% of teens have an idea for a business, but they don’t know how to act on it. Emerging young entrepreneurs often experience a range of challenges that include difficulty being taken seriously, lack of professional connections, and self-doubt. When these young people are Black, the problems are even greater. A preponderance of research confirms that Black-owned businesses are denied capital at significantly higher rates than their white counterparts.

The economic impact of supporting Black youth’s entrepreneurial dreams can be significant. McKinsey & Company asserts that strong black businesses can help close the black-white wealth gap. Further, McKinsey projects that by 2028, an annual cost of $1 trillion to $1.5 trillion will be attributable to this egregious disparity in wealth. With that said, it is essential that we give attention to promoting an ecosystem that eliminates inequities for aspiring young Black entrepreneurs and fosters an environment where they can create, build, and thrive.

Despite facing many obstacles, young Black business owners here in Minnesota are defying the odds and forging their own path to success. Join us for a candid discussion featuring successful Black Minnesota-based entrepreneurs who launched their enterprises during their youth or young adult years. Panelists will address the challenges they endured in starting and sustaining their businesses, and they will offer perspectives on preparing aspiring young Black entrepreneurs to build strong, sustainable establishments. The group will also discuss systemic solutions toward advancing equity in entrepreneurship and the positive impact Black business ownership can have on Black communities and the overall economy.

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