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One of the many things we love about August is the opportunity to specifically highlight Black businesses and Black entrepreneurs as part of National Black Business Month.

Black entrepreneurs have historically endured systemic racism and underfunding (In 2020, Black founders received 0.6% of all venture capital deployed). And the pandemic has disproportionately impacted Black businesses, resulting in a 40% decrease in Black business ownership.

Despite these serious obstacles, Black businesses continue to be established and scale. An astounding 17% of Black women are in the process of starting or running new businesses. That’s compared to just 10% of white women and 15% of white men. And Yelp’s 2021 Local Economic Impact Report shows that the rate of Yelp searches for Black-owned businesses increased by 3,085% compared to 2020.

Today and throughout the year, we’ll continue to highlight positive corporate moves (like Best Buy’s recent multi-million dollar investment in Brown Venture Group, a firm exclusively backing BIPOC founders) as well as ways you can align your capital with your values (like supporting Black businesses in your local community).

“It is up to us to be brave and take decisions based on the scientific evidence provided in these reports.”

- Climate and environmental activist Greta Thunberg reacting to the IPCC climate report

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Donna Morris, chief people officer at Walmart, and Lareina Yee, senior partner at McKinsey, note four ways organizations can advance inclusion for Black employees (both internally and in collaboration with other stakeholders).
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We wrote about Allyson Felix’s entrepreneurship and activism several weeks ago. She’s since become the most decorated US track and field athlete in Olympics history after helping Team USA win the women's 400m sprint relay last Saturday.
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