Nike Invests $500Okay in Black Ladies Via Black Lady Ventures
Nike takes its legendary Just Do It motto to the next level by supporting black women entrepreneurs.
The company recently announced a $ 500,000 investment in Black Girl Ventures, an organization dedicated to funding and scaling tech companies founded by black and brown women entrepreneurs.
“Funding from Nike will help us expand our reach by developing new chapters, improving our technology infrastructure to better serve Black and Brown executives through our proprietary crowdfunding platform, and our brand visibility through from.” Black-and-brown women curated storytelling campaigns to increase, “says Shelly Bell. Founder and CEO of Black Girl Ventures, in a statement released Thursday.
Black Girl Ventures was founded in 2016 and started with crowdfunding pitch competitions. So far the organization has financed 76 women of color. They have also hosted over 25 Black Girl Ventures pitch programs.
Black Girl Ventures continues to be a valuable resource in providing a corporate mentoring program, supplier diversity initiative, change agent program, and online community to help more women gain access to capital and community building opportunities.
Nike’s focus on economic advancement through entrepreneurship can play a critical role for the Black and Brown community.
African American women averaged $ 24,000 in annual sales, according to the 2019 State of Women’s-Owned Businesses Report. Unfortunately, that’s the lowest number for any female population group. By comparison, all women-owned companies reported annual sales of $ 142,900.
Nike’s mission is to help more black Americans reap the benefits of economic advancement. Beginning in 2021, the company plans to donate a series of grants totaling $ 1.75 million. These funds will go to organizations that support black communities in major cities in the United States, including Chicago, Los Angeles, and New York City. Additionally, Michael Jordan and the Jordan brand have pledged $ 100 million over a 10 year period to focus on priorities in the black community.
Last summer, the company confirmed a $ 40 million donation to black communities over the next four years. Nike plans to invest in organizations that focus on education, economic empowerment, and social justice. The company’s initial investment included a $ 1 million grant to NAACP Empowerment Programs, Black Girls CODE, and the NAACP Legal Defense and Educational Fund, Inc.
This is not the end of Nike’s commitment to black entrepreneurs. The company announced it would share more plans in the coming weeks. Nike stands ready to help bridge the gap that exists for black Americans.