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| (C) Copyright nZinga E. Austin |
I sometimes hear people — sometimes even Black people — complain that there is a lack of creativity in Black businesses. This is shocking, given that so many creative cultural achievements in the U.S., like jazz and hip hop, are artistic innovations that sprang from Black communities.
However, some claim that the lack of successful Black businesses is due to a lack of creativity. I’m a contrarian in this regard.
As the owner of a media company that has covered and written about over 5,350 Black businesses, cultural institutions, community organizations, and events in Southeast Queens and globally through my news blogs, I can say without hesitation: there is plenty of creativity, brilliance, and determination among Black businesses.
I’ve seen Black entrepreneurs create more innovative tech platforms than many mainstream legacy sites (for example: Fanbase, B1, and BlaqSBI). I've seen all kinds of Black-owned apps and amazing educational technology developed for our children.
Creativity Impact Black Business Growth
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| (C) Copyright nZinga E. Austin |
Even Black entrepreneurs with good credit often struggle to secure small business loans, IPO opportunities, or venture capital funding. Many times, the real estate loans available to them are predatory.
As a result, the businesses that tend to survive in the Black community are hair salons, barbershops, restaurants, tax preparation businesses, and medical practices. This is because most people from other ethnic groups aren't as skilled in Black hair care, Black cuisine, and many Black consumers feel more comfortable using Black doctors and tax professionals. These businesses also tend to have strong cash flow, which helps offset the fact that Black businesses receive less than 2% of venture capital funding.
Platforms like Amazon, Instagram, and many white-owned companies lost money for years, but venture capitalists kept them afloat until they became profitable and went public. This kind of patient capital is rarely available to Black businesses, which often leaves us confined to staple, captive-market industries like hair care, restaurants, healthcare, and tax services.
Moreover, more Black consumers could spend time engaging with Black media to discover the creative businesses thriving in our communities — especially online. We also need a Black-owned stock exchange, like the Dream Exchange is developing, and more active Black-led equity crowdfunding platforms to finance our businesses.
Additionally, Black entrepreneurs promoting their businesses on most white-owned social media platforms face challenges like shadow banning. You might think you're promoting your business, but in reality, often only you see it — unless you pay for ads.
Meanwhile, if Black users debate, argue, or engage with controversial content, it tends to receive more exposure — often alongside misinformation. Increasingly, mainstream social media is becoming a toxic environment for Black people. Yet to promote our businesses, we are almost forced to pay to participate in that toxicity.
Given the rising cost of living in the U.S., I believe all Black people should have multiple sources of income, even if they are employed full-time. If you get fired or become ill, having multiple revenue streams — including passive ones — can be a lifeline. Whether it's a side hustle, a business, or an investment portfolio, diversifying income is critical. Otherwise, by 2053, projections suggest that the median net worth of Black Americans could fall to zero (0).
Austin has also been featured in Black Enterprise, Fortune Magazine Small Business, CNN, radio, cable, and countless newspapers and blog sites.
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