The wealth gap between white and black communities because of systemic racism and the resulting obstacle for building equity and wealth is astounding. This is part 2 of Karen Rands' series on Black Economic Empowerment and Prosperity. This episode addresses the 10X prosperity gap, as reported by the Brookings Institute (AVG Black Household net worth is just $17,150 in 2016, while the average white household is $171,000) and suggests causes for that vast divide that compounded over time and builds upon the research and insights provided in Episode 1. Here, Karen discusses the cycles of prosperity for Blacks in a segregated America, often followed by violence and out right biased legislative and financial practices intended to help enrich White while prohibiting Blacks from participating in those same economic and educational opportunities.
Karen touches on the challenges with public education, higher education, societal beliefs that infect the black identity in America and the historic lack of capital. which even manifested itself in the disbursement of COVID19 CARE funds for small businesses. Karen offers insight into new opportunities in education, entrepreneurism, access to capital for Black Americans. She provides a strong call to action for successful black business owners, and 'white' corporations, investors, VCs and Family Offices to be proactive in identify black empowerment and black entrepreneur programs and initiatives to engage and uplift after having been, intentionally and unintentionally, excluded from the prosperity that comes from entrepreneurism and the investment in entrepreneurs.
The many links referenced in the podcast:
Tulsa (Greenwood) Black Wall Street before the Terror and Destruction:
https://www.youtube.com/watch?v=MYTIj4_Rbow
Black communities that thrived https://www.youtube.com/watch?v=hjCN2Xu4aZ8
Smithsonian 158 resources for understanding systemic racism https://www.smithsonianmag.com/history/158-resources-understanding-systemic-racism-america-180975029/
Brookings Institute on the Wealth Gap: https://www.brookings.edu/blog/up-front/2020/02/27/examining-the-black-white-wealth-gap/
Funding Sources and Community Engagement for Black Founders
https://fi.co/insight/black-american-startup-resource-list-200-accelerators-incubators-investors-and-more
And some others that might be helpful:
https://afrotech.com/news/startups
https://afrotech.com/7-accelerators-and-incubators-you-should-know-about
https://blackandbrownfounders.com/pitchblack
https://www.blackenterprise.com/be100s/
https://www.blackangeltechfund.com/
https://harlem.capital/
https://www.fearless.fund/
https://www.morganstanley.com/about-us/diversity/multicultural-innovation-lab
The live video of this podcast is to see Karen's passion on this topic in action: https://youtu.be/52Ta1wH_Ch8
