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Aurora James, photo credit: Christopher Sherman
Photo credit: Christopher Sherman
When Aurora James launched the 15 percent pledge three years ago, it was a call to action that spread like wildfire.
Entrepreneur, fashion pioneer, social activist, and now best-selling author James (his first name Aurora literally means ‘dawn’) is fitting to usher in a new era for black entrepreneurs. Thing.
So far, Pledge’s impact has been impressive. More than 625 Black-owned businesses have established business relationships with businesses that have accepted this pledge. The work of Pledge and its partners has created the potential to transfer more than $14 billion to Black entrepreneurs and businesses.
After reaching the important milestone of its 3rd anniversary, Pledge aims to reach even greater heights. By 2030, Pledge aims to drive her $1.4 trillion in wealth creation by black entrepreneurs and increase her representation of black businesses by 14.6%.
After the murder of George Floyd in May 2020, the founder of Brother Velize was overwhelmed by corporate diversity pledges and anti-racist donations. She posted a message on Instagram, tagging the world’s biggest retail brands, asking them to demand fair representation of Black people on their shelves. It started with, “Okay, there’s one thing you can do for us.”
“Commit to buy 15% of your products from black-owned businesses. We represent 15% of the population and must represent 15% of your shelf space.” she wrote in a post.
Her message quickly resonated, and the same week James was interviewed by CNN. It turns out that this momentum is not fleeting. This powerful demand has evolved into a non-profit organization known as a global movement. 15 percent pledge.
The Fifteen Percent Pledge is a racial and economic justice nonprofit that calls on major retailers and businesses to dedicate 15% of their shelf space to Black-owned businesses. The system arose out of a lack of accountability for systemic problems in the United States and witnessing multiple social injustices.
To date, Alta, Sephora (US and Canada), trend Magazine, Macy’s Inc., Bloomingdales, Blue Mercury, Indigo (first Canadian retailer to receive the Pledge), Gap Inc., Kith, Moda Operandi, Next Model Management, Hudson’s Bay, J. Crew, Victoria’s Secret, Matches Fashion (UK) ), Nordstrom.
“It’s really about trying to develop what you’ve already started and take it to the next level,” says James. “We have made a lot of progress so far, but there is still work to be done. We will not rest on this laurels. This is very exciting, but there is still a lot of space on the shelf, and when you look at access to capital, less than 1% of VC money goes to black women.”
This is what inspired James to launch Friends and Family Collective, a new project announced yesterday (Juneteenth), in partnership with private equity firm VMG Partners to focus on founders. I would like to take advantage of the $850 million VC fund that has been awarded. A black-owned business. It’s a natural extension of James’ work with the Pledge and her investments in black-owned brands (along with VMG Partners partner Alisa Williams).
and Survey conducted by JP Morgan“Black women are America’s fastest-growing entrepreneurial demographic, but they face disproportionate economic headwinds.” 0.34% percent of total venture capital spent in the United States.
Still, according to harvard business review“In the United States, a staggering 17% of black women are starting or running a new business compared to just 10% of white women and 15% of white men. ”
But this is a marathon, not a sprint, and the Pledge has already come a long way in three years since its launch. Only when black entrepreneurs, especially women entrepreneurs, have the same access to capital and all resources as white entrepreneurs do they win.
In addition to the new New York City office, the organization continues to strengthen its team, including focusing on key members of its executive team (Pledge now has 17 team members). Are there such recruits? Mr. LaToya Williams Belfort, Executive Director. A nonprofit leader and equity advocate with over 18 years of professional experience, Williams Belfort has partnered with James to lead Pledge’s staff, programs, fundraising, expansion and execution of its mission. .
LaToya Williams-Belfort, Executive Director, The Pledge, Photo credit: RodnnyB Photography
Photo credit: RodnnyB Photography
With the help of Google, the Pledge created the Business Equity Community (BEC), an online ecosystem that directly connects Pledge participants with Black entrepreneurs. Over 5,000 black businesses across all industries and product categories participate in his BEC.
“We see 29 retail partners and other strategic partners working with Pledge and coming to the table to work with these 5,000 companies. I feel the movement in action,” says Williams-Belfort.
A major highlight of Pledge’s efforts over the past year has been a holiday campaign in SoHo, New York City in partnership with Citi, which includes Pledge’s first-ever physical pop-up shop and select microsites. Launched in November 2022, the campaign has generated an estimated $1 million or more in incremental revenue for over 100 participating black brands, including Theophilio clothing, KNC Beauty and Ghetto Gastro.
At the iconic intersection of the busy streets of Spring and Lafayette, the location of the ‘Giftine’ shop was once iconic as a former newsstand piled high with international fashion magazines. Also importantly, while Pledge’s standard promise is to allocate 15% of shelf space to Black-owned businesses, the giftteen shop meant 100% of shelf space was allocated to Black brands.
“People were really surprised and awed,” says James. “It was really powerful for shoppers to see all these amazing products and put their money where a movement is actually happening. But actually being able to experience it physically was a whole other thing.The impact this shop has had on people on a cellular and emotional level is so huge and I want all of us to make it happen. I am very grateful to the City.”
Another impactful highlight of 2022?
The Pledge has launched the first-ever Achievement Awards presented by Shop with Google. This is what his $200,000 grant goes to a black business owner. In total, this pledge provided $295,000 in grants to his five black brands. (The top prize went to 54 Thrones. Other winners included Sergio Hudson, Puzzles of Color, Hyper Skin, and Busayo NYC.)
James says in his memoir: wildflowerAs a black female founder, she had some barriers to entry and challenges. To level the playing field and fuel Brother Belize (for example, to expand production), she had to take out a $70,000 loan on very unfavorable terms. When James received a grant from her CFDA Vogue her fashion fund, it helped push her business to the next level.
(James currently serves as Vice President of the Council of Fashion Designers of America.)
“I got a grant when I was just starting out,” says James. “So this year, we were overjoyed to present our first-ever Meritorious Award of $200,000. I think What about other women who are achieving great success through their commitments and their own incredible efforts?“
As Williams-Belfort points out, what’s notable about The Pledge’s work is that there are similar data patterns within The Pledge’s business equity community, and from 2020 onwards, Black businesses started by Black women It is statistically increasing.
“When Aurora launched Pledge, the DNA of our organization was clearly shelf space. The thing is, there are many other gateways and opportunities for black business partnerships and wealth and visibility that are in our ecosystem right now.”
“The first barrier to entry is access to capital, but the second biggest barrier to entry is marketing and brand awareness,” continues Williams-Belfort. “Even if you have product innovation as great as this, you will never be able to build wealth without having a seat at the table and a broader ecosystem to actually reach the masses. How to make a difference in the system. So we are thinking about how we can continue to care about institutional barriers and how we can use partnerships and programs to address those issues. We have to seriously consider a holistic approach.”
For Pledge, it’s about continuing to think about the proposition that supporting black businesses is good for everyone: consumers, retailers, businesses.
“What we’ve learned from our retail partners, which Black founders already knew, is that they create products that are sustainable, innovative and universally appealing.” Williams Belfort says.
From an innovation perspective, more access to retailers and partnerships for Black entrepreneurs creates a more robust market and therefore a more robust economy.
“Black business is the future of America,” James said in an Instagram post announcing the launch of the Friends and Family Collective.
For Williams Belfort, it’s also personal. Williams Belfort, whose two sons aspire to be entrepreneurs, hopes that once they enter the professional world, they will be given a truly fair chance and recognized for their vision and work. I’m in.
“Over the last few years, I have been fueled with strength and passion because I have witnessed the transformation of data into real systems. I think what we’ve proved is that Aurora was absolutely right.
“Sometimes the best transportation is to take the plunge,” says James. wildflower. “For me, it’s not the best mode. It’s my that’s all mode. “
What gives James hope for the future?
“That progress is happening. People are having tough but courageous conversations. I think that’s how we learn about each other and things. It’s a way to grow and I think we need to keep pushing ourselves to grow.”