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jerryking : black-owned   15

Tristan Walker on the Roman Empire and Selling a Start-Up to Procter & Gamble - The New York Times
By David Gelles
Dec. 12, 2018

Tristan Walker founded Walker & Company, a maker of health and beauty products for people of color, in 2013. On Wednesday, the company was acquired by Procter & Gamble for an undisclosed sum. The deal represents a successful exit for Mr. Walker and his investors. It also signals an effort by Procter & Gamble, the maker of Gillette, to reach new markets with its shaving products. But while many start-up founders make a hasty exit after getting acquired, Mr. Walker is planning to stay on and grow Bevel, his men’s shaving brand, and Form, his women’s hair care brand. “We’re a team of 15 with very grandiose ambitions,” he said of Walker & Company, which is based in Palo Alto, Calif., but will move to Atlanta as part of the deal. “We want this company and its purpose to still be around 150 years from now.”

What’s that book you’ve got there?

It’s “Parallel Lives” by Plutarch. I’ve really been getting into Greek and Roman mythology. I’m reading something right now about the history of Rome during the 53 years when they really came into power, and this idea of the Roman state growing, the Greek state growing, and the differences therein fascinate me beyond belief. I’ve just been devouring it for the past few weeks now.

Walker attended the Hotchkiss School in Lakeville, Conn. And from there, he got to see how the other half lived. It completely changed his life. He got to see what success could look like. He got to see what wealth was. And it completely changed his worldview.

How so?

I would walk down the halls and see last names like Ford, go to some classes and realize they’re Rockefellers. These are names that were in my imagination. It taught me the importance of name and what that can mean, not only for you but your progeny. When I started at Hotchkiss, I didn’t know what a verb was. So I spent all of my time in the library studying. I spent all of my time thinking about what I wanted to be when I grew up.

What are your priorities as you keep building the company?

I’m dedicating my life to the demographic shift happening in this country. Not only for Silicon Valley. Not only for business. But for this country’s competitiveness. It’s changing. And folks need to respect that and they need to celebrate it.
African-Americans  Bevel  biographies  books  demographic_changes  entrepreneur  entrepreneurship  exits  Form  insights  long-term  P&G  Romans  Silicon_Valley  start_ups  Tristan_Walker  wealth_creation  black-owned  brands  consumer_goods  personal_care_products  personal_grooming  founders 
december 2018 by jerryking
P&G Buys Walker & Co. to Expand Offerings to African-Americans - WSJ
By Aisha Al-Muslim
Dec. 12, 2018

Procter & Gamble Co. PG +0.19% has acquired Walker & Co. Brands as the consumer-products giant looks to serve more African-Americans with health and beauty products.

Palo Alto, Calif.-based Walker sells grooming products for men under the brand Bevel and hair-care products for women under the Form Beauty brand.

Walker will operate as a separate and wholly owned subsidiary of P&G, continuing to be led by its founder and Chief Executive Tristan Walker, ......Last year, Anglo-Dutch consumer products firm Unilever PLC acquired Sundial Brands, a New York-based hair-care and skin-care products company predominantly targeting African-Americans, for an undisclosed sum. Sundial’s brands include SheaMoisture, Nubian Heritage, Madam C.J. Walker and nyakio.
African-Americans  Bevel  black-owned  brands  exits  hair  P&G  personal_care_products  personal_grooming  Tristan_Walker  Unilever  founders 
december 2018 by jerryking
With Sale, Essence Is Once Again a Fully Black-Owned Magazine
JAN. 3, 2018 | The New York Times | By SANDRA E. GARCIA.

Essence magazine is once again a fully black-owned publication.

The magazine, a mainstay of black culture for almost half a century, was bought by Richelieu Dennis, the founder of Sundial Brands, a large personal-care products company, from Time Inc.,
black-owned  magazines  digital_media  African-Americans  Essence  owners  publishing 
january 2018 by jerryking
As Black-Owned Banks Withdraw, Community Sounds Alarm - WSJ
By Sharon Nunn
Aug. 6, 2017

The number of black-owned banks operating in the U.S. has been dropping steadily for the past 15 years and fell to 23 this year, the lowest level in recent history, according to the Federal Deposit Insurance Corp. That has left many African-American communities short of access to capital and traditional financial services, according to some banking experts....The 2008 recession hit the black banking sector especially hard, and if the current rate of closures of about two a year, as well as the industry-wide reluctance or inability to start banks, continues, black-owned banks could disappear entirely within the next eight to 12 years. The trend is worrisome to some analysts who argue fewer banks serving low-income, minority groups could expand “financial deserts”—communities with few or no banking institutions—and increase the likelihood that black and Hispanic communities could become susceptible to redlining, a discriminatory practice that excludes poorer minority areas from financial services....... [black-owned community banks were] the first bank some African-Americans had access to, making it a symbol of black enterprise and economic development, .......A survey of entrepreneurs by the U.S. Census Bureau in 2014 found that 47% of black business owners had gotten got the full amount of funding requested from banks, credit unions or other financial institutions, compared with 76% of whites.

That survey also showed fear of rejection was the top reason cited by black business owners who chose not to seek needed capital at all.
black-owned  banks  African-Americans  trends  decline  FDIC  financial_services  redlining  low-income  community_banks 
august 2017 by jerryking
Where Have All the Black-Owned Businesses Gone? - The Atlantic
BRIAN S. FELDMAN MAY 1, 2017

The last 30 years also have brought the wholesale collapse of black-owned independent businesses and financial institutions that once anchored black communities across the country. In 1985, 60 black-owned banks were providing financial services to their communities; today, just 23 remain. In 11 states where black-owned banks had headquarters in 1994, not a single one is still in business. Of the 50 black-owned insurance companies that operated during the 1980s, today just two remain.

Over the same period, tens of thousands of black-owned retail establishments and local service companies also have disappeared, having gone out of business or been acquired by larger companies. Reflecting these developments, working-age black Americans have become far less likely to be their own boss than in the 1990s. The per-capita number of black employers, for example, declined by some 12 percent just between 1997 and 2014.......the decline in entrepreneurship and business ownership among black Americans also is cause for concern. ...market concentration has played a role in suppressing opportunity and in displacing local economies. ...........The role of market concentration in inhibiting black-owned businesses is also troubling because of the critical role that such enterprises have played in organizing and financing the struggle for civil rights in America......The decline of black-owned independent businesses traces back to many causes, but a major one that has been little noted was the decline in the enforcement of anti-monopoly and fair-trade laws beginning in the late 1970s......Bob Dickerson, the CEO of the Birmingham Business Resource Center in Alabama, says, “Had our institutions and businesses been maintained, had that money been plowed back into our communities, it could have meant a world of difference.”

The role of market concentration in driving down the number of black-owned independent businesses becomes all the more concerning when one considers some mostly forgotten history. In principles, people, and tactics, the fight for black civil rights, going back to before the Civil War, was often deeply intertwined and aligned with America’s anti-monopoly traditions......The story of how the struggle for civil rights intertwined and intersected historically with the struggle against monopoly provides a lesson for the future. It suggests a need to recognize how political independence connects with economic independence in the struggle for social justice. Without freedom from domination in one sphere, there is no freedom in the other.
African-Americans  anticompetitive_behaviour  anti-monopoly  antitrust  black-owned  business  civil_rights  collapse-anxiety  corporate_concentration  economic_clout  economic_inclusion  economic_independence  enforcement  fair-trade  Jim_Crow  market_concentration  market_power  New_Deal  political_independence  segregation  societal_collapse 
may 2017 by jerryking
The Rise and Fall of Black Wall Street
AUG 31, 2016 | The Atlantic | ALEXIA FERNÁNDEZ CAMPBELL.

Richmond was once the epicenter of black finance. What happened there explains the decline of black-owned banks across the country.

On April, 3rd, 1968, Martin Luther King Jr. gave his famous “I’ve Been to the Mountaintop” speech in Memphis. In it, he urged African Americans to put their money in black-owned banks. It wasn’t his most famous line, but the message was clear: “We’ve got to strengthen black institutions. I call upon you to take your money out of the banks downtown and deposit your money in the Tri-State Bank. We want a ‘bank-in’ movement in Memphis … We begin the process of building a greater economic base.”

The next day, King was assassinated, and his hope of harnessing black wealth remains unfulfilled. Before integration, African Americans in cities like Richmond, Chicago, and Atlanta relied on black community banks, which were largely responsible for providing loans and boosting black businesses, churches, and neighborhoods. After desegregation, black wealth started to hemorrhage from these communities: White-owned banks were forced to open their doors to African Americans and the money that once flowed into black banks and back out to black communities ended up on Wall Street and other banks farther away.
MLK  African-Americans  banks  banking  community_banks  institutions  history  Richmond  desegregation  integration  black-owned  self-sufficiency  self-reliance  institution-building  generational_wealth  economic_clout  capital_formation  epicenters  1968 
september 2016 by jerryking
Pillars of Black Media, Once Vibrant, Now Fighting for Survival - The New York Times
JULY 2, 2016 | NYT | By SYDNEY EMBER and NICHOLAS FANDOS.

As racial issues have once again become a prominent topic in the national conversation, the influence of black-owned media companies on black culture is diminishing.

“Ebony used to be the only thing black folks had and read,” Ms. Spann-Cooper said. “As we became more integrated into society, we had other options.”

Continue reading the main story
To that end, Time Inc. now owns the magazine Essence and Viacom owns Black Entertainment Television. The Oprah Winfrey Network, a partnership between Ms. Winfrey and Discovery Communications, has been around since 2011. The Undefeated, ESPN’s site covering the intersection of race and sports, debuted in May. The emergence of Black Twitter has also given African-Americans a powerful voice on social media.

Johnson Publishing stressed that the Clear View Group, the private equity firm that bought Jet and Ebony, was an African-American-led company and positioned the sale more as a partnership. “...Traditional media companies have struggled for years to adapt to a digital world, but the pressure on black-owned media has been even more acute. Many are smaller and lack the financial resources to compete in an increasingly consolidated media landscape. Advertisers have turned away from black-oriented media, owners say, under the belief that they can now reach minorities in other ways.

++++++++++++++++++++++++++++++++++++++++
See my Pinboard reference to [Carol Williams' concern] that agencies catering to multicultural audiences employ mass marketing strategies that look to target such consumers simply by casting minorities in ads, or making assumptions based on social media data.

“It becomes an issue of, ‘If they see themselves in a commercial, they’ll buy the product,’ rather than it being about the messaging and how that messaging is delivered to them,” she said.

Some companies are also using digital technology to “withdraw what they perceive as insights out of these communities,” she added, instead of “developing research techniques to really get to know this culture.”
African-Americans  owners  digital_media  mass_media  FCC  broadcasting  publishing  consolidation  television  culture  magazines  radio  black-owned  Carol_Williams  Essence  Ebony  print_journalism 
july 2016 by jerryking
Susan Taylor Reflects on the Black Lives Matter Movement
January 06, 2015 | | Essence.com |Essay by Susan Taylor.

ask ourselves the hard questions: Are we doing what's needed to demonstrate that Black life matters? Are we caring well for the gift of our own children? Are we holding accountable our own national, community, fraternal, sororal and faith leaders, requiring that they set aside egos and work in operational unity to develop and deliver a Marshall Plan for our recovery from centuries of brutality and legislated disregard? What is our plan for creating Black-owned businesses in our neighborhoods, top-tier education, and quality housing and health care?
protests  protest_movements  self-help  self-improvement  African-Americans  introspection  self-reliance  self-determination  black-owned  digital_advocacy  hard_questions  Black_Lives_Matter  top-tier 
may 2015 by jerryking
The Death of Soul’s King: remembering Sam Cooke 50 years after his death - WSJ
By MARC MYERS
Dec. 9, 2014

What has survived are Cooke’s hits, including “You Send Me,” “Cupid” and “Another Saturday Night.” All remain relevant and continue to be covered by contemporary artists. Overlooked, however, are two of Cooke’s other big achievements: In the late 1950s and early ’60s, the singer-songwriter pioneered romantic soul and created a formula for success that helped Motown and other black-owned labels cross over to the pop charts with original music.

In the late 1950s, Cooke was the first black singer-songwriter to figure out how to parlay male vulnerability into sweet pleas that resonated with integrated teen audiences.
soul  killings  anniversaries  '60s  '50s  singers  music_labels  songwriters  African-Americans  Sam_Cooke  music  Motown  black-owned 
december 2014 by jerryking
The Next Black Power Movement The boom in African-American entrepreneurship isn't just a business story. It's also a logical extension of the civil rights struggle. Here's why. - May 1, 2003
By David J. Dent
May 1, 2003

"I tell my students, 'I'd rather you be a capitalist pig than a Senator,'" says John Butler, a professor of business at the University of Texas at Austin and author of Entrepreneurship and Self-Help Among African Americans: A Reconsideration of Race and Economics. ...Fred Terrell, founder of New York City venture capital firm Provender Capital, thinks that entrepreneurship isn't just a symbol of the accomplishments of the civil rights movement. It is, he says, a way of continuing to advance that movement. Growing up in Los Angeles in the '60s and '70s, Terrell hoped to become a lawyer and then a Congressman. Things didn't quite work out that way. He spent a few years working for the city of Los Angeles, but soon left government for a Yale MBA after he fell under the mid-1980s lure of the private sector.

Today Terrell, 46, says he feels as if he's contributing more to the civil rights movement as a private businessman running Provender, which now has $145 million under management, than he ever did as a member of the Los Angeles government. After all, the more African American--run venture capital firms there are, the less likely it is that other black entrepreneurs will have to overcome the traditional racist hurdles when they apply for financing. Or, put another way, the more likely it becomes that businesspeople will be judged not by the color of their skin but on the content of their business plans.
African-Americans  entrepreneurship  Kauffman_Foundation  books  Yale  self-employment  venture_capital  vc  Black_Power  black-owned 
august 2012 by jerryking

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