A Mission To Invest In 1,000 Founders Of Color By 2020

As many know, few venture dollars are distributed in the black community. Well, these three black millennials want to change that.

Odunayo Eweniyi and Jasmine Shells, both black female founders who’ve raised over $1 million in venture funding, teamed up with Philip Michael, CEO of NYEG, a real estate and investment firm, to create VentureLAB, LLC with the goal to invest in over 1,000 diverse founders’ businesses. 

Shells is the founder and CEO of Five To Nine, an HR tech startup. Eweniyi, is the founder of PiggyBank, a startup that has raised $1.1M. She is also the co-founder of WealthLAB, a financial resource for people of color. Black Enterprise caught up with the team to find out why this initiative is so important to them and how they plan to execute the feat. 

Black Enterprise: Why do you think it’s important to invest in millennials of color?

Eweniyi: Millennials represent two extremes of society. One is that some millennials stand to benefit from one of the largest generational transfers of wealth in history. The flip side of that is that millennials have been handed—possibly—the worst economic situation in recent history.

So more than any other generation, it is acutely important and urgent that millennials start to learn to turn things around—and that includes taking control of the investment process. It’s imperative for the millennial generation to understand that compounding interest can make a world of difference if you start investing in your 20s rather than late 30s or 40s.

Why do you have such a heavy focus on funding women-owned businesses?

Shells: Couple of reasons. It’s the right thing to do and it’s good business. We want to fund amazing companies and a lot of those companies are led by women. According to McKinsey, diverse teams are 33% more likely to turn a profit. Yet, diverse startups account for under 10% of venture capital.

Because we are a diverse VC and founders ourselves, we understand the value that comes from varying perspectives and mindsets. Our goal is to continue to create opportunity alongside others in the space who are looking to create a tech ecosystem that is reflective of our society today.

Perfect example, as of last year, only 26 black female founders had ever raised over $1 million for their startups. We have two on VentureLAB. And we want to help create more.

What do you feel is the best way to build generational wealth in the black community?

Michael: I’ll answer that one. Startups are riskier, which is why it has to come from the institutional level, such as from us. To me, real estate is by far the best, most secure and time-tested wealth-building vehicle.

It’s a tremendously overlooked asset class, especially among minorities. At the current pace, black and Latino wealth will drop to zero in the next 50 years. And real estate ownership—or the lack of real estate ownership—is the biggest driver behind that.

It’s not like the dollars aren’t there. There’s $1.2 trillion in spending power, yet only $11K in black wealth. It’s just a matter of re-allocating the cash versus spending it.

Why they feel “labels” are damaging and being a minority or woman is actually an advantage?

Eweniyi: We’re in the golden age of inclusivity! Social media is helping to shine a light on the injustices that minority groups have suffered for a long time. So I wouldn’t call it an advantage, but it is harder now to be dismissed or not taken seriously without cause as a woman (or a minority) in business.

There are programs targeted at getting more of us into spaces we previously couldn’t get into, and opportunities created specifically targeting our demographic. So again, I wouldn’t call them advantages, but it is nice to finally get recognized for doing great work.


NOTE: Philip Michael is a current Black Enterprise contributor.

The post A Mission To Invest In 1,000 Founders Of Color By 2020 appeared first on Black Enterprise.

Arizona School Apologizes After Little Rock 9 Exercise Brings Up Trauma For Black Student

A mother of a 9-year-old student said her son was humiliated during the Little Rock Nine exercise.

‘Guava Island’ Collaborators Discuss Film’s Parallels To Nipsey Hussle’s Death

Stephen Glover and Jamal “Swank” Olori discuss an eerie coincidence in the film’s final scene.

Study: Cannabis Can Reverse the Aging Process in the Brain

Just in case you need another reason to smoke a joint, a study reveals that cannabis may actually reverse the aging process in the human brain.

In the study, which was led by researchers at the University of Bonn in Germany and published in the journal Natural Medicine, scientists found that cannabis helped older mice retain certain cognitive abilities that usually digress with age.

According to the study, older mice were given a small amount of THC, the main active ingredient in cannabis, over a period of four weeks. In turn, the mice regressed to the mental state of a two-month-old mouse. On the other hand, younger mice who were exposed to THC performed slightly worse on tests that measured their memory, behavior, and ability to learn.

“[The] results reveal a profound, long-lasting improvement of cognitive performance resulting from a low dose of THC treatment in mature and old animals,” the study reports.

Andras Bilkei-Gorzo, a neuroscientist who participated in conducting the study, told Voice of America that they were bedazzled by their findings. “The treatment made the young brain old and the old brain young. So, that was something that was above our imagination,” Bilkei-Gorzo said, as reported by voanews.com.

This scientific discovery could help researchers find ways to slow down or even reverse the cognitive aging process of humans. It may also lead to a medical breakthrough when it comes to treating age-related diseases like dementia.

“Cannabis preparations and THC are used for medicinal purposes,” the study reports. “They have an excellent safety record and do not produce adverse side-effects when administered at a low dose to older individuals. Thus, chronic, low-dose treatment with THC or cannabis extracts could be a potential strategy to slow down or even to reverse cognitive decline in the elderly.”

 


Editor’s note: This article originally published May 11, 2017.

The post Study: Cannabis Can Reverse the Aging Process in the Brain appeared first on Black Enterprise.

Study: Cannabis Can Reverse the Aging Process in the Brain

Just in case you need another reason to smoke a joint, a study reveals that cannabis may actually reverse the aging process in the human brain.

In the study, which was led by researchers at the University of Bonn in Germany and published in the journal Natural Medicine, scientists found that cannabis helped older mice retain certain cognitive abilities that usually digress with age.

According to the study, older mice were given a small amount of THC, the main active ingredient in cannabis, over a period of four weeks. In turn, the mice regressed to the mental state of a two-month-old mouse. On the other hand, younger mice who were exposed to THC performed slightly worse on tests that measured their memory, behavior, and ability to learn.

“[The] results reveal a profound, long-lasting improvement of cognitive performance resulting from a low dose of THC treatment in mature and old animals,” the study reports.

Andras Bilkei-Gorzo, a neuroscientist who participated in conducting the study, told Voice of America that they were bedazzled by their findings. “The treatment made the young brain old and the old brain young. So, that was something that was above our imagination,” Bilkei-Gorzo said, as reported by voanews.com.

This scientific discovery could help researchers find ways to slow down or even reverse the cognitive aging process of humans. It may also lead to a medical breakthrough when it comes to treating age-related diseases like dementia.

“Cannabis preparations and THC are used for medicinal purposes,” the study reports. “They have an excellent safety record and do not produce adverse side-effects when administered at a low dose to older individuals. Thus, chronic, low-dose treatment with THC or cannabis extracts could be a potential strategy to slow down or even to reverse cognitive decline in the elderly.”

 


Editor’s note: This article originally published May 11, 2017.

The post Study: Cannabis Can Reverse the Aging Process in the Brain appeared first on Black Enterprise.

Former Fox News Host: ‘Racist’ Network Was Founded To Demonize ‘The Other’

“Fox has a reputation for being bigoted and racist, all for very good reason,” Eboni K. Williams told “The Breakfast Club” radio show.

Late-Night TV Hosts Scorch Donald Trump Over Mueller Report

Seth Meyers, Samantha Bee, Jimmy Kimmel, Jimmy Fallon, Trevor Noah, James Corden, Conan O’Brien and Stephen Colbert all roasted the president.

Late-Night TV Hosts Scorch Donald Trump Over Mueller Report

Seth Meyers, Samantha Bee, Jimmy Kimmel, Jimmy Fallon, Trevor Noah, James Corden, Conan O’Brien and Stephen Colbert all roasted the president.

Magic Johnson Joins Ice Cube’s Bidding Group to Acquire Sports Networks From Disney

Rapper, actor, and entrepreneur O’Shea “Ice Cube” Jackson Sr. announced Wednesday that Magic Johnson has joined his underdog bid to acquire 21 regional sports networks (RSN) from Walt Disney Co. “Very happy to add Magic Johnson to our bidding group for Disney’s RSNs,” wrote Jackson in a tweet.

Jackson has placed a bid to buy the RSNs through his 3-on-3 basketball league, Big3, which he founded in partnership with entertainment executive Jeff Kwatinetz in 2017. The traveling summer league gives former NBA stars the opportunity to compete in half court 3-on-3 games while offering sports fans a cherished moment of nostalgia. Should he win the bid, Jackson plans to air content from celebrities and athletes such as Snoop Dogg, Serena Williams, and Will Smith, who has also joined the project.

As of now, it has not been confirmed whether Johnson, who abruptly stepped down as president of the Los Angeles Lakers earlier this month, will be lending financial support to the effort.

The regional sports network airs Detroit Tigers, Pistons, and Red Wings games, along with 21 sister stations. The local networks have been for sale as part of The Walt Disney Co.’s acquisition of 21st Century Fox’s entertainment assets. According to the Los Angeles Times:

Disney agreed to sell the sports networks to get clearance for its $71-billion takeover of 21st Century Fox Inc.’s entertainment empire, a transaction that closed last month. Regulators were concerned that Disney would have too much control over sports television if it owned both ESPN and the regional broadcasters. Disney has to sell the networks within 90 days of the Fox deal’s completion on March 19.

In addition to Big3, other offers in the final-round bids for the sports networks have been submitted by telecom billionaire John Malone and his Liberty Media Corp. in partnership with Major League Baseball along with the Sinclair Broadcast Group Inc. All offers are reportedly in the neighborhood of $10 billion.

 

 

The post Magic Johnson Joins Ice Cube’s Bidding Group to Acquire Sports Networks From Disney appeared first on Black Enterprise.

Magic Johnson Joins Ice Cube’s Bidding Group to Acquire Sports Networks From Disney

Rapper, actor, and entrepreneur O’Shea “Ice Cube” Jackson Sr. announced Wednesday that Magic Johnson has joined his underdog bid to acquire 21 regional sports networks (RSN) from Walt Disney Co. “Very happy to add Magic Johnson to our bidding group for Disney’s RSNs,” wrote Jackson in a tweet.

Jackson has placed a bid to buy the RSNs through his 3-on-3 basketball league, Big3, which he founded in partnership with entertainment executive Jeff Kwatinetz in 2017. The traveling summer league gives former NBA stars the opportunity to compete in half court 3-on-3 games while offering sports fans a cherished moment of nostalgia. Should he win the bid, Jackson plans to air content from celebrities and athletes such as Snoop Dogg, Serena Williams, and Will Smith, who has also joined the project.

As of now, it has not been confirmed whether Johnson, who abruptly stepped down as president of the Los Angeles Lakers earlier this month, will be lending financial support to the effort.

The regional sports network airs Detroit Tigers, Pistons, and Red Wings games, along with 21 sister stations. The local networks have been for sale as part of The Walt Disney Co.’s acquisition of 21st Century Fox’s entertainment assets. According to the Los Angeles Times:

Disney agreed to sell the sports networks to get clearance for its $71-billion takeover of 21st Century Fox Inc.’s entertainment empire, a transaction that closed last month. Regulators were concerned that Disney would have too much control over sports television if it owned both ESPN and the regional broadcasters. Disney has to sell the networks within 90 days of the Fox deal’s completion on March 19.

In addition to Big3, other offers in the final-round bids for the sports networks have been submitted by telecom billionaire John Malone and his Liberty Media Corp. in partnership with Major League Baseball along with the Sinclair Broadcast Group Inc. All offers are reportedly in the neighborhood of $10 billion.

 

 

The post Magic Johnson Joins Ice Cube’s Bidding Group to Acquire Sports Networks From Disney appeared first on Black Enterprise.