The American Dream Fund and Marketplace is an economic development program organized by the National Black Chamber of Commerce (NBCC) in support of Black businesses. As a part of the program, black businesses are eligible to receive cash grants, educational training, and exclusive business resources all facilitated on the American Dream Marketplace. The NBCC has the goal of increasing the black diaspora’s participation in capitalistic activities and facilitating relationships with the private sector. Today, the NBCC represents 100,000 black businesses and 140 chapters worldwide. This digital-first business platform provides an access point for Black-owned businesses to compete on a global scale in the wake of the COVID-19 #newnormal.
Big Tech and The #NewNormal
Big Tech companies saw “dizzying growth” that will likely continue beyond the pandemic, as people and companies grow more dependent on tech. The Wall Street Journal reports spending on computers, video games, e-commerce, cloud-computing services, and digital advertising led to combined revenue growth for the five biggest U.S. tech companies — Alphabet, Amazon, Apple, Facebook, and Microsoft (LinkedIn’s parent) — of $1.1 trillion over the past year. Lockdowns have elevated the consumer tech sector This is a place where the American Dream Marketplace can begin to level the playing field for Black-owned businesses.
Digital-First Data and Technology Driven Business Environment
To successfully reach one’s customers, businesses must use technology and data to get a sense of who their customers really are. This article explores how minority-owned businesses are using technology and data to do just that. Finding innovative uses for technology and data is what makes some Black-owned businesses rise above the rest.Moving forward Black-owned businesses will need a platform where they can be found, transactions can take place, digital training, and crowdfunding can become integrated into the business model so that can compete on a global scale.
The American Dream Marketplace
Enter the American Dream Marketplace which provides an enhanced online presence for Black-owned businesses as the economy realigns in the #new normal in the wake of COVID-19. On the American Dream Marketplace platform, every single business has its own mini-website with a unique URL, which enables them to do business online. This online presence could be the only thing they need to be successful as an entrepreneur. It has a description of their business, and it can list events and services and put up offers and discounts. It is also to be contacted directly through the platform through a secure messaging system and directly through a listing of their phone number and their business location. So this mini website is completely controlled by the business. They are empowered to log in to edit the website, and they can promote it online through email and social media. Other people can copy-paste the link, and share it, so it is very easy for these businesses to get exposure and to go viral, which enables them to acquire customers. And these customers can come directly from within the platform or from other businesses. Business owners can also perform consumer transactions on their business pages.
Supporting entrepreneurship is no longer the exclusive territory of local chambers of commerce or government economic development officers, but in today’s online capital formation world crowdfunding is a very viable option for funding The American Dream Fund and Marektplace. The American Dream fund provides a single entry point for anyone to make an investments in their local communities and on the national level with these anticipated outcomes:
1. Strengthen and sustain the local philanthropic sector – Many foundations are motivated by the need to make philanthropic giving more sustainable and diversify their current sources of funding. Entrepreneurs because they are the future philanthropists.
2. To promote job creation and economic growth – The desire to promote job creation and economic growth by funding entrepreneurship. Entrepreneurship is one of the primary engines to revitalize the economy. Foundations want to bring back the spirit of entrepreneurship because we want growth from within rather than people waiting for the next big industry to put a factory in town.
3. To empower underserved communities – To support entrepreneurship is part of the foundation’s mission to open doors for underserved communities. “Focus on economic empowerment for people with barriers to employment. Since employment is a priority for many foundations so they recognize that entrepreneurship can be an effective pathway to job creation..
4. To enrich the quality of life and prevent brain drain – An entrepreneurial culture would allow these underserved communities to become “thriving,” “innovative,” “revitalized,” and “strong. A strong entrepreneurship ecosystem not only attracts a talented, educated workforce but also encourages existing “residents to explore their ideas and supports the establishment of new businesses that have local roots. If you want to learn more visit The American Dream Fund!