Introduction
According to the U.S. Census Bureau, approximately 36% of Black households lack computer ownership and broadband subscription. This is driven by the racial wealth gap and the fact that countless Black-owned businesses were already financially stressed and faced underlying structural problems before the pandemic due in large part to disinvestment in low- and moderate-income communities, but what many people don’t understand is that the digital divide is also driving the continuing growth in the racial wealth gap because broadband and digital technology are paramount to conducting business in the 21st Century. Understanding the future of business and work in the digital age is vital for bringing economic prosperity to the American people. When viewed in the context of COVID-19, the statistics are that Black-owned businesses have been the hardest hit by the COVID-19 pandemic and the economic shutdown it prompted, and the accelerated transitioning to digital-first business models.
Tackling Inequalities That Hinder Black-owned Businesses
These long-standing inequities impede access and connectivity rates in society that affect Black families and Black-owned businesses. Technology is pervasive and integral to our everyday lives. Yet many Black Americans are boxed in as consumers or locked out as business owners because they lack access to hardware or education on how to produce online. The American Dream Marketplace (ADM) was created by the National Black Chamber of Commerce to facilitate workshops, mentor business owners, and provide the digital infrastructure needed by Black-owned businesses to thrive in this new business environment. The ADM was created by listening attentively to understand the needs and challenges of Black business owners and building the tangible infrastructure to help nurture and grow a vibrant Black business community.
The Mission and Vision of The ADM
The mission of the ADM is to elevate viable businesses, amplify Black voices, and steer Black founders toward the capital needed to scale their businesses through a supportive online platform that provides the education and infrastructure required to build this online Black business ecosystem. This Black business ecosystem aims to provide community, mentorship, and access to capital as their primary needs and provide technical skills training, access to technology, and a safe space to work. The vision of the ADM is to provide funding, business guidance, and marketing support. To create an investment in business ecosystems that provide Black business owners equitable access to resources and opportunities that can unlock billions in annual GDP and aid in closing the racial wealth gap.
Providing Access To Capital Through Crowdfunding
The reality drives the ADM that technology is an incredible tool for modern-day business owners. The ability to reach and engage global audiences, automate processes, sell products, and leverage data for decision-making is remarkable. The ADM provides a safe and secure platform where like-minded Black leaders can build an ecosystem focused on the primary needs of networks, training, and access to capital. One of the newest features of the ADM is its partnership with the Black Crowdfunding coalition and the creation of a Free group called Crowdfunding for the Culture. This new initiative brings together a group of Black crowdfunding professionals and founders that have raised capital using this innovative and democratizing business tool to raise money and provide access to inclusive investment opportunities for the Black community.
Key Takeaways
Suppose you are a Black-owned business, local Black Chamber of Commerce, LinkedIn, or Facebook Blak business group. In that case, you should seriously look into the vast array of business, marketing, training, and access to capital opportunities this unique and innovative niche online platform provides to help close the digital divide and racial wealth gap through Black business development and sustainability. If you want to use this platform and create your personal and business profile, visit the American Dream Marketplace!