Shark Tank investor Daymond John is spearheading the fifth annual Black Entrepreneurs Day, committing $100,000 in grants to support Black-owned small businesses. Since its inception, Black Entrepreneurs Day has provided a platform for economic empowerment and financial support for Black entrepreneurs. John launched the event during the racial justice movement after George Floyd’s death, and this year’s grants are designed with “no strings attached,” providing financial support without requiring any equity.
Applications for these grants are open until November 1, and in an interview with Inc., John shared that the ideal applicant is someone with a clear vision for their business. “If you can articulate that vision, whom you’re solving a problem for, why you’re the one to solve the problem, and how you would use the funds effectively, that’s all you need,” he explained.
The event will take place on November 22 at the Fox Theater in Atlanta, celebrating Black entrepreneurship with appearances from notable personalities like Olympic gold medalist Jordan Chiles, Charlamagne tha God, Flavor Flav, and 2 Chainz. Attendance is free, aiming to provide an accessible and inspiring experience.
John emphasized the obstacles that many Black entrepreneurs face, highlighting how limited generational wealth, education disparities, and higher interest rates on loans impact their journey. “Being an entrepreneur is hard enough as it is,” he said, adding that access to information, social media, and technology has democratized knowledge. “Now, with funding and inspiration, we have a better shot than ever before.”
Reflecting on the evolution of support from corporate organizations, John expressed gratitude for those that continue to stand by Black Entrepreneurs Day’s mission. “Some corporations no longer see it as the thing to do, but I love to recognize those that still believe it’s essential, even when the spotlight has shifted,” he noted.
