Business
Though the tech space is as snooze as it gets for some, AfroTech is anything but a stuffy tech conference. The vibe was set from the moment I entered the outdoor deck of The Line Hotel and was greeted by a tray of mimosas and friendly faces. There was a consistent excitement, camaraderie, and an overwhelming sense of pride throughout the day.
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Stay tuned if you're looking to be inspired by leading Black executives like Michele Ghee, the CEO of Ebony and Jet, and Detavio Samuels, the CEO of REVOLT Media.
“Partnership is great, but ownership is better.” - Michele Ghee, CEO of 'Ebony' and 'Jet'
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Michele Ghee hopped on the stage last Saturday and decided to preach. It's been a minute since I've joined an in-person sermon and my soul welcomed every second of it. Throughout the panel, Michele emphasized the importance of ownership. Oftentimes, we find ourselves so excited to be in the room that the bar is on the floor (yep, I'm talking to myself too).
When asked what advice she would give to empower creators and entrepreneurs to request ownership in business deals, Michele noted:
"Knowledge is critical. We have to know our worth. We are worthy of investment. We have to first know who we are, what we believe in, and what we offer. That will allow us to attract others that can help us on our journey to true ownership. That allows us an opportunity to make critical decisions about growth. That allows us to have a greater stake in revenue growth and reinvestment in our companies. We can walk in fear or faith. I chose educated faith!"
Michele's words are a reminder to elevate the bar beyond the limits we set for ourselves. Pushing past partnership to ownership is attainable, but we won't know unless we strive for it.
“People don’t believe us [Black women] the first time. Keep being right.” - Sherrell Dorsey, Publisher, and CEO of The Plug
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One of my favorite conversations of the day was chatting with Sherrell Dorsey, the CEO of The Plug - a subscription-based digital news platform covering Black innovation. Have you ever met someone with a commanding presence that spoke genuinely, passionately, and with the utmost grace - that's Sherrell. When asked about hurdles she feels are unique to Black women in tech, Sherrell mentioned, "People don't believe us the first time."
Oftentimes, it takes validation or sponsorship from white counterparts for Black women to be heard. If you're wondering how to combat this, Sherrell's answer is simple: "Keep being right."
“The future of media is the influencer.” - Detavio Samuels, CEO of REVOLT Media
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Detavio Samuels joined REVOLT Media in March 2021 hoping to make REVOLT the world's largest Black-owned media empire - an incredible goal. During the panel about the evolving topics surrounding Black media advertising, Detavio leaned heavily into the need for Black people to tell Black stories. Since Detavio joined REVOLT Media, he's helped pivot their content development strategy guided by the belief that the future of media is held by influencers. He encouraged influencers to call on the panelists with ideas knowing that the top media platforms in the world right now all belong to celebs and influencers. When asked about the value influencers and creators can bring to a big brand like REVOLT, Detavio mentioned:
"At REVOLT, the value they bring is themselves. Their unique lens. Their unique perspective. Their unique story. We just want to enable them to do it at the highest level possible."
Yes, the speakers dropped gems but my conversations with the AfroTech attendees truly kept me intrigued. From chatting with Kameale Terry and Evette Ellis, the co-founders of ChargerHelp! who are helping eliminate faulty EV charging stations across the nation and creating jobs in the process, to my conversations with Eric Coly, the owner of Ayana Therapy, a service that takes gender, race, and intersectional identities into account to address establish compatible relationships between therapists and the clients they serve.
Hearing the passion, the creativity, and the guts to go after millions of dollars in funding without a roadmap to follow - inspiring just doesn't cover it.
Featured image by Randy Shropshire/Getty Images for Blavity Inc/AfroTech
And listen, Mr. Bridgeman's portfolio is super impressive too, with a 12-year tenure in the NBA, to owning hundreds of Wendy's and Chili's franchises across the Midwest and the South, and then selling them in 2016 when he became a major distributor for Coca-Cola.
GiphyHis money is long and he brings it back to the community, which is a mood, a flex, and all the things.
From here, his daughter Eden Bridgeman Sklenar, enters the chat, as the Head Sis In Charge leading the revival of the publication. Additionally, she serves as chairwoman of the new parent company of Ebony and Jet, and has recruited Michele Thornton Ghee, formerly an executive at BET Networks and CNN, as the company's chief executive; Marielle Bobo, a former fashion director of Essence magazine, is Ebony's new editor-in-chief.
And man, does this team have some amazing things coming.
For one, they plan to add more full-time staff members and regular freelance contributors in the coming months.
Until last year, Ebony was almost a thing of the past forever. They had insurmountable debt, and the original parent company, Johnson Publishing, sold Ebony and Jet in 2016 for an undisclosed price to Clear View Group, a hedge fund in Austin, Texas. That ownership team cut staff, reduced office space and was accused of not paying employees on time. This resulted in Ebony being frowned upon by the National Association of Black Journalists.
Print editions are scheduled to come out four times a year, starting in 2022.
Eden Bridgeman Sklenar attends AfroTech Executive 2021 luncheon at The LINE LA on August 28, 2021 in Los Angeles, California.
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Currently, Ebony has been operating digitally, and only creating digital copies. The official reboot began in March with daily articles and videos posted on its website, which came back to life after years of being idle. The site also offers digital magazine covers featuring portraits of the hip-hop artist Tobe Nwigwe, the writer and actress Lena Waithe and the NBA star Karl-Anthony Towns. Its September online cover shows the Oscar winner Jennifer Hudson, who plays Aretha Franklin in the biopic Respect.
For now, there are no (admitted) plans for Jet.
And they've entered a partnership with Bloomberg Media + more.
In a formal announcement, the two companies revealed that the collaboration would include amazing content such as original videos, news articles, a newsletter and cross promotion on social media. Bloomberg will also assist with the revival of the Ebony Power 100, an annual list of influential Black Americans, with an hour-long special scheduled for the cable channel Bloomberg Television in November.
Additionally, in a separate partnership with HarperOne, a division of HarperCollins, Ebony's book division will publish a memoir by Viola Davis next August.
In the end, Ebony wants you to give their new direction your support. Of the reboot, Sklenar says:
"You just have to look at today. The historic moment of an African American and South Asian woman vice president, to everything that happened in the past year, of voices being heard in a way that they haven't been before."
Ghee added:
"Because we acquired out of bankruptcy, we're a start-up, which is a curse and the beauty. We get the opportunity to take a historic brand and retrofit it."
A perfect new start to a community staple. Congrats to this team!
Are you a member of our insiders squad? Join us in the xoTribe Members Community today!
Featured image by Randy Shropshire/Getty Images for Blavity Inc/AfroTech
Check out a few amazing high-paying remote jobs which, Remote.co reports, include salary offers to the tune of six-figures and are 100 percent out-of-office. (Also, sis, don't count yourself out of these sorts of jobs even if you're underqualified right now. This list can be aspirational, so you can at least find out what you need to do now in order to land these opportunities in the future):
Finance Director
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The average annual salary for a finance director is reportedly $111,000 and involves "guiding financial decisions," interpreting data, and ensuring compliance. Also, at least eight years of experience in the sector is required.
IT Supervisor
As an IT supervisor, you'll develop and manage an audit support team, security programmers, and special projects. Up to nine years of experience in IT and/or tech security is required, and the annual salary is $110,000.
Telemedical Physician
If you're an MD licensed in multiple states, becoming a telemedical physician is ideal, and the salary sits at at least $140,000 per year. You'll be offering your skills and talents via phone or video, which is a great part about this type of medical job.
Software Engineer
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If you love designing, developing, testing and deploying new products from scratch, this $111,000-a-year job is for you. And, here's a plus: becoming a software engineer only requires at least three years of exemplary relevant experience in software engineering to boot.
Tax Director
If you know how to lead and develop teams that prepare quarterly and year-end tax deliverables and disclosures for securities findings, the role of a tax director is a good one. The salary hits $148,000 and experience at one of the Big 4 firms is required.
So, whether you're already qualified or you're mapping out your future plan for earning big bank and leaving the office for good, give these options a try. For more listings and details of high-paying remote jobs, visit FlexJobs or Remote.co.
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Don't let your intimidation of getting a small business loan cost you massive funding. Getting a small business loan isn't that scary when you have all of the facts at your disposal.
1. Determine Why You Want A Business Loan
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The first step to take when thinking about acquiring a small business loan, is figuring out why you want one in the first place. It's key to know why you need a business loan for multiple reasons. How are you going to know which type of loan and lender can fulfill your needs? A few reasons to apply for a small business loan include:
- Starting a new business
- Growing your business
- Financing equipment or vehicle purchases
- Day-to-day expenses
- Buying another business
- Build your business credit history
2. Pre-assess Your Qualifications For A Loan
Before wasting your time applying for loans that are out of your reach, assess your current qualifications for a loan. This will help you to determine which loan types and lenders will most likely approve your loan, narrowing your search.
How is your credit score looking?
Most people are familiar with a personal credit score, yet many aren't familiar with a business credit score. If your business is brand new, you'll lack a business credit history, so loan administrators will focus on your personal credit score.
If you're unsure about your personal credit score or business credit score, check your credit report using the three major credit bureaus: Equifax, Experian and TransUnion. If there's anything concerning your reports, it's important to resolve these issues to amplify your chance of loan approval.
Do you have the minimum annual revenue?
Most lenders care about your business's annual revenue because they want to ensure you can actually pay them back. Calculate your annual revenue to assess if you meet a lender's minimum annual revenue requirement. Each lender has unique qualifications, but if your annual revenue is at least $100,000, you should be good to go for most small business loans.
3. Determine The Type Of Loan
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There are many loan options for small business owners, but below are 4 options that are pretty common among small business borrowers.
- Term Loans: Term loans are one of the most popular type of loans for small businesses. Small business owners receive a lump sum of cash that is expected to be repaid over a fixed term, while accruing monthly interest on the principal balance. This loan type allows lendees to use their lump sum of cash on a diversity of needs, such as the purchasing of equipment or inventory expenses.
- Small Business Line of Credit: A small business line of credit is comparable to a credit card because borrowers receive a maximum credit limit that can usually be accessed through a checking account. Business owners who have no idea how much funding they may need will benefit from this option because you only withdraw what you need. Plus, you can repay your owed amount, and then withdraw money once again to keep your credit balance low. You're only charged interest for the amount you withdrew, instead of being charged for the entirety of the loan amount like a term loan.
- Small Business Administration Loan (SBA): SBA loans are a perfect match the owner who wants a government-backed loan. These loans entice business owners because of their low-cost, but the application process is known for being excessively long delaying the administration of funding. These loans are great for the business owner who prioritizes low-interest rates and fees over receiving their funds ASAP.
- Equipment Loans: Equipment loans are fitting for the borrower who needs to finance large equipment/machinery/vehicle purchases, but lack the capital to do so. These loans are for purchases that maintain their value, such as office furnishings or laptops. If you can't pay your loan back, your purchases can be held as collateral.
4. Choose Lenders After Comparing Your Options
Before choosing a random lender, shop around to find the best-fit lender. There are a couple of factors to consider. What are the lender's fees? Which lender offers the best APR? How fast will the loan be administered? How large of a loan do they typically offer borrowers with your background?
There are many factors to consider, including the type of lender:
- Banks match the borrower who's been in business for at least two years, has good credit, and the patience to wait for funds. There are several banks to choose from including: J.P.Morgan, Citibank, and Wells Fargo.
- Online lenders are fit the borrower who prioritizes fast funding over low APR rates and higher loan approval rates than a traditional bank. Check out a few of the online lenders that supply small business loans: OnDeck, UpStart, and Credibly.
- Microlenders are an excellent option for borrowers who have a less than stellar credit history, cant receive a traditional loan, or have a new business. A few popular microlenders: LiftFund, Opportunity Fund, and Justine Peterson.
5. Apply For Your Small Business Loan & Submit
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After choosing lenders, it's time to apply! Understanding the application process and requirements is key to approval. Once you understand the application requirements, gather the needed documents. Lenders may require a business plan, tax returns, credit reports, legal documentation, and the purpose of the loan.
After gathering your application documents and filing out the application forms, double check your application. All that's left to do is submit your materials, and wait for a decision. Good luck!
Hopefully after learning 5 steps to getting a business loan, the entire process seems a little less daunting. The only thing left to do is to use the advice and start sending out business loan applications. If you're rejected by a lender, that's OK because you can apply to other lenders or take some time to become a stronger applicant.
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