Afro Caribbean Business Network

Tag: community

  • Building Trust, Wealth, and Legacy: Essential Business Strategy from Elder Wisdom – Interview with ELDER ABENA GINELLE SKERRIT

    Building Trust, Wealth, and Legacy: Essential Business Strategy from Elder Wisdom – Interview with ELDER ABENA GINELLE SKERRIT

    Watch full interview here: https://youtu.be/jLD5XtdHuQY
    The foundation of our network, captured beautifully by the proverb, “I am because we are,” reminds us that true entrepreneurial success is never achieved in isolation. Recently, our network had the immense privilege of drawing wisdom from Elder Abena Ginelle Skerritt, a phenomenal leader and executive whose decades of work demonstrate how traditional principles translate into powerful, sustainable economic and community development.
    As business owners navigating complex markets, her insights—spanning collective economics, strategic land ownership, and selfless leadership—offer a powerful roadmap for building companies that are resilient, profitable, and rooted in purpose.
    Here are the key business strategies we can adopt from Elder Skerritt’s remarkable body of work:
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    1. Redefining Capital: Trust as Your Highest Yield
    We often focus solely on maximizing interest rates and quarterly profits. However, Elder Skerritt’s work with the Susu model challenges us to look beyond conventional financial metrics.
    Susu, a system of collective economics, is moving significant resources within the community—approaching a million dollars over two years in her groups alone. When questioned about the lack of traditional interest, Elder Skerritt notes that the true interest comes in the form of trust and resiliency built within the community.
    The Business Takeaway:
    • Trust is Your Prime Asset: For business owners, this means shifting focus from transactional relationships to relational ones. The trust and resiliency you build with customers, suppliers, and partners provide actual value that shields you during economic downturns, far exceeding short-term gains.
    • Embrace Cooperative Models: Look for ways to pool resources, invest together, or start shared businesses with others in the network. This collective effort, which our ancestors utilized successfully, moves larger capital and stabilizes the entire ecosystem. We must be able to understand and function in a capitalist society, but we should prioritize a collaborative, cooperative model based on our own values.
    • Solving Foundational Problems: Elder Skerritt connects Susu savings to helping the community achieve sustainable self-determination around housing, specifically saving for a down payment. Our businesses should similarly seek ways to link our core services to solving foundational community problems, ensuring our economic models are built for liberation and progress.
    2. Strategic Asset Acquisition and Supply Chain Resilience
    Elder Skerritt and her husband operate Adinkra Farm, a 42-acre property one hour north of Toronto, which acts as a center for food sovereignty and community gathering. This initiative is a practical realization of a vision held by her husband’s 1970s band for acquiring land.
    The Business Takeaway:
    • Invest in Hard Assets for Self-Determination: Land ownership provides fundamental stability and allows for activities (like drumming and gathering) that might be restricted in the city. For businesses, this translates into aggressively pursuing real estate and foundational assets that secure your operations long-term and provide a space for community engagement.
    • Manage the Supply Chain Crisis: Elder Skerritt notes the importance of taking up challenges around rising food prices and questionable nutritional value. Our businesses must similarly address the reliability and nutritional value (quality) of our input sources. Exploring diversification—like hydroponics or growing high-demand crops—is a necessary step for future sustainability.
    • The Power of Dual Purpose: Adinkra Farm is both a farm and a renovated community gathering space. Our business properties can serve multiple purposes, generating revenue while fulfilling a social purpose, reinforcing the principle of “I am because we are.”
    3. Selfless Leadership and Becoming a Reliable Source
    Elder Skerritt defines good eldership not by age, but by maturity, selflessness, and a broad scope of vision that goes beyond immediate personal issues. Elders must be out there, interacting with the community, so people know they can rely on them for guidance—whether it’s on work situations, property ownership, or implementing economic systems like Susu.
    The Business Takeaway:
    • Lead with a Wide Scope: True leadership requires selflessness and the ability to maintain a scope of thinking that looks beyond immediate profit and addresses long-term relationship, business, and life direction for those in your orbit.
    • Build Authority Through Reliability: The community relies on Elder Skerritt for referrals and advice because they see what she and her husband are actively doing. This consistency transforms into credibility. As business leaders, we need to be visible, interacting with our community, and providing reliable information and expertise. This reputation is invaluable for attracting talent and customers.
    • Provide Practical Guidance: From fashion advice to business strategy, an effective leader offers actionable insights. We should aim to be the go-to source for specific practical knowledge within our industry.
    4. Intentional Succession Planning and Coaching
    We often lament the absence of young people in our key meetings and events. Elder Skerritt provides a solution: Elders must make themselves available and actively engage in succession planning. This involves proactively hiring and coaching young people in economic opportunities.
    The Business Takeaway:
    • Succession is Active, Not Passive: Don’t wait for the next generation to show up; hire them and coach them. Intentional development involves inviting young talent to assist at workshops, giving them the marker, and putting them in positions where they have to learn by doing.
    • Invest in Future Leadership: By prioritizing young people in economic opportunities, we ensure the sustainability of our businesses and the continuity of our values. This approach mitigates leadership gaps and transfers institutional knowledge effectively.
    5. The Mandate for Self-Knowledge
    Elder Skerritt’s call to action for young people is simple yet profound: Be informed and get informed. The information necessary for success may not be easily accessible through normal methods, requiring deliberate effort, using music as a historical resource, and asking elders directly.
    The Business Takeaway:
    • Self-Knowledge is Strategy: An entrepreneur cannot truly know their path or contribution without knowing the history of their people. This historical literacy provides context for struggle, identifies traditional models of success (like the co-operative subsistence model), and guides our strategic purpose.
    • Leverage Internal Wisdom: Our parents and community elders hold vital information about our personalities and purpose that can guide our business trajectory. We must deliberately seek out and utilize this wisdom when setting our overall life direction and business goals.
    By weaving together these lessons—prioritizing trust over simple profit, investing strategically in assets, leading selflessly, and actively developing the next generation—we ensure that our businesses are not just solvent, but sovereign.
    Watch full interview here: https://youtu.be/jLD5XtdHuQY
  • Beyond the Balance Sheet: Lessons from Eldership That Will Transform Your Business

    Beyond the Balance Sheet: Lessons from Eldership That Will Transform Your Business

    As business owners, we’re constantly searching for the secret sauce—the strategy, the technology, the market edge—that guarantees success. We chase profits, optimize processes, and worship the metrics that drive the bottom line. But what if the deepest insights for long-term health and growth don’t come from a textbook on corporate strategy, but from a profound understanding of community, relationship, and human nobility?
    I recently encountered the work of Dr. Joy DeGruy, author and dedicated healer, and her perspective on eldership and community—a concept deeply rooted in the principle “I am because we are”—offers a radical reorientation for how we should lead our teams and engage our customers.
    Here are the critical lessons I’m integrating into my business right now, and why you should too:
    ——————————————————————————–
    1. Relationships Are Your Highest Value Asset
    The Western world often encourages “ego worship” and materialism, prioritizing “stuff” and titles over genuine connection. But an 85-year Harvard study found the cause of happiness is good relationships. This aligns perfectly with the primary value system (axiology) of African descent, where the highest value lies in the relationship between people.
    What This Means for Leadership:
    We must stop treating our staff, partners, and clients as transactional resources. If your team is only focused on degrees, trophies, or the size of their next bonus, they will never find real happiness, and your company culture will remain brittle.
    • Focus on the Core: At the end of the day, success is defined by “who you love and who loves you.” We need to do the foundational work of building strong internal relationships.
    • Dethrone the Ego: Leadership isn’t about having the final word or holding onto the mic forever. As Dr. DeGruy notes, true eldership involves humility—knowing when to step back from the leadership spotlight and serve the community (even if that means offering to “wash the dishes” or “fold up the chairs”). This models “us and not me.”
    2. The Presence of the Elder Brings Order
    Dr. DeGruy shared a fascinating story about young bull elephants acting destructively until the mere presence of a powerful, experienced bull restored “order and appropriate balance” to the group. The young elephants needed the elder to know their place.
    This is a biological necessity that translates directly to the workplace:
    • Value Wisdom and History: Our long-term employees and experienced leaders are the “bull elephants.” They have wisdom gained from long experience, having “seen some things” and made plenty of mistakes.
    • Listen Intentionally: Emerging leaders must give the honor of their conversation to Elders. If we don’t listen, we risk repeating known failures, just like leaders who believe they “got this” only to realize a year later they didn’t.
    • Be a Stabilizing Force: Your presence as an experienced leader or owner should bring a sense of order to the space. When things feel chaotic or “out of order,” the intentional leadership of an experienced person is what restores balance.
    3. Acknowledgment Cultivates Intrinsic Nobility
    Eldership is fundamentally about making people feel seen, special, worthy, and capable. Dr. DeGruy described the casual nod exchanged between strangers as a powerful act of recognition: “I see you.”
    What This Means for Your Employees:
    • The “Juicy Face” Principle: When an employee walks into the room, do you “light up” for them? Your intentional smile and encouragement are essential to affirming their self-worth.
    • Combat Alienation: Dr. DeGruy shared an anecdote where Elders crossed the street to avoid rambunctious young men, sending a harmful message of alienation. In business, we harm our employees and future talent when we avoid engagement or fail to acknowledge their potential.
    • Bring Them Back to Their Best Selves: A leader’s role is to bring people “back to your intrinsic nobility” when they have forgotten it. Instead of moving away from difficult or inappropriate behaviour, we must lean in and gently remind individuals of the high standards and capabilities we expect from them.
    4. Rites of Passage Must Define Contribution, Not Just Independence
    Rites of Passage (ROP) is often misunderstood as simply gaining independence. Its true significance, however, is helping young people recognize their contribution to the wholeness of the village. The goal is to “excavate a person’s abilities” so they understand what they can bring to their people.
    • Prevent Destructive Behaviour: Dr. DeGruy cites the proverb: “If a child is not embraced by his village, he will burn it down to feel its warmth.” If your business doesn’t give young staff a clear, meaningful role, they will seek that warmth and validation elsewhere—potentially causing friction or leaving entirely.
    • Hone Individual Gifts for the Collective: Think of your business as an orchestra. While the collective sound is beautiful, sometimes the string section has to meet alone to hone its skill before contributing. Our training and mentorship programs should be designed to focus and excavate each person’s unique gifts, preparing them for their role in the company’s “collective sound.”
    5. Courage and Vulnerability Build Trust
    Dr. DeGruy’s biggest lesson learned is courage. Courage isn’t the absence of fear, but doing what you have to do even when you are afraid. Courage requires vulnerability—trusting that when you fall, someone will catch you and help you get back up.
    • Make Failure an Opportunity: We must create a culture where staff feel safe to admit, “I’m not okay” or “I was wrong and I own it.” If employees are punished for not being perfect or for demonstrating humanity, they will never innovate or take necessary risks. Failure is simply an opportunity to learn.
    • The Power of Connection: Dr. DeGruy demonstrated courage by stopping a group of rambunctious young men and asking them about their life dreams, forging a relationship. By creating that relationship, she guaranteed they would protect her because she had validated them. In business, forming genuine relationships protects the organization far better than rigid rules.
    Dr. Joy DeGruy reminds us that our most vital call to action today is to address the assault on truth. This means embracing ourselves, honoring those who came before us, and standing in that truth despite global struggles with anti-Blackness.
    For us, the truth is that the human element—the relationship, the inherent worth, the courage to be vulnerable—is what builds an enduring, meaningful enterprise. If we focus on building up and healing relationships within our teams and communities, we will find the peace, and success, we all need.
  • Beyond Capital: A New Vision for Black Entrepreneurs in Canada

    Beyond Capital: A New Vision for Black Entrepreneurs in Canada

    The Future of Black Entrepreneurship in Canada: Beyond Financial Solutions

    A compelling response from the Afro Caribbean Business Network (ACBN) challenges conventional approaches to supporting Black entrepreneurs in Canada. Authored by Executive Director Ryan O’Neil Knight and Project Management Consultant Errol A. Gibbs, this September 2024 document offers critical insights on recent reports including “The Entrepreneurial Potential of Black Canadians” by Senator Colin Deacon and “Progress On Black Entrepreneurship Initiatives” by Senators Amina Gerba and Colin Deacon.

    Rethinking Support for Black Entrepreneurs

    While access to capital remains crucial for Black entrepreneurs, the ACBN argues that focusing solely on financial solutions is insufficient. Drawing on 50 years of combined experience, Knight and Gibbs contend that this limited approach has failed to create sustainable pathways for Black entrepreneurs over the past five decades.

    Their analysis reveals that many Black entrepreneurs operate nano and micro enterprises that traditional banks might not consider “bona fide” small businesses. Moreover, the ACBN emphasizes that for Black entrepreneurs, “capital growth” and business sustainability serve as vital success multipliers beyond initial funding. They question the viability of Black-owned businesses dependent on continuous grants and financing.

    The Canadian Black Empowerment Initiative: A Comprehensive Solution for Black Entrepreneurs

    In response to these limitations, the ACBN introduces their Canadian Black Empowerment Initiative (CBEI) (2025-2075), designed to foster an “industrial mindset” among Black entrepreneurs. This pioneering approach encompasses:

    • A Canadian Black Empowerment Manifesto (CBEM) Version 3.0: A commercial blueprint for broader sector acceptance
    • A Canadian Black Empowerment Think Tank (CBETT): Intellectual infrastructure dedicated to addressing Black entrepreneur disempowerment
    • A Portfolio Management Office (PMO): Digital infrastructure supporting structured project management

    Building a Sustainable Ecosystem for Black Entrepreneurs

    The ACBN emphasizes that Black entrepreneurs need more than financial resources to achieve long-term success. Their vision includes:

    • Physical and digital infrastructure development
    • Appropriate data collection and analysis specific to Black entrepreneurs
    • Formation of Black entrepreneur consortiums to secure significant contracts
    • Increased Black corporate ownership and leadership
    • Capacity building for Black entrepreneurs to become Tier 1, 2, or 3 suppliers
    • Strong collective resolve within the Black entrepreneurial community

    Addressing Critical Gaps for Black Entrepreneurs

    The ACBN highlights several overlooked areas essential for Black entrepreneurial success:

    • Establishing Black small-cap corporations to provide leadership and mentorship to emerging Black entrepreneurs
    • Emphasizing procurement engagement to achieve equitable wealth distribution
    • Developing an “industrial mindset,” project management skills, and infrastructure within the Black Entrepreneurial Economic Ecosystem
    • Moving beyond non-profit community organizations as sole mentors for Black entrepreneurs
    • Helping nano, micro, and small Black entrepreneurs meet supplier requirements for government and large corporations
    • Investing in research and development while understanding broader market needs beyond the Black consumer market
    • Adapting educational approaches to prepare Black entrepreneurs for an AI-driven business landscape
    • Addressing “siloism” within the Black entrepreneurial community

    The Path Forward: A Four-Phase Implementation

    The ACBN outlines a structured implementation strategy for supporting Black entrepreneurs:

    1. Phase I (4-6 months): Create a commercially viable Manifesto Version 3.0
    2. Phase II (4-6 months): Conduct a rapid feasibility study assessing project viability
    3. Phase III (6-8 months): Prepare design, development, and implementation strategies
    4. Phase IV (ongoing): Establish parameters for launch, execution, and long-term operations

    The ACBN anticipates immediate benefits for Black entrepreneurs throughout all implementation phases due to the integrated nature of these initiatives.

    A Holistic Vision for Black Entrepreneurial Success

    The ACBN’s response provides a valuable alternative to the traditional focus on capital financing as the primary solution for Black entrepreneurs in Canada. Their Canadian Black Empowerment Initiative presents a comprehensive, long-term strategy addressing systemic issues while building robust infrastructure for sustainable Black entrepreneurial success. The ACBN has expressed keen interest in discussing this initiative further with the Senators.

  • Assessing Progress: Key Insights into Black Entrepreneurship Initiatives in Canada

    Assessing Progress: Key Insights into Black Entrepreneurship Initiatives in Canada

    Progress and Challenges for Black Entrepreneurs in Canada: Insights from Stakeholder Interviews

    Between July and December 2023, Senators Amina Gerba and Colin Deacon conducted extensive interviews with key stakeholders to assess the progress and remaining obstacles in supporting Black entrepreneurs in Canada. This initiative builds upon their 2021 report, which revealed that 76% of Black entrepreneurs feel their race makes success harder, and 75% struggle to find even $10,000 for their business. This blog post summarizes their findings and recommendations for fostering a more inclusive entrepreneurial ecosystem for Black entrepreneurs across Canada.

    Key Insights from Stakeholder Interviews

    Trust and Access Barriers for Black Entrepreneurs

    The interviews confirmed a critical challenge: only 19% of Black entrepreneurs trust banks to act in their best interests and that of their community. This trust deficit has historically limited Black entrepreneurs’ access to crucial resources like capital, procurement opportunities, mentorship, and business networks.

    Financial Literacy Challenges Facing Black Entrepreneurs

    Stakeholders identified financial and business literacy gaps among some Black entrepreneurs as a significant hurdle. These challenges include:

    • Difficulties providing necessary documentation
    • Challenges building comprehensive business plans
    • Limited understanding of loan requirements

    These issues often slow down the loan adjudication process for Black entrepreneurs and create additional barriers to accessing capital.

    Persistent Systemic Bias Against Black Entrepreneurs

    Despite various initiatives, systemic biases continue to affect lending and adjudication processes for Black entrepreneurs. Traditional reliance on credit scores can disproportionately disadvantage Black entrepreneurs, especially newcomers who may lack:

    • Established credit history
    • Generational wealth
    • Traditional collateral

    Stakeholders called for more modern tools to assess creditworthiness, focusing on cash flow, payment activity, character, and other qualitative metrics that better reflect the reality of Black entrepreneurs.

    Capital Deployment Issues Affecting Black Entrepreneurs

    The slow deployment of capital was noted as a significant issue for Black entrepreneurs, often linked to:

    • Incomplete applications
    • Misunderstandings about requirements
    • Varying levels of institutional understanding regarding the specific needs of Black entrepreneurs

    Technology and Support Needs for Black Entrepreneurs

    The report highlighted several areas where technology and comprehensive support could improve outcomes:

    • New approaches to data collection to combat systemic biases
    • Investment in technology to streamline processes
    • Caution regarding AI-based loan adjudication potentially entrenching existing biases against Black entrepreneurs
    • Recognition that financial support alone is insufficient for Black entrepreneurs
    • Need for pre- and post-loan support, including financial literacy training
    • Acknowledgment that social factors like transportation, healthcare, and childcare—often neglected in program design—can be significant barriers for Black entrepreneurs

    Current Initiatives Supporting Black Entrepreneurs

    The Black Entrepreneurship Program (BEP)

    This collaborative effort involves the Government of Canada, Black-driven businesses, and financial institutions to support Black entrepreneurs. The program includes:

    Black Entrepreneurship Loan Fund (BELF)

    • Administered by the Federation of African Canadian Economics (FACE)
    • Capital contributions from the Government of Canada and BDC
    • FACE offers loans up to $100,000 for Black entrepreneurs
    • BDC funds and disburses loans between $100,000 and $250,000
    • Includes a microloan pilot program through Alterna Savings and Vancity for smaller loans

    Other BEP Components

    • National Ecosystem Fund supporting Black entrepreneurs
    • Black Entrepreneurship Knowledge Hub

    Bank Initiatives for Black Entrepreneurs

    Several major banks have launched dedicated programs to support Black entrepreneurs:

    • CIBC partnerships and funding programs
    • National Bank of Canada (NBC) initiatives
    • TD Bank mentorship and financial education programs

    Additional Support Programs

    • BKR Capital: The first Black-led VC fund in Canada, focused on investing in technology companies founded by Black entrepreneurs
    • Supporting Black Canadian Communities Initiative (SBCCI): A federal grants program aimed at building capacity for Black entrepreneurs and their communities

    Challenges and Opportunities for Black Entrepreneurs

    Information and Coordination Gaps

    Despite best efforts, information-sharing gaps persist between organizations supporting Black entrepreneurs, potentially causing some to “fall through the cracks.” Stakeholders suggested developing a centralized, customer-centric solution to better serve Black entrepreneurs.

    Program Sustainability Concerns

    The uncertain future of the BEP raises concerns about long-term support for Black entrepreneurs. Stakeholders overwhelmingly emphasized the need for permanent funding to create lasting change and support Black entrepreneurs effectively.

    Funding Adequacy and Structure

    While initial investments have shown promising results for Black entrepreneurs, many stakeholders believe:

    • The current funding amounts need significant increases
    • Support organizations may need structural adjustments
    • Equity financing remains underutilized for Black entrepreneurs

    Growth and Scaling Challenges

    Current support programs often focus on startups, with insufficient attention to helping established Black entrepreneurs scale their businesses. This represents a significant gap in the support ecosystem.

    Social Factors and Data Collection

    • The impact of social factors on Black entrepreneurs’ success needs greater consideration
    • More comprehensive data gathering is crucial to understand the nuances and challenges faced by Black entrepreneurs
    • Non-profit organizations supporting Black entrepreneurs require stronger capacity building

    Market Access Opportunities

    Expanding market access for Black entrepreneurs presents significant opportunities through:

    • Domestic market development
    • International trade opportunities
    • Leveraging diasporan connections
    • Increasing government procurement opportunities

    Public Policy Recommendations for Supporting Black Entrepreneurs

    Based on stakeholder insights, the report offers several recommendations to better support Black entrepreneurs:

    1. Permanent Funding: Establish a permanent BEP with substantially increased funding for Black entrepreneurs
    2. Financial Literacy: Provide access to high-quality financial literacy programs to improve loan readiness among Black entrepreneurs
    3. Inclusive Metrics: Include key performance indicators in federal programs to track progress on inclusivity for Black entrepreneurs
    4. Diverse Capital: Promote access to equity financing, including angel and venture capital for Black entrepreneurs
    5. Procurement Reforms: Ensure Black entrepreneurs gain access to government procurement opportunities
    6. Standardized Reporting: Implement consistent standards for reporting success metrics across BEP organizations serving Black entrepreneurs
    7. Knowledge Sharing: Prioritize forums to share learnings and improve program outcomes for Black entrepreneurs
    8. International Connections: Develop strategies to foster business partnerships and trade opportunities for Black entrepreneurs internationally
    9. Complementary Policies: Prioritize policies like Consumer-Driven Banking to support credit history building for Black entrepreneurs
    10. Innovation Programming: Develop innovation programs in collaboration with Black entrepreneurs and their businesses

    Conclusion: Building an Equitable Future for Black Entrepreneurs

    The report recognizes notable progress in supporting Black entrepreneurs in Canada over the past three years. However, it emphasizes that this work remains far from complete. Creating a truly equitable environment where Black entrepreneurs can reach their full potential requires:

    • Continued collaboration among all stakeholders
    • Addressing persistent systemic barriers facing Black entrepreneurs
    • Enhancing data collection to better understand the needs of Black entrepreneurs
    • Ensuring sustainable and adequate funding for programs supporting Black entrepreneurs

    The insights and recommendations in this report serve as vital guideposts in the ongoing journey to foster an inclusive ecosystem where Black entrepreneurs can thrive and significantly contribute to Canada’s economic growth and diversity.

  • Unmasking Barriers: Key Findings on Inclusive Entrepreneurship for Black Canadians

    Unmasking Barriers: Key Findings on Inclusive Entrepreneurship for Black Canadians

    Black Entrepreneurs in Canada: Senator Study Reveals Barriers and Opportunities

    A groundbreaking study commissioned by the African Canadian Senate Group and Senator Colin Deacon has shed critical light on the challenges facing Black entrepreneurs in Canada’s business landscape. Led by David Coletto of Abacus Data and Alfred Burgesson, this comprehensive research surveyed 342 Black entrepreneurs across Canada in May 2021, documenting their experiences with accessing capital, navigating support systems, and confronting systemic racism.

    Profile of Canadian Black Entrepreneurs

    The survey captured a diverse cross-section of Black entrepreneurs across the country:

    • Gender distribution: 54% of Black entrepreneurs identified as female and 45% as male
    • Age demographics: The majority (52%) of Black entrepreneurs were between 30-44 years old
    • Geographic reach: Black entrepreneurs participated from various provinces, with highest representation from Ontario (44%) and Quebec (37%)
    • Business maturity: 45% of Black entrepreneur ventures were relatively new, operating for 0-2 years
    • Revenue patterns: A significant majority (52%) of Black entrepreneur businesses reported under $50,000 in revenue for 2019

    Key Challenges Facing Black Entrepreneurs

    Systemic Racism Creates Significant Barriers

    The study revealed that 76% of Black entrepreneurs believe systemic racism directly hampers their business success. This perception was consistent regardless of how established or connected the Black entrepreneurs were. Many reported experiencing direct discrimination in their daily operations:

    • Customers refusing services from Black entrepreneur businesses
    • Financial institutions denying loans to Black entrepreneurs based on racial factors
    • Racial bias affecting everyday business interactions for Black entrepreneurs

    Capital Access: The Primary Obstacle for Black Entrepreneurs

    Access to funding emerged as the most significant challenge, with 75% of Black entrepreneurs identifying financing and capital constraints as their primary barrier:

    • Nearly 80% of Black entrepreneurs reported difficulty securing even modest funding of $10,000
    • Self-financing (“bootstrapping”) remains the predominant funding method for Black entrepreneurs
    • Traditional funding channels remain largely inaccessible to many Black entrepreneurs

    Network and Support Deficits Among Black Entrepreneurs

    The research highlighted significant gaps in networking and support resources:

    • Only 45% of Black entrepreneurs know how to access business supports when challenges arise
    • Black entrepreneurs often lack strong connections to mentors and advisors compared to their non-Black counterparts
    • Knowledge gaps about available resources create ongoing challenges for Black entrepreneurs

    Trust Issues with Financial Institutions

    Trust in banking institutions remains remarkably low among Black entrepreneurs:

    • Only 19% of Black entrepreneurs expressed trust in banks generally
    • Banks ranked as the least trusted financial institutions among Black entrepreneurs
    • This trust deficit significantly impacts Black entrepreneurs’ willingness to engage with mainstream financial services

    Daily Business Operations Challenges

    Many Black entrepreneurs struggle with fundamental business operations:

    • Difficulty meeting payroll obligations
    • Challenges paying suppliers on schedule
    • Cash flow constraints affecting overall business stability
    • “Unempowered” Black entrepreneurs face particularly acute operational challenges

    The Value of Representation and Relationships

    The study found that Black entrepreneurs with established relationships at financial institutions are twice as likely to trust them, highlighting:

    • The importance of diverse representation in banking
    • The value of relationship-building for Black entrepreneurs
    • The need for more inclusive practices by financial institutions serving Black entrepreneurs

    Resilience and Optimism Despite Challenges

    Perhaps most remarkably, despite facing significant systemic barriers, 87% of Black entrepreneurs reported being somewhat or very optimistic about their business future, demonstrating exceptional resilience.

    Empowered vs. Unempowered Black Entrepreneurs

    The research distinguished between “empowered” and “unempowered” Black entrepreneurs based on several key factors:

    Empowered Black entrepreneurs typically:

    • Know how to navigate support systems
    • Can access funding channels more effectively
    • Have developed essential business skills
    • Demonstrate confidence in problem-solving
    • Recover more quickly from business setbacks

    Unempowered Black entrepreneurs generally experience:

    • Limited access to support networks
    • Significant funding challenges
    • Skill gaps in key business areas
    • Less confidence in handling business challenges

    What Black Entrepreneurs Need Most

    When asked directly about their most pressing needs, Black entrepreneurs overwhelmingly identified funding and capital access (32%) as their top priority.

    Moving Forward: Creating an Inclusive Ecosystem for Black Entrepreneurs

    This landmark research provides crucial insights into the challenges facing Black entrepreneurs in Canada. The findings clearly demonstrate how systemic racism, capital access barriers, and networking limitations create an uneven playing field.

    To build a truly inclusive entrepreneurial ecosystem where Black entrepreneurs can thrive, stakeholders across government, financial institutions, and business communities must address these systemic issues with targeted solutions. The remarkable optimism displayed by Black entrepreneurs despite these challenges underscores their resilience and untapped potential.

    By removing these barriers, Canada stands to benefit tremendously from the full participation and contribution of Black entrepreneurs to the national economy and business landscape.

  • How Sheridan EDGE and ACBN Collaboration Creates Opportunities for Black Entrepreneurs

    How Sheridan EDGE and ACBN Collaboration Creates Opportunities for Black Entrepreneurs

    Innovative Partnerships Supporting Black Entrepreneurs in Canada

    Addressing Gaps Through Strategic Alliances

    Black founders in Canada face persistent gaps in entrepreneurial support. These gaps need more than small fixes—they require innovative institutional partnerships that combine different strengths. The teamwork between Sheridan EDGE and the Afro-Caribbean Business Network (ACBN) shows how schools and community groups can create new paths for Black entrepreneurs.

    Leveraging Complementary Strengths

    This partnership uses each organization’s unique abilities to tackle specific barriers. Sheridan EDGE contributes:

    • Academic resources
    • Research capacity
    • Physical facilities
    • Connections to innovation networks

    Meanwhile, ACBN brings:

    • Deep community trust
    • Cultural expertise
    • Direct links to over 3,000 Black-owned businesses across Southern Ontario

    The Legacy Symposium Impact

    The annual ACBN Legacy Symposium highlights this partnership’s impact. Sheridan’s Hazel McCallion Campus hosts the event, creating a professional setting that boosts the program’s value. This arrangement makes institutional resources available to community members who might otherwise feel left out.

    Knowledge Transfer That Works

    The venue matters, but the knowledge sharing matters more. This collaboration transforms academic theories into practical, culturally relevant tools. These tools address the specific challenges Black entrepreneurs encounter in their business journeys.

    Creating Valuable Learning Opportunities

    Sheridan students, especially those from Black communities, gain important hands-on learning through this partnership. Students meet successful Black entrepreneurs during symposium activities. These role models show career paths often hidden in traditional education.

    Developing Innovative Programs Together

    This teamwork has created new programs neither organization could build alone. The Black Founders in Clean Technology certificate program stands out as a groundbreaking approach. This program increases Black representation in high-growth sectors that typically show racial gaps.

    Building a Supportive Ecosystem

    Black entrepreneurs face structural barriers in business. This partnership offers something essential: a support system combining academic resources with community understanding. By connecting institutional knowledge with lived experience, Sheridan EDGE and ACBN create opportunities beyond basic networking or education.

    Creating a Model for Others to Follow

    As these organizations deepen their partnership, they create a blueprint for other Canadian schools. This model shows how educational institutions can move beyond diversity statements to build real paths for Black business success. Through strategic partnerships, organizations can systematically remove barriers for Black entrepreneurs. These efforts benefit individual founders and entire communities.

    Register for Symposium here: https://www.eventbrite.ca/e/acbn-legacy-symposium-2025-tickets-1089074062839?aff=acbnblog

  • HR Systems That Scale: Insights from Franchising Expert Maliesa Cadogan for Black Entrepreneurs

    HR Systems That Scale: Insights from Franchising Expert Maliesa Cadogan for Black Entrepreneurs

    Scalable HR Systems: The Key to Growth for Black Entrepreneurs

    Breaking Through Business Plateaus

    What makes some businesses grow while others stay small? Often, it comes down to one key factor: human resources systems. For Black entrepreneurs ready to expand beyond founder-led operations, solid HR frameworks serve as vital infrastructure for growth.

    Meet the Expert: Maliesa Cadogan

    Maliesa Cadogan will speak at the upcoming ACBN Legacy Symposium. As an expert in franchise operations, she highlights that scalable HR systems must focus on three main areas. These include recruitment, training, and performance management. Each area needs systems that work without the founder’s daily involvement while still maintaining quality.

    Building Strong Recruitment Systems

    Recruitment systems form the foundation of scalable businesses. However, most small businesses hire reactively when positions open up. In contrast, Cadogan suggests an “always-on” talent search that finds potential team members before urgent needs arise. This forward-thinking approach includes:

    • Creating specific candidate profiles for each role
    • Using standard evaluation tools to reduce bias
    • Building talent pipelines through community partnerships

    For Black entrepreneurs, systematic recruitment helps overcome limited access to traditional hiring networks. By creating clear processes for finding candidates beyond personal connections, these systems widen the talent pool. Moreover, they reduce dependence on networks that have historically excluded Black professionals.

    Developing Effective Training Systems

    Training systems bridge the gap between hiring and performance. Based on her franchise expertise, Cadogan stresses the importance of modular, repeatable training programs. These programs break complex operations into teachable parts. Additionally, effective training systems feature:

    • Clear learning goals
    • Various teaching methods
    • Built-in skill assessments

    Implementing Performance Management

    Furthermore, performance management systems create accountability without requiring the founder’s constant presence. These frameworks establish:

    • Clear metrics for each position
    • Regular evaluation schedules
    • Consistent feedback methods that work independently

    The Franchise Connection

    For Black entrepreneurs considering franchising their businesses, these HR systems aren’t optional extras. In fact, they form the core of what franchisees actually buy. Therefore, the value of a franchise directly relates to how good and complete these systems are.

    Take Action at the ACBN Legacy Symposium

    At the ACBN Legacy Symposium, Cadogan will share specific frameworks for developing these essential systems. As a result, Black entrepreneurs will receive actionable templates they can implement right away. By addressing these HR components systematically rather than reactively, Black business owners can build organizations that grow far beyond what one person could manage. Consequently, they create businesses with both immediate impact and lasting value.

    Register for the Symposium

  • How the ACBN Legacy Symposium Addresses Key Challenges Facing Black Entrepreneurs

    How the ACBN Legacy Symposium Addresses Key Challenges Facing Black Entrepreneurs

    Black entrepreneurs face a unique set of challenges that often make business development more difficult compared to their non-Black counterparts. The ACBN Legacy Symposium has established itself as a crucial response to these specific barriers, offering targeted solutions rather than generic business advice.

    Access to capital remains perhaps the most significant hurdle. According to a 2023 study by the Canadian Black Chamber of Commerce, Black entrepreneurs are 2.5 times more likely to be rejected for business loans than white business owners with identical qualifications. The Legacy Symposium directly tackles this issue by connecting entrepreneurs with financial institutions that have committed to equitable lending practices, while also providing workshops on alternative funding strategies including community bonds, angel investors specifically interested in supporting Black businesses, and creative bootstrapping approaches.

    Customer acquisition presents another significant challenge, particularly for businesses targeting markets beyond the Black community. The Symposium addresses this through expert-led sessions on digital marketing tactics specifically designed to overcome unconscious consumer bias, building authentic brand stories that resonate across demographics, and leveraging community endorsements to establish broader market credibility.

    Building an effective team often proves difficult when Black entrepreneurs lack extensive professional networks. The Legacy Symposium’s structured networking sessions create immediate connections with potential employees, partners, and mentors from diverse backgrounds who are aligned with the founders’ vision and values.

    Perhaps most critically, Black entrepreneurs frequently lack access to established business systems and processes that more privileged founders inherit through family businesses or corporate experience. The Symposium’s focus on franchising this year directly addresses this gap by providing complete operational frameworks that can be implemented immediately.

    By gathering hundreds of Black entrepreneurs in one location, the Legacy Symposium also combats the isolation many founders experience. The event creates a powerful community of practice where challenges can be discussed openly and solutions shared without judgment.

    This targeted approach to specific barriers makes the ACBN Legacy Symposium not just another business conference, but an essential catalyst for transforming the landscape for Black entrepreneurship in Canada.

    Register for Symposium here: https://www.eventbrite.ca/e/acbn-legacy-symposium-2025-tickets-1089074062839?aff=acbnblog

  • Securing Funding for Community Projects: Crafting Effective Grant Proposals

    Securing Funding for Community Projects: Crafting Effective Grant Proposals

    Securing funding for community projects can be a challenging endeavor, but with the right approach, crafting effective grant proposals can greatly increase the chances of success. A well-crafted grant proposal is a crucial tool in not only attracting the attention of potential funding sources, but also conveying the importance and potential impact of the community project. To create a professional grant proposal, it is important to first thoroughly research and understand the objectives and requirements of the funding organization. This will ensure that the proposal is tailor-made to meet their specific criteria and align with their goals.

    Crafting an effective grant proposal also involves clearly articulating the community project’s objectives, outcomes, and anticipated impact. It is essential to provide a detailed plan of action, including a timeline and budget, to give the funder confidence in the project’s feasibility and sustainability. Additionally, including measurable indicators and evaluation methods will demonstrate the commitment to accountability and success.

    A professional grant proposal should also highlight the community’s capacity and expertise in executing the project. This can be achieved through showcasing relevant past experience, partnerships, and the involvement of key stakeholders. Demonstrating a strong and diverse support network will instill confidence in the funder that the project has the necessary resources to succeed.

    Furthermore, it is important to clearly communicate the community’s needs and why funding for this project is essential. Providing evidence of the project’s potential long-term benefits and its alignment with the funder’s priorities will help make a compelling case for support.

    In conclusion, securing funding for community projects requires the crafting of effective grant proposals. By thoroughly researching the funding organization, clearly articulating the project’s objectives and outcomes, highlighting community capacity, and making a compelling case for support, the chances of securing funding can be greatly increased. A well-crafted grant proposal is an essential tool in not only attracting funding but also in showcasing the potential impact and importance of community projects.

    Foundation for Black Communities Big Grant: Supporting Black Community Projects with $8.9 Million in Funding

    Learn more at their website: https://www.forblackcommunities.org/bridge-and-build-fund/

    Or watch our walkthough of the grant here: https://www.youtube.com/watch?v=U3q64NEaXpU

    The Foundation for Black Communities (FFBC) has recently announced its Big Grant initiative, aimed at supporting and empowering Black community projects through a substantial funding of $8.9 million. This significant investment seeks to address the systemic inequalities and challenges faced by Black communities across the country. By providing this substantial financial support, FFBC aims to foster positive change and create a more equitable society.

    The Big Grant program is designed to fund a wide range of initiatives and projects that directly benefit the Black community. From education and youth programs to economic development and healthcare initiatives, FFBC is committed to supporting projects that uplift and empower Black individuals and families. The funding provided will ensure that these projects have the necessary resources to make a lasting impact and drive change at the grassroots level.

    The $8.9 million grant is a testament to FFBC’s dedication to addressing the unique needs and aspirations of Black communities. By offering this level of funding, FFBC aims to amplify the voices and initiatives of Black-led organizations and individuals who have historically faced disproportionate barriers to success and resources.

    The Foundation for Black Communities believes that investing in the Black community is an investment in the future of our nation. By supporting innovative and impactful projects, FFBC aims to create a more inclusive and prosperous society for all. The Big Grant initiative serves as a beacon of hope and opportunity for the Black community, providing the necessary means to effect positive change on a larger scale. With this substantial funding, FFBC believes that together, we can build a more just, equitable, and thriving society for generations to come.

  • Foundation for Black Communities Big Grant: Supporting Black Community Projects with $8.9 Million in Funding – FFBC

    Foundation for Black Communities Big Grant: Supporting Black Community Projects with $8.9 Million in Funding – FFBC

    Foundation for Black Communities Big Grant: Supporting Black Community Projects with $8.9 Million in Funding

    Learn more at their website: https://www.forblackcommunities.org/bridge-and-build-fund/

    Or watch our walkthrough of the grant here: https://www.youtube.com/watch?v=U3q64NEaXpU

    The Foundation for Black Communities (FFBC) has recently announced its Big Grant initiative, aimed at supporting and empowering Black community projects through a substantial funding of $8.9 million. This significant investment seeks to address the systemic inequalities and challenges faced by Black communities across the country. By providing this substantial financial support, FFBC aims to foster positive change and create a more equitable society.

    The Big Grant program is designed to fund a wide range of initiatives and projects that directly benefit the Black community. From education and youth programs to economic development and healthcare initiatives, FFBC is committed to supporting projects that uplift and empower Black individuals and families. The funding provided will ensure that these projects have the necessary resources to make a lasting impact and drive change at the grassroots level.

    The $8.9 million grant is a testament to FFBC’s dedication to addressing the unique needs and aspirations of Black communities. By offering this level of funding, FFBC aims to amplify the voices and initiatives of Black-led organizations and community groups who have historically faced disproportionate barriers to success and resources.

    The Foundation for Black Communities believes that investing in the Black community is an investment in the future of our nation. By supporting innovative and impactful projects, FFBC aims to create a more inclusive and prosperous society for all. The B.I.G. Grant initiative serves as a beacon of hope and opportunity for the Black community, providing the necessary means to effect positive change on a larger scale. With this substantial funding, FFBC believes that together, we can build a more just, equitable, and thriving society for generations to come.