This past holiday season was a time of celebration, reflection, and giving back. As we move into the season to thrive in this new year, it’s worth taking a moment to celebrate the incredible achievements of Black entrepreneurs in 2024.
From groundbreaking innovations to major business acquisitions, Black-owned businesses have been making waves, breaking barriers, and inspiring communities everywhere.
Here are a few key business acquisitions and milestones by Black entrepreneurs that deserve to be celebrated:
1. ByBlack Platform Gains National Attention
The ByBlack platform, created by the U.S. Black Chambers, Inc., has become a certified directory that helps consumers discover and support Black-owned businesses. In 2024, it expanded significantly, with more businesses receiving national recognition. The platform’s growth highlights the power of technology in uplifting minority-owned businesses and connecting them with larger markets.
2. Rihanna’s Fenty Beauty and Fenty Skin Dominate the Market
Rihanna continues to redefine the beauty industry with her inclusive and diverse product lines. Her brands, Fenty Beauty and Fenty Skin, have seen massive growth, including new partnerships and expanded product offerings. This success demonstrates the demand for inclusive products and the impact of Black entrepreneurs in shaping global industries.
3. Issa Rae’s Media Ventures Grow
Issa Rae, the creator of hit shows like Insecure, has been expanding her media empire. Her production company, Hoorae Media, has acquired new deals with major networks and streaming platforms. Rae’s ability to tell authentic stories and provide opportunities for underrepresented voices makes her a leader in the entertainment industry.
4. Historic Acquisitions in Tech
Black entrepreneurs are making significant moves in the tech space. For instance, Tope Awotona, the founder of Calendly, reached new heights this year as his scheduling platform grew to be one of the most popular tools globally. His journey—from bootstrapping the company to its massive success—is a testament to resilience and vision.
5. Growth of Black-Owned Food and Beverage Brands
In 2024, Uncle Nearest saw incredible success for Black-owned food and beverage brands. Uncle Nearest Premium Whiskey, founded by Fawn Weaver, became one of the fastest-growing whiskey brands in the world. The brand’s success not only celebrates its exceptional quality but also honors the legacy of Nathan "Nearest" Green, the first known African-American master distiller.
6. Expansion of the Black Travel Movement
Entrepreneurs in the travel industry have been inspiring more people to explore the world. Black-owned travel companies like Blavity’s Travel Noire and JetBlack are making waves by curating unique travel experiences and empowering travelers to see the world through a new lens. Their growth in 2024 reflects the rising influence of Black entrepreneurs in shaping global travel trends.
7. Philanthropic Efforts to Support the Next Generation
Many Black entrepreneurs are giving back to their communities in meaningful ways. For example, NBA star LeBron James continues to expand his "I PROMISE" school and scholarship programs, providing education and opportunities for underserved youth. Similarly, entrepreneurs like Arlan Hamilton, founder of Backstage Capital, are investing in other underrepresented founders, ensuring that future generations have the tools they need to succeed.
Why Celebrating Matters
Celebrating these milestones is about more than recognizing individual success. It’s about acknowledging the perseverance, creativity, and community impact of Black entrepreneurs. Their achievements remind us of the importance of diversity in business and the incredible value that comes from supporting minority-owned ventures.
How You Can Support
The next time you are looking to purchase a gift for someone or for yourself - consider supporting Black-owned businesses in your community or online. Platforms like ByBlack, Official Black Wall Street, and Shop Black Owned make it easy to discover businesses to shop from. Whether you’re buying gifts, dining out, or seeking services, your support can help these businesses thrive.
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