The Minimum Viable Product of Social Entrepreneurship

Hey honeys and hustlers,

The minimum viable product of community is a 1:1 relationship. Just having one person subscribed to this newsletter, one person listening to my podcast, and one person watching my YouTube videos told me that I had something to say that people may have wanted to hear. As a result, I feel responsible for holding space for necessary conversations in our growing community. I’m sure most of you have likely heard the unfortunate news regarding the court case targeting the Fearless Fund. I wanted to wait until I had something meaningful and solution-oriented to say before commenting. Hearing that a local Black-owned restaurant staple will be moving from its flagship location on Juneteenth (of all days) prompted me to write this. I’ve spent 2 of my 5 birthdays in Durham at Beyu Caffé, a Black-owned restaurant in downtown Durham, so this news cut me deep. We’ve had podcast episodes referencing the attacks on the Fearless Fund (and equitable access to business funding for Black entrepreneurs by extension), like my talk with Charles Inoken and during our first funding roundtable, but I don’t think we went far enough. The irony of people complaining about how DEI is discriminatory against majority groups, yet using DEI-based policy to advocate for the destruction of Black-owned private capital is not lost on me.

It's always been clear that the challenges faced by the Fearless Fund and other Black-owned businesses are not isolated incidents but part of a broader systemic issue. While the news about the Fearless Fund and Beyu Caffé is disheartening, it also serves as a call to action. I’m not afraid. I’m not vengeful. I’m not hopeless. I’m definitely not backing down. And I’m not alone. Supporting Black-owned businesses is a lifestyle, not a one-time decision, like this court ruling. If you haven’t already, consider:

• Make a conscious effort to support Black-owned businesses in your community. Whether it's dining at a local restaurant like Beyu Caffé or purchasing products and services from Black entrepreneurs and creators, your support can make a significant difference.

• Engage with local and national policymakers to advocate for laws and regulations that promote equitable access to business funding. This includes supporting initiatives that provide grants, loans, ecosystem-building resources, economic development, and other financial resources to minority-owned businesses. I’ve done this as part of E2-Environmental Entrepreneurs, and I know there are other groups that may have opportunities for you to speak directly to your representatives about policies that directly impact entrepreneurs.

• Use your platforms to educate others about the challenges faced by Black entrepreneurs. Share stories, statistics, and resources that highlight the importance of equitable funding and the impact of systemic barriers. The reality is that most people in majority groups have no idea what we go through.

• Join forces with other businesses, organizations, and individuals who are committed to supporting Black entrepreneurs. Collaboration can amplify our efforts and create a stronger, more unified voice for change. There are already legal groups rallying around the Fearless Fund and preparing for other similar lawsuits to come.

• If you have the means, consider investing in Black-owned businesses or funds that specifically support minority entrepreneurs. Your investment can provide much-needed capital that may not be available through a “friends and family” round, bank loans, or grants.

Black people, minorities, and women deserve to be in spaces where decisions are being made. About the creator economy. About our local communities. About our collective futures. This isn’t political, it’s purposeful.

Community Spotlight

🚀 Ilana Nevins of Tink Media is working with the hosts of How To Be Fine on their newest season. This season will feature a crash course in making friends to combat the loneliness epidemic by acting as your friend-making guinea pigs. They’ll wade through all the friend-making advice out there - from the old-fashioned (just volunteer!) to the cutting edge (apps like Bumble BFF) to the truly unusual (Jon Levy’s Influencer Dinner - which assembles total strangers in an apartment to prepare and eat dinner together, with the one rule being that no one can talk about work). Dive into their show here!

In Readworthy News

Tubi has its highest month of viewership in May

With an average of 1M viewers in May 2024, Tubi surpasses Disney+, Peacock, Max, and Paramount+. This also puts them squarely behind YouTube in the free ad-supported streaming platform category. Is this a sign that with rising streaming costs, consumers are looking elsewhere? I think so. Last month, they also announced the creation of Stubios to support fan interaction and reward indie filmmakers who are building an audience on the platform. Creators who reach a certain engagement threshold get funding to produce their next project, with a little help from Issa Rae’s Color Creative. I’ve been thinking about putting a narrative series on Tubi before it gets exponentially harder to do so (aka when streaming services start to invest in original shows and make it harder for indie creators to pass their internal quality standards) and this might be my sign.

FUBU Studios inks $450M deal

From the founder who brought us FUBU clothing, this partnership will highlight more diverse voices through 30 film projects over the next 3 years. Maintaining their moniker of “For Us By Us,” I can’t wait to see who gets tapped to create and produce these films and where they will ultimately land for public consumption.

Celebrating Prince’s birthday

My sincerest apologies. I completely forgot to recognize Prince’s birthday earlier this month. In honor of that glorious day, tune into NPR’s Tiny Desk series of curated musical guests in honor of Black Music Month. Tierra Whack, Tems, Chaka Khan – need I say more?

Please hustle responsibly,

🤙🏾✨

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