Black Tech Week made its debut in Detroit last fall, bringing together entrepreneurs, investors, tech talent, and creatives for a weekend of learning and networking. The conference highlighted the importance of supporting entrepreneurs as a vital source of new ideas, goods, and services that lead to job creation and economic growth. Small businesses, including owner-operators and micro-businesses, have been significant contributors to job creation in the U.S., generating nearly 13 million net new jobs over the past 25 years.
In recent years, there has been a decline in entrepreneurial activity in the country, with the startup rate remaining stagnant since 2010. Access to capital remains a significant challenge for entrepreneurs, particularly for startups founded by women and people of color. Only 1% of venture-backed startups in the U.S. have Black founders, highlighting the need for more support and resources for underrepresented entrepreneurs.
The Lightship Foundation, based in Cincinnati, acquired Black Tech Week with the aim of driving growth within the minority innovation economy. The foundation moved the conference to Cincinnati to provide Black techies throughout the Midwest with an opportunity to attend and establish a presence in other mid-sized cities like Detroit. Black Tech Week focuses on inclusion, community-building, and diverse perspectives, aiming to create a more equitable tech ecosystem.
Cincinnati has embraced Black Tech Week as a catalyst for innovation, with clusters of corporations, startups, and academics driving new developments and job creation in the city. The success of the conference has led to Cincinnati being named the host city for the next three years, solidifying its position as a hub for tech and entrepreneurship in the Midwest.
In Detroit, a community-led movement led by entrepreneurs Johnnie and Alexa Turnage has been working to increase Black tech representation in the metro area. What started as a small group of Black tech founders has grown into a weekly gathering known as Black Tech Saturdays, attracting hundreds of participants. This grassroots movement has gained national attention and is expanding to other cities, providing a platform for Black and Brown entrepreneurs to connect, learn, and access resources.
The growing ecosystem of Black founders in Detroit and the Midwest is already seeing results in securing funding and launching innovative projects. JustAir Solutions, for example, received funding from the Michigan Central Scale Fund to install air-quality monitors in the Detroit metro area, providing real-time data on pollution to residents. These community-based movements are essential for fostering entrepreneurial activity and creating a supportive environment for underrepresented entrepreneurs.
State and local leaders in government and business should take note of these grassroots initiatives and support them to grow entrepreneurial activity in their cities. The consistency of weekly or monthly meetups, workshops, and mentorship opportunities provided by these community-led movements are crucial for building successful businesses and fostering a more inclusive and diverse entrepreneurial ecosystem.
