Without the contributions of the Black or African American community, the U.S. business market would look very different. Some key technological innovations began within the black community, pioneers so strong that the United States of America would not be where it is today if not for their contributions. For us to understand its history, we must open our eyes to some foundational elements of the United States economy.
Historical black entrepreneurship within the U.S. has fluctuated throughout time. The period after the Civil War encouraged the rise of black-owned businesses as a step to correct the inequities of slavery. During this time, there was a small number of free African American women that had their property in the South, and those women who worked for themselves achieved more wealth than those who worked for others. (Dailey, 1999) Professor Walker, P.H.D., of the University of Texas called the period between 1900-1930, the Golden Age of Black Business. It was during this time that Booker T. Washington founded the National Negro Business League in Boston, MA.
Yet with the coming of the Great Depression, the spark of black entrepreneurship struggled to stay kindled. Black entrepreneurship has since then been marked by its rise and fall in history until the return of black-owned businesses, led by black women. Oprah Winfrey was notably the most successful black female entrepreneur and in 2003, she became the first black American billionaire.
According to Forbes, in 2020 during interviews with black individuals who made the list of 30 Under 30, they expressed the ability of the black community to persevere against all odds. Today, many corporations and wealthy black business leaders have created funds to invest in minority-owned companies.
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