With $1.1 Trillion in Buying Power, Why Are African Americans Missing Out on Crowdfunding?
By Ambrose Moses, III
OhioMBE – March 1, 2014
According to a Nielsen Company study entitled “African-American Consumers: Still Vital, Still Growing,” the African American population is an economic force to be reckoned with, with a projected buying power of $1.1 trillion by 2015. This means that the African American population spends money and consumes . . . a lot.
Further, whether you are an African American who lives in an urban, suburban, or rural area, your collective economic activity is important and profitable to many corporations outside of the collective African American community.
So, what does this have to do with crowdfunding?
There has been much talk about crowdfunding being a game-changer for small businesses and the economy, including for African Americans. However, African Americans appear to be missing out on the benefits and success of crowdfunding?
Do African Americans know what crowdfunding is? Do they realize that it allows them to impact and control the development of businesses and economic activity within their own collective community?
Do African Americans know that their $5 contribution when added to a $5 contribution from the other 43 million African Americans adds up to $215 million ($215,000,000)? That is for one year. How many Black-owned businesses (retail shops, restaurants, professional services, construction, real estate, internet, and tech companies) could be supported or started with $215 million? How many nonprofit organizations or college scholarships could be funded or supported with $215 million?
Maybe African Americans want to consider exploring and becoming active in crowdfunding.
