Shark Tank investor Daymond John is leading the fifth annual Black Entrepreneurs Day this year and has committed to supporting small businesses with $100,000 in grants.
John first began running Black Entrepreneurs Day at the height of the racial justice movement following the death of George Floyd. This year, the grants, which will be awarded to Black-owned businesses, will not require any sacrifice in equity and focus on giving financial support with “no strings attached,” Inc. reports.
The application for the grants will be open through Nov. 1, and John opened up to Inc. about what they’re looking for in an ideal applicant. He specified that the biggest thing they’re looking for is someone who has a clear vision of what they want.
“If you can articulate that vision,” He told the outlet, “whom you’re solving a problem for, why you’re the one to solve the problem, and why you, if you get these funds, they will be put to good use and help you, I think that’s all you need.”
Black Entrepreneurs Day takes place on Nov. 22 in Atlanta at the Fox Theater. The event, a celebration of Black businesses, will be free. Big names are expected to make an appearance, such as Olympic gold medalist Jordan Chiles, media personality Charlamagne tha God, and rappers Flavor Flav and 2Chainz.
John explained, “We don’t come from legacy wealth. We’re not getting as much education as I think we need … We pay more interest on various things. We are always the last to hire and the first to fire. I think it puts us behind, in a very bad position—and being an entrepreneur is hard enough as it is.”
He continued, “With social media and technology, things are getting democratized. There is information out there on what works and what doesn’t work. … You add that with funding, with inspiration, [and] I think we have a better shot now than ever before.”
The Shark Tank investor started putting his effort into shifting the public business mentality “from watching communities ‘burn businesses’ to empowering them to build.”
John spent some time giving praise to the organizations and businesses that support their cause.
John said, “A lot of the large corporations and organizations that felt that it was the thing to do back then no longer believe it’s the thing to do now. And I’m not slighting them for it. I love to talk about the organizations that are supporting us, that feel that it still is a very positive thing to do, and well-needed, even when the spotlight is down.”
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