News — black in business

Young environmental scientist Dorothy Jean Tillman garnered national attention when she received her master’s degree at 14-years-old.

Now, the Chicago teen is breaking into entrepreneurship by exposing more youth to opportunities in STEAM. She’s giving more Chicago youth a head start in life by showing them what’s possible. 

“I know, one thing that I would want every kid to know is that what I did is an option and that they can do it too,” said Tillman to Rolling Out. “It doesn’t take a genius or someone who has been learning forever. I’m not perfect. I’m not the smartest person in the world. It just takes dedication.”

From Environment Scientist to Entrepreneur

STEAM (Science, Technology, Engineering, Arts, and Math) is a growing field and Tillman wants more youth to know how they can get involved.

The 14-year-old has always had a passion for STEM, obtaining high rankings in all those subjects in school. This inspired her to pursue a master’s degree at Unity College. Tillman made history as the youngest environmental and sustainable scientist in the U.S. Her desire to expand opportunities is stronger than ever since COVID-19 has eliminated many traditional activities for youth.

“I’ve been working on STEM labs for kids because I really want to go into the STEM-related field and work with kids,” Tillman told Rolling out prior to earning her master’s degree. “I feel like I’m here to make people happy and to help people find their purpose. I might go back to school, but my plan is to be an entrepreneur and [use] my engineering degree.”

The Launch of a STEAM Camp

Tillman expanded her STEAM vision through the launch of the Dorothy Jeanius STEAM Camp. All teens who participate in the camp will receive a customizable at-home STEAM activity kit. It’s one of the components of Tillman’s business, the Dorothy Jeanius STEAM Education Leadership Institute that was launched in 2020. The young entrepreneur founded the STEAM Labs in Chicago and West Capetown, South Africa.

“A teen is a teen no matter where they are from,” says Tillman in a statement. “We all love TIKTOK and many enjoy hip hop. The key is showing them where the STEAM is in everyday life.” 

Tillman’s brilliant idea provides safe education and enrichment opportunities during the COVID-19 pandemic. The kit includes science-focused projects, creative arts, and coding to give students access to different skills and career options. It also builds in mindfulness activities to help teems maintain mental wellness.

“People learn at different paces. One of our kits can last up to 6 months, even longer depending on STEAM knowledge and skill set,” Tillman explains in a statement.  

Teens who receive a kit also become members of the STEAM camp, providing another opportunity to network with other young STEAM achievers.

Using Her Education to Make a Difference

Tillman has enjoyed many unique and trailblazing experiences during her 14 years of life.

She enrolled in college at the age of 10 and completed a Bachelor of Science in Humanities in 2018. She’s also received numerous awards and honors including the 2021 WVON 40 under 40 Game changers and a 2018 Black Girls Rock award.

But what matters most to this young teen today is using her education as an environmental scientist to make a difference. She led a Jeopardy-inspired virtual STEAM game show to commemorate Dr. King Holiday. She’s also hosted a virtual STEAM fair and business pitch competition to award scholarship dollars. Through the Dorothy Jeanius Camp, teens in Chicago will get a chance to work with youth and gain exposure to STEAM-related career opportunities. 

There’s no doubt that Tillman’s path as an environmental scientist and entrepreneur will inspire more youth to achieve excellence and give back.

There is nothing more rewarding and inspiring than to see women of color set new standards and trends through entrepreneurship. African American women were among the fastest-growing groups launching and owning new businesses according to Forbes. Tenisha Williams, CEO of Elite Realty Partners, is no exception. She has established and grown the largest Black woman-owned real estate brokerage firm in the Miami/Fort Lauderdale (South Florida) area—breaking $100 million in sales in just over two years.

While this is an impressive milestone, Williams and her Elite team show no signs of slowing down but are staying focused by remaining positioned and purpose-driven to help more individuals and families achieve their goals of homeownership and real estate acquisition. Currently, there are 140 agents with virtually no marketing efforts. Much like Chick-fil-a customers, agents keep on pouring in—what a wonderful problem to have.

Williams, a former county worker, knew from the onset that she was not there to stay. While fellow employees were content with great benefits and the future hopes of retirement, her sights were set on higher aspirations. In 2017, during a mother-daughter trip to St. Lucia, she was settled after speaking with her husband that she was not returning to work. She was convinced that she found her purpose through the love of real estate, and she had made her first six figures working part-time.

When asked to what she attributed the accelerated growth of Elite Realty, Williams credited it to her faith and favor from God. She was determined to put in the work and remain faithful. Although she manages a large team, there is a culture of family where no agent is an island. The benefits are the friendships that have been established, the collaboration of agents, the joys of winning together, and the willingness of helping one another succeed.

Williams says that she is more than a CEO, but a coach at heart that pours into her team keeping them pumped and empowered to crush their goals. Her passion to help and develop other agents are innate. However, the ability to manage so many personalities synergistically was initially a struggle. As a former correctional officer and teenage mom, her strong personality seemed curt at times. She quickly learned to master the right delivery in communication and messaging without hurting or offending others in the process.

“The pressure is unimaginable. Sometimes I cannot sleep at night because my brain will not stop thinking of ways I can add more value to my team,” Williams says of the pressure of running a top brokerage firm in South Florida. “I truly am invested in their careers, so I take the responsibility seriously. This is not a task for the weak at heart.”

Of course, striking a delicate balance between work and family is vital, so self-care is a must and Sundays are exclusively reserved for family.

Elite Realty Partners is also considered a ministry (serving the needs of others) to many agents and customers. There has been an overabundance of customers and agents breaking through various hardships and setbacks, bouncing back to victory with the help of the brokerage. For example, some agents did not sell one house at their former brokerage, and after coming on board with Elite, they become top producers selling millions in real estate.

“Some agents come through the doors timid and withdrawn, then evolve into bold and assertive real estate warriors. It is beyond amazing to witness,” she says.

As the head of the largest Black woman-owned brokerage firm in her area, Williams remains humble, grateful, and thankful to the Lord for being chosen and entrusted with such a huge role. Her mission is to change the narrative and diversify the faces in real estate throughout the Miami/Fort Lauderdale area. She and her team are always ready to do the work and reap the rewards that lie in the days ahead.

Many young people across the country have dreams of becoming their own boss and creating their own business. One young Philadelphian has already started a business at the tender age of 11, running his own car detailing and cleaning service.

Jabre Dutton is the owner of Jabre’s Car Cleaning Service, servicing locals in his community. Dutton was able to start the business after earning $20 from cleaning a family friend’s car. With his mother Sabrina Dutton’s encouragement, he slowly began to build his business, creating flyers and handing them out to residents around the neighborhood to gain new clients. Now, Jabre says he has a steady business flow and enjoys hearing his customers rave reviews on his services.

“My favorite part about doing this job is getting my customers’ reactions out of it,” Dutton said in an interview with Germantown InfoHub. “When it’s done, when you look at it, they look so happy. I get really excited because they’re excited.” Dutton often shares their reactions and positive affirmations on his Instagram page.

Dutton’s mom says running a business has given him many valuable lessons, including how to be more financially responsible and the inner workings of running a successful operation. “So it’s kind of like slowly trying to get him into understanding money and responsibility,” she said. “So with every car, I tell them a percentage goes to savings, a percentage goes into his pockets, and another percentage goes to his supplies.”

Dutton went on to say he plans on use some of his savings to get an iPhone as he prepares for school. “I never had an iPhone and I’ve always wanted a phone.”

He continued: “But when my mom taught me about financial savings I was like, I should be really considerate about our money. So the money that I keep is going to be raised for that iPhone and the money in my savings before anything else.”

Jerome Myers left his corporate job after being forced to lay off over 100 employees within two years. Now, Myers is helping thousands of people gain freedom through real estate. He’s been featured on numerous podcasts and has been a speaker at conferences all over the United States.

“A lot of people are putting money into their 401k. But that money is locked away until you’re in your 60s,” says Myers in an exclusive interview. “What if you can do something that turns on cash flow now and will allow you to get your freedom earlier?”

After leaving his corporate job in 2016, Myers built a portfolio of six multifamily properties. Now, he’s adding a 120-unit property in Greensboro to his multimillion-dollar real estate portfolio.

“Your dream can be real,” says Myers. “You just have to be willing to do the work.”

How It All Started

At age 5, Myers thought he had his dream job figured out. “I want to be a trash man,” Myers shared with his mom. He admired the freedom and flexibility that his neighbor enjoyed. Unlike his military-based father whom he rarely saw until dinnertime, his neighbor was able to be home with his kids after they came home from school. But his mom quickly shifted his dreams in a different direction. “You need a job that will pay for the lifestyle you wanted to live,” she informed him. 

Myers decided to pursue a career in civil engineering and was able to break the six-figure mark by the age of 26. He was even hired to build a $20M division of a Fortune 500 company that turned out to be very successful. But he already knew that working in corporate America was not his long-term game plan. After realizing that the owner of his apartment complex was making over $700,000 a year, Myers knew which path he wanted to pursue. There was one problem: Myers didn’t have any connections or education in multifamily real estate investing.

From Fix and Flip to Multifamily Real Estate Investor

Myers started lending money to people who were doing real estate projects while he was in corporate America. As he became more educated about the business of real estate, he starting doing fix and flips. Soon, he found a partner who was able to help him build a multifamily real estate portfolio.

“Every investor is overcoming four challenges no matter where they are in their journey,” says Myers. “The first one is knowledge. The second one is deal flow. The third is experience. The fourth is capital.”

Myers adds, “A lot of people go to capital first and say they can’t do real estate because they don’t have any money. Having zero dollars is not a winning recipe for doing real estate. But you don’t need to have all the money to do real estate. The first step you should take is to get educated.”

A Conference That Delivers Results

Myers didn’t have access to real estate mentors when he was growing up. That’s why he’s making sure others have a better chance to get their foot in the door.

Myers leads The Myers Development Group, LLC and host conferences to help new and experienced real estate investors. “People can see practical examples of people who look like them,” says Myers as he shares his motivation behind the conference. “It’s not about having a bunch of people brag about how big their portfolios are and how many doors they have. It’s about giving people the stories on how others got from where they were to where they are now so they can follow the process.”

Myers also sees real estate investing as a way to close the wealth gap. “If you look at all wealthy families, even if they create their money through businesses, they put their money in real estate. It’s the most tax-advantaged investment you can make. Taxes is one of the things that take away the majority of our wealth. If you’re getting all your money from a W-2, there’s no way around that.”

Philip Udeh was born with sickle cell disease. Due to his condition, Udeh endured a painful crisis during his childhood. While in college, he suffered a life-threatening kidney failure but luck was on his side as he made a full recovery.

Having gone through this tumultuous experience through childhood to adulthood, Udeh set out to find solutions for his condition. He started researching into ways he can improve his health condition and implemented a plant-based diet, nutritional herbs, and physical activities including yoga and tai chi, according to Forbes.

His breakthrough came when he made smoothies using natural ingredients such as Ginseng, Ashwagandha (also known as Indian ginseng), and Spirulina. He gave what he had made to a few friends to try. Based on their feedback, Udeh realized his mixture had a positive influence on their health.

That was how Udeh founded Füd Vitamin Energy to help people born with sickle cell anemia get on with their lives. He then took steps to formalize his product to ensure that the formula for his product was right and meet all the legal requirements. He established contact with a food technologist and they worked together on creating a product that could be brought to market.

He also solicited the assistance of some freelancers to help in the branding of the product. “Whilst things were moving along I realized to make it work and take it to the next level it needed an injection of capital and to go full time,” Udeh told Forbes.

To get funding to scale up the production of his business, he applied for an accelerator program but his application was dismissed. Many entrepreneurs would have given up at this stage but Udeh persisted and through networking, he met an angel investor.

After receiving funding in 2018, he started producing Füd drinks in scalable quantities for sale in corporate markets and college campuses. He later secured a distribution deal with national retailer Sainsbury in May 2019.

He subsequently received an offer from entrepreneur Peter Jones at Great Britain‘s version of Shark Tank but he declined the offer. Udeh chose the route of using crowdfunding to raise funds from his loyal customers. He was successful with the crowdfunding and channeled the funds into a reformulation and sleek rebrand.

The rebranding has helped the Füd Vitamin Energy drive up sales despite COVID-19 driving down sales of businesses and resulting in the collapse of Black-owned businesses.

Meanwhile, Udeh is starting another crowdfunding this month so as to allow more of his customers increase their stake in the company.

Apple announced Wednesday that it will invest $10 million with Harlem Capital as part of their racial equity and justice pledge.

“The unfinished work of racial justice and equality call us all to account,” Apple CEO Tom Cook shared on Twitter. “Things must change, and Apple’s committed to being a force for that change.”

The investment is part of Apple’s $100 million racial equality and justice initiative announced last June. The program will be led by Apple VP Lisa Jackson.

“The initiative will challenge the systemic barriers to opportunity and dignity that exists for communities of color and particularly for the black community,” Apple CEO Tim Cook shared in a video.

Supporting Harlem Capital’s Vision

Apple’s $10 million investment in Harlem Capital will support investments in 1,000 companies with diverse entrepreneurs over the next two decades.

“Ever since I got my first iPod in middle school, I have been an avid Apple fan,” Managing Partner Henri Pierre-Jacques posted on LinkedIn. “To have Harlem Capital and Apple partner is truly a dream come true.”

Harlem Capital, a New York-based venture capital firm, will provide capital to entrepreneurs of color. The firm will also play an instrumental role in helping Apple achieve its broader economic advancement goals in under-resourced communities. Harlem Capital will serve as mentors in Apple’s first Detroit Developer Academy — a program designed to empower young Black entrepreneurs will the skills needed to be proficient in the iOS app economy.

In addition, Harlem Capital will provide support to participants in Apple’s Entrepreneur Camp. This week-long program offers lab sessions, one-on-one expert guidance, and insights from top Apple leaders. At the conclusion of the program, participants join a global network of other leaders.

Furthermore, Apple plans to support Harlem Capital’s internship program. This competitive internship opportunity has attracted thousands of applicants and provided experiences to over 50 interns.

It All Started With A Passion

Founded in 2015, Harlem Capital is a venture capital firm on a mission to change the face of entrepreneurship. The company started with Managing Partners Henri Pierre-Jacques and Jarrid Tingle. The two met as participants in the Management Leadership for Tomorrow career program founded by John Rice.

Once they discovered a shared passion for investing, the two men connected with other friends and formed Harlem Capital in Tingle’s living room. Brandon Bryant and John Henry are also part of the dream team. Now, the venture capital firm is on track to help a new generation of entrepreneurs create change.

“Never underestimate the power of words and visualizing,” Pierre-Jacques shared on LinkedIn.

Kevin John recalls when he was young, his mother used her entire savings, $800, to buy Pontiac Sunbird. The joy of buying a vehicle lasted for only a week as it started having thermostat issues and the head gasket blew.

“We were left on the side of the road, and I remember the sadness and the disappointment in her face vividly. I felt her pain,” tells John.

Now 38 years old, John doesn’t want anyone to go through the traumatic experience that his family, particularly his mother, went through. He also doesn’t want anyone to become a victim of disingenuous car dealers who deliberately sell faulty cars to unsuspecting customers.

In February 2020, he launched his own auto company called Vendu Auto Group in Charlotte, North Carolina, to sell cars. According to Black Business, John is very honest about the type of cars he sells as he doesn’t want to put anyone through the traumatic experience his mom went through. 

John started his company by taking some seed money. He then found a lot, applied for a dealership license, bought some cars, and started re-selling cars. He encountered some setbacks but has still managed to triumph.

“I myself have had had plenty of setbacks and bumps in the road, including a bankruptcy now a decade in the rearview. I’ve made my share of poor choices, but the future looks bright and I don’t spend much time looking back. I haven’t had anything handed to me.”

Besides his car dealership, he has other businesses including two tech companies and a real estate company. Those two businesses were motivated by his grandparents, especially his grandfather, Little Willie John, who was a well-known Black entertainer in the 1960s.

John’s Vendu Auto Group “employs new and innovative technology built into solid, traditional methodology and it’s core principles – Value to Every Customer,” its website says.

Finding an attorney to represent you in court can sometimes be hectic and costly, particularly among small business owners, where many cannot afford legal services. An estimated 80 percent of small businesses in Africa cannot afford a lawyer.

To break the barrier, a group of Zimbabwean entrepreneurs have created online legal services that allow you to get instant legal assistance from dozens of lawyers at a reduced rate through low cost add-on legal protection insurance products which are delivered and marketed through established insurance companies. LawBasket provides a new way of financing and delivering legal value to small businesses in Africa.

LawBasket also works with co-working spaces, tech accelerators and hubs across Africa to deliver free in-person and online law clinics using a network of lawyers who deliver practical legal content to help startups grow, it says on its website. Through its lawyer-on-demand platform, LawBasket also enables small businesses and startups to hire lawyers at a predictable price when they need them.

The company was founded in December 2018 by a group of entrepreneurs who had previously run Lexware Inc, a local tech company. The founding team has two lawyers, each with four years of experience in top Zimbabwean law firms, a finance person and a software engineer.

“LawBasket presents a credible alternative to traditional law firms, providing solutions to getting legal help for the ever-increasing crusade of small businesses and start-ups in Africa,” co-founder Nyasha Makamba told NewsDay. “Through LawBasket payments, the company also declutters the process of creating and managing bills for lawyers, as well as provide a simple portal to process multi-jurisdictional payments for legal services.”

Although LawBasket originally started in Zimbabwe, it is also available in 15 other African countries. In fact, the majority of the lawyers on the platform are from Nigeria, a development Makamba finds exciting. On its websites, LawBasket says its lawyers have expertise in areas like intellectual property, motor vehicle accidents and real estate.

“What we are doing is to create a virtual law firm which anyone can access from anywhere in the world through one platform,” the founders told Tech In Africa. “It’s a business that is exciting to scale, and our journey so far has shown that we can scale the business.”

The growth of the company has been organic, Makamba said in a 2019 interview, adding that they were exploring the option of further expanding their footprint though they would need some funding. “We have been talking to organizations across Africa and in the US, and we are confident that we will raise the funding we need to this on a larger and profitable scale,” Makamba told Tech In Africa.

The cigar industry has traditionally been dominated by men, specifically White men. The sector has seen little participation of women. However, two Cuban sisters are changing the narrative on the participation of women in the sector.

The twin Cuban sisters, Yvonne and Yvette Rodriguez, founded their cigar line called Tres Lindas Cubanas Cigars in 2014, making them owners of Miami’s first Afro-Cuban, woman-owned cigar company in the United States. They have straddled between African-American and Cuban culture since their childhood.

Born to a Cuban mother and Black Cuban father, the twin sisters grew up around their cigar-smoking grandmother, according to Miami New Times. Their signature Cigar includes “La Clarita” — which means fair-skinned — and is light-medium bodied; “La Mulata,” which means mixed black/white as is medium-full; and “La Negrita”, which means black, their strongest, full-bodied cigar.

Making cigars was not the first career path of the two sisters. After obtaining their degrees in journalism from the University of Florida, they parted ways in Miami. While Yvette took a job reporting for Channel 7, Yvonne began producing and editing programming for Telemundo. Yvette would later leave Channel 7 to create a PR firm while her boisterous twin sister continued her work with Telemundo.

The idea to go into cigar making occurred to Yvonne in a daydream. She then pitched the idea with Yvette, who found the idea intriguing. On a vacation in Costa Rica, Yvette met a Miami Cuban who owned a tobacco farm in Nicaragua.

By 2014, Yvonne and Yvette started creating their own cigar brand. “As women in a male-driven industry, it was more of a shock to the men when we would walk into a cigar shop,” Yvette told the Miami New Times. “I embrace the shock.”

Their business has since grown steadily. Their cigar brands, which have become quite popular among the Black community in Atlanta, are now sold in major shops in cities such as Chicago, Baltimore, Atlanta, among others.

Their journey in the cigar industry has not been smooth sailing. To date, some shop owners and colleagues try to discourage them. Their male counterparts even go to the extent of asking them whether they know what’s in their own cigars.

“Even to this day, they don’t think we smoke cigars, so imagine I’m trying to sell it,” Yvonne said. “We were starting not even at level zero; we were starting at level negative-five.”

Ayanna Williams-Jones is a serial entrepreneur who is making moves in Detroit despite the global pandemic.

The mother of six children is the owner of a nail salon, podcast host, and business consultant. Soon, she’ll be releasing her new book, Detroit Madam, under her own publishing company. 

“My children are the reason I do everything that I do,” Williams-Jones told serial podcaster Tracy Hazzard during an interview. “It’s all for them to have generational wealth.”

After Williams-Jones noticed the lack of Black-owned nail salons in Detroit, she decided to take matters into her own hands.

“I just got tired of going to places where I felt like my dollar wasn’t appreciated and it wasn’t put back into the community,” Williams-Jones told the Detroit Free Press. “I didn’t see a lot of us (Black people) being hired in those places.”

She adds, “I just felt like a lot of people would prefer to come to us but the professionalism sometimes isn’t there, so I wanted to show that we can do it.”

Opened in August 2015, Pedicure and Shoes 2 Go is a one-of-a-kind salon that provides individuals with the best of two words: pedicures and shoes. This unique spa and shopping experience has garnered funding from Invest Detroit, Motor City Match, Detroit Development Fund, and Detroit Micro-enterprise Fund. The spa specializes in massages, waxing, facials, and nails. Individuals from all over the country have enjoyed the pampering and shopping, including celebrities ranging from Faith Evans to Katy Perry, according to the Michigan Chronicle.

Williams-Jones has a hustler mentality that stems from her childhood experiences. Since her mother and father were separated, she frequently traveled back and forth between Detroit and New York to keep in contact with family. While in Harlem with her father, she often witnessed him purchasing clothes to sell on the streets of Harlem. Soon, she started hustling with her father and learned the importance of taking action on the journey to your dreams.

Williams-Jones was ready to walk the path of entrepreneurship at an early age. Before turning 18, she participated in a nail technician certification program. Being the daughter of two cosmetologists fueled her desire in the beauty industry. But her ambitions didn’t stop there. At the age of 18, she started her own Entertainment company and managed that for about ten years before transitioning into real estate.

When the 2008 recession hit, she made a leap into the corporate world after working in real estate for fifteen years. But her vision of being in the beauty industry didn’t go away. In 2011, she developed the idea for a day spa. A few years later, she was able to get the momentum she needed to accelerate her vision. The community support she received took her from a struggling startup to becoming one of Detroit’s rising businesses.

But 2020 brought another shift. Pedicure & Shoes 2 Go was one of the many businesses impacted by the pandemic. Williams-Jones was forced to shutdown parts of her business and turn down repeated service requests from loyal customers.

Fortunately, her leased ended and she was able to move into a new, conveniently-located space on Jefferson shortly after.

Customers were thrilled to return to Pedicure & Shoes 2 Go and experience the new location. Marcyl Pesti has been enjoying the services at Pedicure & Shoes 2 Go for about a year.  During an interview with the Detroit Free Press, Pesti mentioned the impact of having a black-owned nail salon in her reach. “To see another Black woman who came from the hood and is able to join the professional world and still be her — I love it,” Pesti said. “Representation matters.”

Williams-Jones plans to expand her Pedicure & Shoes 2 Go to other locations. She’s working with her business partner to provide this community need.

Intending to inspire and help capitalize future Black entrepreneurs and innovators, the popular soda brand Mountain Dew is launching a $1 million ideas pitch competition.

Gaining access to capital remains is one of the biggest challenges for Black Americans wanting to start or expand a business. So the contest’s timing is perhaps fitting for those individuals and others.

Called the MTN DEW Real Change Opportunity Fund, the contest is an ideas pitch competition offering the $1 million prize pool annually with an expected initial commitment of five years. Mountain Dew just announced it is teaming with Howard University, Hampton University and other Historically Black Colleges and Universities (HBCUs) linked with its parent company PepsiCo.

The contest comes after PepsiCo announced, in June, its plans to invest over $400 million in the next five years to uplift Black communities across America. The contest is separate from that pledge.

The Real Change Ideas Pitch Competition will offer students and recent alumni of Howard, Hampton and other HBCUs a chance to win cash. The Top 10 finalists will compete for a piece of the $1 million prize pool, with their respective schools also getting an award fund.

The competition will provide resources, programming and funding to future Black Entrepreneurs. The goal is to encourage and empower HBCU students to go out and “Do,” meaning convert their ideas into real action. Those interested in applying and getting more entry details can go here.

A  panel of experienced “Doers,” including seasoned entrepreneurs, will pick the top 50 applicants. Those applicants will be invited to a round of virtual pitches with an all-star panel beginning January 18, 2021. Ten finalists will emerge and can pitch their ideas in front of a Real Change panel. The 10 finalists will compete during a virtually streamed finale in February 2021.

Mountain Dew is partnering with media powerhouses, including BET, Blavity, iHeartMedia and ViacomCBS to highlight the journeys of the finalists and their paths to the ideas pitch finale. Mountain Dew will select the winners and the schools will not be involved in that process.

The two American businessmen linked up together decades ago in the cable business when Malone made a $500,000 investment to help Johnson launch Black Entertainment Television (BET).Johnson sold BET to Viacom for $3 billion and later started RLJ Cos., a portfolio of businesses that include the Retirement Clearinghouse L.L.C. (RCH). Citing a “meeting of like minds,” Malone and Johnson announced that Malone has purchased a minority stake in RCH.

“I invested alongside Bob when he launched Black Entertainment Television. When Bob approached me to talk about his work with 401(k) auto portability, I recognized an opportunity to extend that work into practical ways to achieve inclusive capitalism,” Malone stated.

Malone is board chair of Liberty Media Corp., which owns interests in a broad range of media, communications, and entertainment businesses, according to its website.

The news comes after it was announced in July that the Retirement Clearinghouse Auto Portability program is now live for 401(k) record-keeping for large companies. Alight Solutions will lead the national launch of the program. The plan makes it easier for American workers to move 401(k) assets from one employer plan to another. That helps reduce premature cash-outs, preserve retirement savings, and improve financial well-being, according to a news release. Auto portability protects retirement savings for employees most vulnerable to cashing out, particularly Black and Hispanic workers.

A 401(k) record keeper, Alight Solutions will offer auto portability to its client base of 185 defined contribution plan sponsors serving nearly 5 million employees by late this year. Workers changing jobs cash out their 401(k) plans and pay taxes and penalties totaling $92 billion annually, reports the nonpartisan Employee Benefit Research Institute.

Johnson, founder and chairman of the RLJ Cos., and majority owner of Retirement Clearinghouse, has been a leading proponent of closing the wealth gap between Blacks and whites, using auto portability as one of the ways to achieve that. He told Black Enterprise in July that if the large 401(k) record keepers, including the likes of Vanguard and Fidelity, would embrace auto portability, it would generate $191 billion in retirement savings for 20 million Black workers over a generation.

He commented on Malone’s new investment in the news release.

“I am pleased to be working with John again to level the economic playing field for minorities. With auto portability on the cusp of mainstream adoption, our nation has a promising opportunity to finally close the retirement-savings gap for Blacks and other minorities. John and I have a long history of taking on big challenges, as we did with the founding of Black Entertainment Television, the first Black-owned company publicly traded on the New York Stock Exchange. With his guidance, we can change the status quo and do our part to close the wealth gap for America’s minority communities.”