"As long as poverty, injustice and gross inequality persist in our world, none of us can truly rest" - Nelson Mandela.
" I am both impatient and disgusted by the fact that as a nation, we seem to be placated by the passive discussion of Why does this happen? Let's stop asking "why" and start asking What are we going to do? As one of the largest global companies, there is much we can do. We want to be part of meaningful, deliberate change and we will not allow ourselves the passivity of urging others to act. We are taking action.
" The stories are hard to hear—awful, awful stuff. And a lot of people that I sit at tables with in New York, don’t want to hear about it. They will only do the ballets of the world or the Metropolitan Museum of Art. Those things are great, but it’s hard for me to sit with these people—to look them in the eye and know those are the only things they are giving to. We can’t be too guarded and safe, behind our castles. The people with the deepest pockets often turn away from the hard things.
" What put my life on a different trajectory was that someone intervened to give me an opportunity to close that opportunity gap.
" Saying you’re working on diversity is not acceptable. You don’t work on anything in corporate America. You either do, or do not.
Bervann Black Momentum Program
Raises Initial $125K.
Now It's Time for
Corporate America
to Step in.
Class of 2021 Launches.
Our Company has put in the first $100K check. We now challenge 400 US companies to write a minimum of $25K check and help Fund the Black Momentum Program.
Black Momentum is a Social Entrepreneurial Program led by the Bervann Foundation, a registered 501(c)(3), tax exempt organization, to Mentor and Fund 50 Black Entrepreneurs from Historically Disadvantaged Communities. The selected candidates will benefit from:
1. Mentorship/Coaching from highly experienced leaders;
This will help them accelerate their personal and business growth.
2. Networking with successful investors and entrepreneurs;
This will provide them with strategic relationships.
3. A Financial grant of $150,000 to invest in their business.
This will allow them to start or boost their company.
Bervann Foundation aims to raise $10 million to fund the Black Momentum Program Class of 2021.
The foundation raised the first $100K from its parent company Bervann Capital and the first $25K from the general public at the launch of Black Momentum on June 27.
We now turn to Corporate America and are actively reaching out to US companies to Donate and Help fund the program.
It will take all of us coming together to get this project off the ground and alter the course of 50 Black Entrepreneurs who will affect Tangible Change in their communities and set the stage for an an ongoing self-sustaining initiative.
George Floyd's murder awoke all of us in so many different ways. We, as a nation, find ourselves facing our demons of the past. While several Black Activist organizations have done a tremendous job fighting for more social justice for Black communities, Racial Wealth Inequality remains one of the most critical underlying problems in America.
" Today, the average white family is worth $171,000 while the average black family has only $17,000.
Brookings Institution
The problem of racial inequality runs deep in America. It’s a systemic issue written deep in the history of this nation. The outcome of this embedded racism is a deep inequality of opportunity for African Americans in various aspects of life including education, employment, home ownership, entrepreneurship, etc.
Our chief concern is with addressing issues of economic inequality which are almost imposed upon black communities in America. Economic subjugation gives rise to a host of other societal maladies such as mass incarceration, broken families, drug addiction, which also affect black families disproportionately.
Only about 4% of working-age African Americans are employed by African American owned businesses as compared to 44% of working-age whites employed by white owned businesses.
Clearly, the economic subjugation is not endemic to the black condition in America. Rather, it has been intentionally imposed upon the African American community. Around the end of the 19th century, black entrepreneurs began to flourish in the Greenwood area of Tulsa, Oklahoma. So much so, that the area became known as Black Wall Street. The success of Black Wall Street was due to a few early entrepreneurs securing the land with the intention of helping other black entrepreneurs. In addition, due to the harsh Jim Crow laws of Oklahoma, capital stayed within the black community. It is likely that many more such pockets of successful black entrepreneurship would pop up all over the U.S. However, in 1921, the police incited mass violence in Greenwood aimed specifically at the success of the businesses in that area. Police and mobs of angry white rioters ransacked the area and murdered many people in what is known as the Tulsa Race Massacre.
Today, we find that while the economic situation of the African American community has somewhat improved there is still significant racial inequality. About 20% of African Americans live below the poverty line compared to about 9% of white Americans. The typical family wealth of African American families is about 10% of the typical family wealth of white American families ($17,000 vs. $171,000). African American business ownership creates about 1 million jobs as compared to white-owned businesses which create 55.9 million jobs.
Bervann Black Momentum Program
Class of 2021
Tariq Hussain
CEO
Bervann Capital
Tim Varner
Angel Investor
Serial Tech Entrepreneur
At Bervann, we believe that the most effective way to bring about true change to underlying social maladies is acknowledging and addressing economic inequality
We Appeal to your Generosity and Social Responsibility; We Seek your Support to Fund the Bervann Black Momentum Program and Help Reduce the Alarming Racial Wealth Gap in America.
The Bervann Foundation seeks to establish a “pay-it-forward” Charitable fund to revitalize African American entrepreneurship in the US. The Bervann Black Momentum Program (“BBMP”) comes at a time of major social strife in the U.S. due to race relations. And while there is a lot of positive takeaways from the recent events, including the likely reformation of policing in African American communities, there is still a sharp need for further economic growth. The charitable fund will provide Black Entrepreneurs with the 3 critical ingredients for economic success:
1. Mentorship/Coaching
2. Strategic Relationships
3. Capital.
For its first cohort, BBMP has a $10 million donation target.
The proceeds will be used to identify 50 black entrepreneurs across the country who have promising business ideas or endeavors and who have shown tremendous entrepreneurial spirit. The selection process will emphasize companies that will create jobs locally. Further, BBMP will favor entrepreneurs whose business plan aims to make a positive social impact on their communities.
The foundation raised the first $100K from its parent company Bervann Capital and the first $25K from the general public at the launch of Black Momentum of June 27.
We now turn to Corporate America and are actively reaching out to US companies to Donate and Help fund the program.
It will take all of us coming together to get this project off the ground and alter the course of 50 Black Entrepreneurs who will affect Tangible Change in their communities and set the stage for an an ongoing self-sustaining initiative.
Corporate America Pledges to Support Black Communities.
Bank of America announced a $1 billion, four-year commitment to strengthen economic opportunities in communities of color.
CVS Health has announced a nearly $600 million investment to address racial inequality as part of their commitment to use their influence to be a force for good in local communities.
PepsiCo announced a five-year, $400 million initiative that includes the goal of increasing Black managerial representation by 30% and more than doubling business with Black-owned suppliers.
PayPal is committing $530 million to supporting Black-owned and minority-owned businesses in the U.S., as well as bolstering its internal diversity and inclusion practices.
Comcast has dedicated $100 million over three years toward diversity and inclusion efforts, including grants to and partnerships with civil rights organizations, accelerated D&I hiring and training practices, and an enhanced focus on Black creators and issues of racial inequity across its media platforms.
Michael Jordan and his company, Jordan Brand, will donate $100 million to social organizations dedicated to ensuring racial equality, social justice, and greater access to education for black communities.
Netflix announced on June 30th that the company would start putting ($100 million), 2% of its cash holdings into financial institutions and organizations to “directly support Black communities in the U.S.” Their initial investment will include $25 million specifically to invest in black financial institutions serving low income communities.
Nike commits $40 million during the next four years to support the black community and fight racial injustice after the death of George Floyd.
General Motors is designating $10 million to support organizations that promote inclusion and racial justice.
Bervann Black
Momentum Program
Class of 2021
Develop and Cultivate 50 Black Entrepreneurs from Historically Disadvantaged Communities.
Remote Program
Due to Covid-19 concerns, the program will be help virtually.
The program will be goal-oriented and prioritize giving founders time to build their businesses. Meetings will be kept to a minimum.
Organizing Objective and Execution-Focused
Each company in the cohort will determine their top objective for their time in the program during the first few meetings with their assigned mentors/coaches. The company will be challenged day in and day out to execute against this objective. This objective, if accomplished, should generate a strong pitch story for Demo Day.
Smaller milestones toward this governing objective will be established on a weekly or biweekly basis depending on the type of company.
Each company will have a daily stand-up with an assigned mentor.
Cohort Subgroups
Each company will be assigned to a group of similar or adjacent companies. Ideally, subgroups would be 5-7 companies in size. Each group will have at least one mentor assigned to it.
Activities
AMA Style Fireside Chat - Each week BBMP will feature one entrepreneur in a fireside chat. This conversation will be strictly off the record.
Bi-weekly Subgroups All In - a standing meeting every other week that brings all the groups together to discuss common issues they’re experiencing.
Office Hours - Each week, office hours with domain experts will be made available to the subgroups.
Demo Day
The program will include a final sprint of deck preparation and conclude with an in-person Demo Day in New York City where entrepreneurs will present their updated offerings to an array of investors of the Bervann' ecosystem. The Founders will then have the opportunity to raise additional capital and grow their business.
Staff
The program will be staffed by three people from historically disadvantaged communities. The first recruit will serve as CEO and participate in hiring the remaining staff.
Board
The board will consist of five to seven members including the highest donor of the program, 3 members of the Bervann Corporate Team and 3 African American Figures including the program's CEO.
Grant Structure
Each company will receive $100k upon entry into the program. Companies will be eligible for an additional $50K grant or investment (depending on circumstance and legal structure - some companies may prefer investment capital at end of the program because they will officially be starting their raise) at the conclusion of the program.
Pay It Forward
Companies will donate a small percentage of their shares to the Foundation. The Charity will commit 50% of the return on these shares to investments in future Cohorts. The other 50% will be used to compensate staff and support the program's ongoing expenses.
Requirements
The majority of the company's founders must come from historically disadvantaged backgrounds; The company must register as a Delaware C-Corp.
Tina Byles Williams
CEO & CIO
Xponance, Inc.
" When I founded FIS Group 20 years ago, I saw an opportunity to make an impact for investors, managers, and my community. Our longevity and success can be attributed to our being innovative and forward thinking and believing that diverse, entrepreneurial firms are just as highly skilled and qualified and have the ability to achieve alpha. In addition to making money for our clients, through our $10+ billion AUM at Xponance, Inc we’ve seeded 77% of 53 funded x U.S. products. That’s 40 funds of which 49% were minority-owned, 20% were women owned firms. Minorities comprise 67% and 61% of our total and investment professionals, respectively.
Bervann Black Momentum Program, Class of 2021
Applications Open August 31, 2020
August 1 - November 30, 2020
Fundraising
Individual and Corporate Donations accepted through November 30, 2020.
August 31 - October 31, 2020
Applications
All applications should be submitted through this website.
November 1 - 15, 2020
Interviews
Preselected candidates will be invited for interviews. All interviews will be conducted virtually.
November 24, 2020
Final
Approved
Candidates
Candidates will receive Final decisions on their applications.
January 5, 2021
Cohort Announced
Bervann will announce the first cohort accepted into the program.
February 15 - May 5, 2021
Program Launches
Bervann Black Momentum Program Class of 2021
will Kick off Virtually.
June 1, 2021
Black Momentum
DEMO DAY
June 1, 2021 100-year anniversary of Tulsa Massacre.
An historic opportunity to Correct a century wrong.
The cohort will present their businesses and pitches to investors of the Bervann's ecosystem.
June 2 and 3, 2021
Demo Day
Follow-up Meetings
Scheduled One-on-One follow-up meetings between Entrepreneurs and investors.
Black Entrepreneurs Speak Out.
Don't stay on the sidelines.
DO YOUR PART.
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