Historically Black Colleges and Universities that started out as institutions to teach Negroes how to be plumbers and house maids, became a haven for intellectuals of melanin to congregate in higher learning and self-pride. Although enrollment into HBCUs have been struggling in recent years, they generate $14.8 billion in economic impact annually. The return on your investment in HBCUs doesn’t have to be just education equity, but actual money by backing startup founders at these schools.
Why This Matters: In 2017, there were 102 HBCUs in 19 states, DC and the Virgin Islands. The total revenue for that year was $8.3 billion, with $1.9 billion from student tuition and fees. In 2018 Kamala Harris and Doug Jones put effort into increasing the federal funding by 14 percent going from $63.3 million to $72.3 million for HBCUs specifically. With the increased support, HBCUs may compete in the higher education market through the creation of school run incubators, following in the footsteps of Harvard, Columbia and other well-established institutions.
In 2017, there were 102 HBCUs in 19 states and the total revenue for that year was $8.3 billion
According to the International Business Innovation Association, there are approximately 7,000 business incubators and accelerators globally and the angel investment of up and coming companies could potentially have a 30 to 40 percent return. By acting as a financial foundation for the educational institutions that support the black community, you are simultaneously elevating the potential wealth of future generations, while personally building individual growth for yourself. More Black students are becoming risk-takers, building companies from scratch while in school.
Situational Awareness: There are no guarantees in the performance of a business, but 15 million U.S. Americans are self-employed full time taking an average short term business loan of $20k. Alleviating the strain of a business loan for an enthusiastic innovator can help bring more progression in the advancement of humanity, but especially the elevation of the black community through capital collective strength and generational wealth, while potentially putting money in your pocket.
CBx Vibe: “School Spirit” Kanye West
This article was written by the Majella Mark for CultureBanx. Read the original.
