Editorial Note: Opinions and thoughts are the author’s own and not those of AFROTECH™. When one thinks about interest rates, the first thing that comes to mind could be credit cards, car loans, and mortgages, but did you know that they also have materially shaped the tech industry over the past 20 years? That’s because the federal interest rate that the Federal Reserve Board sets also informs the industry on whether money will be cheap or expensive, and that changes the way the industry seeks to operate. Below, we will touch on all of the players impacted by the increases and decreases in the federal interest rates. The startup ecosystem players that are affected in different ways by lower or higher interest rates are limited partners, venture capital firms, founders, and employees. The first one is limited partners, or LPs as they are called in the industry. LPs are the institutions or people that invest in venture capital firms. Examples of institutional LPs can be pension funds...

Venus Williams is offering a new way to plan decorating your home. Fast Company reports that the tennis champion has co-founded Palazzo, an artificial intelligence (AI) startup for interior home design. The company comes after Williams founded V Starr, her interior design firm, in 2002. View this post on Instagram A post shared by Venus Williams (@venuswilliams) Launched in beta, Palazzo aims “to be the first step in redesigning a room or starting a larger home renovation.” “We want to make design fun and easy,” Williams said, according to the outlet. “If you talk to anyone who says, ‘I’ve just gone through a renovation,’ they’ve about had a heart attack. We don’t want that. We want people to be able to see [the design], feel confident about it, and have fun with it.” She added, “Our vision is to create a space where everything home is in one place.” Alongside Williams are co-founders Raffi Holzer, CEO of Avvir, and Edward Lando, founder of Pareto Holdings. The way Palazzo works,...

In the evolving business and technology landscape, innovation is a major marker of progress. However, ideas are often obstructed by hurdles that challenge the expansion of creativity. As organizations strive to pioneer new horizons, they frequently grapple with a phenomenon known as the “innovation stall.” Innovation stalls occur when the regular flow of creative ideas within an organization temporarily slows down or halts. This can result from factors like resistance to change, cultural issues, or resource constraints. Amidst these challenges , navigating the delicate balance between tradition and transformation becomes a crucial endeavor for organizations aiming to redefine the boundaries of what’s possible. What Is The Biggest Blocker To Innovation? Understanding the obstacles to innovation is pivotal for crafting effective strategies . Among the blockers, a prevalent one is resistance to change entrenched within organizational culture. Embracing innovation requires a fundamental...

In the world of recruiting , the term “purple squirrel” isn’t a wildlife reference but a metaphorical expression for an exceptionally rare and uniquely qualified candidate . Imagine finding an individual with the precise set of skills, experience, and qualifications sought by an employer – it’s as challenging as spotting a purple squirrel in the wild. When recruiters use the term “purple squirrel,” they’re emphasizing the extraordinary nature of the sought-after candidate. This goes beyond a standard job applicant; it refers to someone who meets job qualifications and possesses additional, often exceptional, attributes that make them a perfect fit for the role. What Is The Purple Squirrel Theory? The purple squirrel theory challenges traditional hiring norms by suggesting that organizations may set overly stringent criteria for their ideal candidate. This theory encourages employers to reconsider expectations and focus on essential skills, fostering a more realistic and efficient...

A maternal health platform geared toward Black mothers has received funding to drive progress in its sector. According to The Brown Daily Herald, Birth By Us, co-founded in 2021 by UC Berkeley alum Ijeoma Uche and MIT pre-med student Mercy Oladipo, obtained $40,000 in unrestricted funding due to being a recipient of the 2024 Westly Prize for Young Social Innovators. The award was created by The Westly Foundation, which provides “funding opportunities that advance education, improve healthcare access, and support the growth and well-being of our children,” its website mentions. Additionally, the fund amplifies the efforts of social innovators such as Uche and Oladipo. “I personally felt so supported in a way I haven’t felt in a very long time. It’s harder to get the funding it needs to progress as fast as other companies,” Uche told The Brown Daily Herald. Uche and Oladipo are now backed in their initial calling to ensure Black women can receive better maternal health outcomes as...

When Erika Hairston and Arnelle Ansong came up with the idea for Edlyft, the duo set out to be a conduit for more Black students who aspire to become engineers — just as they once were.

Getting into the tech business is becoming more appealing with every success story we come across. Technology is the future and it will only continue to be that way as it evolves. Common folk with an idea and a dream are taking their unique tech startup ideas and turning them into a profitable business . It can truly happen for anyone willing to put in the work and pursue it with the right amount of determination. However, it is first essential to have a promising idea. Tech startups can operate across various industries, from healthcare and finance to education and entertainment, aiming to disrupt traditional models, improve efficiency, or create entirely new experiences for consumers or businesses. These startups often seek to address a specific problem or need in the market using technology as a fundamental component of their solution. Good tech startup ideas do not need to be something a person is highly knowledgeable about or skilled in; the idea just needs to be original and...

Those seeking funding for their small business have the debt-free option of applying for startup business grants or small business grants. These grants are typically awarded by government entities, private organizations or corporations and, unlike loans , are not expected to be paid back. There are incentives for these companies and organizations to award these grants, as the new businesses could create economic growth or support a certain cause/research topic (like social or environmental) that one of these entities is interested in. These grants are highly competitive and have very specific requirements that must be met before they are awarded. Most likely, applicants will need to prepare by verifying the eligibility criteria, funding amount, application deadlines and any restrictions of a grant that their business aligns with. Also, ensuring the applicant’s business is specific enough to the grant’s requirements is very important . Doing so ensures the applicant has a better...

Now is the perfect time to begin planning to attend some of the many startup events already gearing up for 2024. These events can be a transformative opportunity for a growing business or an entrepreneur with an idea that has the potential to become something big. Startup events often bring together entrepreneurs, investors, industry experts, and innovators to discuss emerging trends, share knowledge, network, and showcase new ideas or products. These events typically feature keynote speeches, panel discussions, pitch competitions, workshops, and networking sessions. Registering early for 2024 events could be a smart financial investment , as many offer reduced prices for early commitments. This is especially true as many of these startup events are occurring in different cities worldwide. Below are some of the best startup events for those who want to take their business to the next level and make connections that will open doors to new opportunities and potential success. 1....

Surviving in the startup world means having a unique and original idea that is well-executed with the help of all available resources. This is not an easy feat. That being said, new technology like ChatGPT is making the planning and ideation stage of creating a startup a bit easier. ChatGPT is an AI chatbot with vast knowledge that can aid in developing startup ideas. However, it works best when provided with a specific prompt relevant to your goals. Before diving into detailed prompts, having a general idea of the technology space or problem you want to tackle is ideal. If you are still exploring potential tech startup concepts in general, you can begin by having ChatGPT generate a list of 10 varied technology startup ideas (or any number you specify). This gives you a starting point to choose a direction to refine further using more targeted prompts. Read on for examples of prompts you can enter into chat gpt to help generate your next tech startup idea. Problem-Solving ChatGPT...

For startups, securing funding is a fundamental yet challenging task- over 90% of startups fail to acquire enough capital to get off the ground. Fortunately, equity financing offers early-stage companies a compelling funding avenue. Equity funding works by selling ownership shares in exchange for investor capital, allocating a portion of the company’s equity to external backers. This structure allows ambitious startups to raise substantial financing without burdensome debt. The process involves several funding rounds like Series A, B, C, D, and E. These various rounds of financing that startups or companies go through are to raise capital from investors at different stages of their growth journey. Each round represents a stage of development, and the funding obtained in each round helps the company achieve specific objectives and milestones . Seed Funding Before Series A, B, C, D, and E funding, there is seed funding. Seed funding refers to the initial stage of capital funding for a...

Launching a business is no easy feat. For as much as social media gurus love to talk about how everyone should have a hustle or launch their own business, the reality is often far different. While coming up with an idea can be hard enough, the truth is that most businesses will fail long before they reach the five-year operation milestone. Real barriers like funding a startup business as one tries to shift it from a labor of love to a profitable venture make that grim statistic a reality. In the beginning, most business owners are entirely self-funded. And while this can give one a sense of accomplishment, it also means that there can be lean times. Eventually, startups are going to need a cash infusion which is where the business loans come in. Understanding The Basics Of Startup Business Loans While business loans might seem like mysterious products, they are not much different than any other kind of financial loan offering. Simply put, a financial institution fronts a business...

Isaac Hayes III’s Fanbase has reached a new funding milestone.

Access to resources is one of the most significant barriers to entry for Black entrepreneurs. Whether it is a lack of funding or a gap in training, Black business owners have often found it challenging to tap into the same level of success–at the same rate– as some of their racial counterparts. Northwestern Mutual , a leading financial services company which has been helping people and businesses achieve financial security for more than 160 years, acknowledges this systemic challenge and is committed to investment opportunities that will help reduce the racial wealth gap. One program the company has stood up, its Black Founder Accelerator program, furthers its commitment to championing diversity, equity and inclusion. Based on recent research, Black founders receive less than two percent of venture capital funds. Northwestern Mutual is stepping in and offering each eligible entrepreneur a $100,000 investment and inclusion in a 12-week intensive program. As part of the accelerator,...

Co-founders Benedict Owanga and Chinelo Adi are delivering clean energy solutions to Congo.