Entrepreneurship ACT-SO Master Class

NAACP Convention 2015Brandon Andrews and Joshua DuBois

• Recipient of the 2014 Emmy Award for Outstanding Structured Reality Program

• Regularly the #1 show on Friday nights.• In 6 seasons, over $50 million has been

invested in innovative companies.• Led by Joshua and Brandon, in 2015, Values

Partnerships has organized Shark Tank casting calls around the country focused on bringing more diverse ideas and voices to the show.

• Casting events have been held in NYC, DC, Detroit, Atlanta, and Philadelphia.

Entrepreneurship?

“a person who organizes and manages any

enterprise, especially a business, usually with

considerable initiative and risk.”

How do Entrepreneurs Impact our Lives?

Maci PetersonOn Second Thought

The 1st messaging app that lets you UNDO text/SMS messages BEFORE they get to the other person's phone.

Lewis LatimerThe Carbon Filament For The Light Bulb.

Thomas Edison invented the electric lightbulb, but Latimer helped make it a common feature in American households.

In 1881 he received a patent for inventing a method of producing carbon filaments, which made the bulbs longer-lasting, more efficient and cheaper.

Innovation in and of itself does not always make a successful business or spark significant change. Mr. Latimer’s breakthrough made the lightbulb accessible.

Tristan WalkerWalker & Co.

Walker & Co. aims to be the "Procter & Gamble for people of color." It exists to create health and beauty products for minorities, solving problems overlooked by the reigning consumer-goods giants.

Frederick M. JonesMobile Refrigeration

His invention allowed the transportation of perishable foods such as produce and meats, which changed eating habits across the country. Thermo King, the company he co-founded, became a leading manufacturer of refrigerated transportation.

Granville T. WoodsThe Multiplex Telegraph.

The Multiplex Telegraph was a device that sent messages between train stations and moving trains. His work assured a safer and better public transportation system for the cities of the United States.

Mikaila UlmerBeSweet Lemonade

Founded by 10 year old Mikaila Ulmer after she was stung by bees. Lemonade with flaxseed and honey. Portion of profit goes to organizations fighting to protect honey bees.

Dr. DreBeats Electronics / Beats Music

Founded in 2006 by Dr. Dre and Jimmy Iovine. Creates world-class consumer headphones, earphones, and speakers.

Acquired by Apple, Inc. for $3 billion, including $2.6 billion cash up front and approximately $400 million in stock.

James WestThe Electroacoustic Transducer Electret Microphone.

Without James West, rappers like Dr. Dre wouldn’t be able to rock the mic. Mr. West and Gerhard M. Sessler helped develop the electroacoustic transducer electret microphone. They received a patent in 1962. Ninety percent of microphones in use today — including those in telephones, tape recorders and camcorders — are based on their original design.

Gerald LawsonThe Modern Home-Video Gaming Console.

He created the first home video-game system that used interchangeable cartridges. This breakthrough offered gamers a chance to play more than one game on one gaming console.

Entrepreneurs Solve Problems

“a person who organizes and manages any

enterprise, especially a business, usually with

considerable initiative and risk.”

Intrapreneurship

an employee of a large corporation who is given

freedom and financial support to create new

products, services, systems, etc., and does not have to

follow the corporation's usual routines or protocols.

Social Entrepreneurship

“A person who pursues an innovative idea with the

potential to solve a community problem. These individuals are willing to take on the risk and

effort to create positive changes in society through

their initiatives.”

Rahama WrightShea Yeleen

A social enterprise that includes a 501(c)(3) nonprofit and a commercial entity that sells "high-quality, unrefined shea butter products." The mission of the organization is "to promote sustainable economic development in rural sub-Saharan Africa, empower and train women-owned shea butter cooperatives, and educate consumers in the U.S. about natural beauty care products and fair trade.

PITCHES

Entrepreneurship in America

• Since the late 70s the entrepreneurship rate in America has steadily declined. • During the “Great Recession” the number of businesses closing

surpassed the number of businesses opening. • Without entrepreneurship, large economies become stagnant with

large amounts of value being held by larger/wealthier/older businesses. • Economic dynamism is necessary for a healthy economy.

Black Entrepreneurship

• There are about 2 million black owned businesses in the United States. • Prior to the “Great Recession” (2002-2007) the number of black

businesses in the U.S. grew 60.5 percent to 1.9 million, more than triple the national rate of 18.0 percent.• The number of businesses owned by black women grew 322% since

1997, making black women the fastest growing group of entrepreneurs in the United States.

Black Entrepreneurship cont….

• African-Americans make up 13% of the population, but only 7% of the of the businesses in America. • The vast majority of black owned businesses only employ one person.• Of the nearly 2 million black owned businesses in the United States,

only about 100,000 have a paid employee. • Black owned businesses employ about 1 million people in the United

States.

Recap

• Entrepreneurs solve problems. • Entrepreneurship is an approach that can and should be applied

outside of the business world. • Intrapreneurship and social entrepreneurship are ways to learn and

apply entrepreneurship skills to solve problems in organizations and in communities. • The lean startup approach - build, measure, learn – allows for

businesses to be started quickly and run efficiently. • Entrepreneurship is part of our history, culture, and legacy.

Resources

• UNCF Koch Scholars Program • Funded by a generous $25 million grant from Koch Industries, Inc. and the Charles Koch

Foundation—offers scholarship opportunities to talented African-American undergraduate, graduate, and postdoctoral students with both a demonstrated financial need, and an interest in exploring how entrepreneurship, innovation and economics contribute to well-being for individuals, communities and society.

• Network for Teach Entrepreneurship • Provides programs that inspire young people from low-income communities to stay in school,

to recognize business opportunities and to plan for successful futures.• BUILD

• Through entrepreneurship-based, experiential learning, BUILD ignites the potential of youth in under-resourced communities and equips them for high school, college, and career success. BUILD helps young entrepreneurs start and grow their businesses in highschool.