The purpose of “My Black Receipt” is to buy more than the trend from black companies

My Black Receipt

The movement is expected to raise 5 million in spending from June 19 to July 4.

The coronavirus epidemic only exacerbates the economic hardships of the black community. Black entrepreneurs, for example, were disproportionately affected, with a 40% reduction in the number of black business owners – much higher than any other ethnic group.

But ethnic wealth gaps are not a new problem. According to the Brookings Institution, in 2016, the total wealth of a typical white family was about 10 times (compared to 17 171,000) compared to a black family.

You can help address this inequality by supporting the black business. And a new campaign, My Black Receipt, aims to create a long-term practice with customers from all walks of life. Here’s how to get involved.

What is my black receipt?

My Black Receipt is an initiative started by Black Upstart, which trains black entrepreneurs to start an employment-creating business. According to CEO Kezia Williams, there were 2.56 million black-owned businesses as per the last census, but only 109,000 of them were at least one salaried employee.

Black Upstart was a class company. But once the coronavirus epidemic hit like many other companies, it had to go online. In the last two weeks, civil unrest has begun. “We asked ourselves: how can we continue to support entrepreneurs during this period, especially since there is a call for people to buy black and take action now to support black-owned businesses,” Williams told HuffPost.

To answer this question, he partnered with colleagues from several companies, including Broccoli City, HBCU Wall Street, Knox St. Studios, and VibuBlack.

The purpose of My Black Receipt is to buy more than the trend from black companies

“Usually when people buy black they are in response to the boycott,” Williams said. She cited examples when the H&M team was criticized for presenting an image of a black boy wearing a “cool monkey in the woods”, or when a Starbucks manager called 911 on two black men to try to use the toilet. Customers responded by supporting black-owned businesses, Williams said, an honorable response. However, “there is no way to measure what our collected effect is.”

And as these founding organizations aim to change over time, they decided to combine the Black by Movement with a measurable technological tool.

From June (June 19) to Independence Day (July 4), customers are encouraged to report on how much they have spent to buy black businesses and use the tool on and download the received. The goal is for consumers to buy and spend at least 5 5 million by the end of the campaign.

Business owners also have the option to join a favorite shopping list, a black-owned business directory from which users can select when they download their receipts. About 7,000 companies from 15 countries have added their names to the list. Among them are Maven, one of the largest companies in the ethnic hair products and care industry, and Kaki Dot’s Sweet Shop, a small company based in Lodi, New Jersey.

“The diversity in the list is really exciting,” Williams said.

You can also make tax-deductible donations in my black receipt. Williams said 100% of the funds are used to pay for developers and designers who have created the technology. All founding members also contributed financially to the project.

On Thursday, Yelp announced its partnership with My Black Receipt, providing a way to identify yourself with black people on the platform with a free search feature (if they prefer to register).

“We are proud to team up with my black receipt to help grow this important movement to support black-owned businesses at such a crucial time,” Tara Lewis, director of Yelp’s community team, told HuffPost. “It’s inspiring to see an increase in black community support across the country, and we’ve seen a 35-fold increase in the search frequency of black-owned businesses over the years. This is also reflected in Yelp. Last week.”

My Black Receipt yelp

Lewis added that by partnering with My Black Receipt, Yelp hopes the movement will help achieve its goal of economically empowering the black community, allowing consumers to find and support black businesses. “This is part of the initial steps we are taking as part of our commitment to change, and we will continue to take a variety of steps to address the challenges facing the black community.”

“Buying Black” should be more than that trend

As Williams points out, consumers are rapidly promoting black-owned businesses after some sort of corporate breach. But for these boycotts to really make a difference, they should be part of a long-term commitment rather than a short-term response.

“We’re starting this discussion about how this technology can buy people black in the long run, not just in response to protests, and how we can use technology to build a community around the redemption of the dollar,” Williams said. “.

One of the biggest resources at their disposal is the data collected as part of the project, which should give an understanding of the cost patterns spent, regions, and cities that people choose to choose rather than industries. Physical, and more.