| (WASHINGTON, DC – December 19, 2024) – As 2024 draws to a close, we want to thank you for your continued partnership and support. This year reinforced that BEA’s mission is more important than ever — and that BEA is uniquely positioned to advance progress in the years ahead.
We started the year by releasing the BEA Foundation Policy Agenda to Advance Black Work, Wages, and Wealth — a roadmap, informed by experts and research into the lived experiences of Black Americans, of actionable steps for policymakers to drive Black economic prosperity and grow the entire economy. Following the release, Congressional Black Caucus Chair Rep. Steven Horsford (NV-04) and Senator Laphonza Butler (D-CA) introduced joint House and Senate Resolutions to advance the agenda, and Vice President Kamala Harris launched an Economic Opportunity Tour fueled and informed by the agenda. Alongside the policy agenda, we released the complementary BEA Foundation Architecture for Action, first covered in Axios, presenting a data-backed suite of solutions to guide private and philanthropic leaders in taking meaningful actions to advance Black economic opportunity and prosperity.
To drive action on these leading solutions to advance Black economic opportunity and prosperity, BEA and BEA Foundation convened the nation’s foremost decision-makers across business, government, academia, and philanthropy at our Solutions Summit in New York City, The Gathering on Martha’s Vineyard, and A 2024 Work, Wages, and Wealth Agenda event in Chicago. Leaders including Governor Wes Moore, Professor of Economics and Director of Opportunity Insights at Harvard University Raj Chetty, CEO of TIAA Thasunda Duckett, Filmmaker and Founder of ARRAY Ava DuVernay, Former Attorney General Eric Holder, Founder and Co-CEO of Ariel Investments John Rogers, and more mobilized BEA’s unmatched network to continue to take action on solutions BEA has put forward. Our convenings also furthered BEA’s ongoing efforts to protect the gains made in corporate racial diversity, which came under attack over the past year. In February, BEA released a corporate guidance toolkit with specific recommendations for navigating this evolving landscape, a unified approach to framing the issue, and compelling supporting data.
To ensure the solutions that will move the needle on Black work, wages, and wealth were prioritized in this election cycle, BEA first released a poll — conducted by Hart Research — that painted a critical and clear picture that held true through to Election Day: economic issues are crucial for elected leaders to earn the support of Black voters, and all voters. BEA then released the findings of focus groups and message testing — conducted by HIT Strategies and Lake Research Partners, respectively — which found that Black business leaders were the most trusted messengers on those issues. BEA leveraged that trust to run a comprehensive, multimedia, cross-platform program that reached more than four million infrequent Black voters in battleground states— with a focus on Black male voters. That program, which included texting, digital advertising, and a virtual town hall, resulted in voters moving more toward candidates prioritizing a work, wages, and wealth agenda. BEA PAC also engaged the nation’s top Black business leaders to communicate these messages nationally, in a business leaders letter launched in the New York Times, and in battleground state media. To continue to expand the group of elected leaders prioritizing Black economic progress, BEA PAC raised over $6 million for Work, Wages, Wealth candidates this cycle. Ten BEA PAC-endorsed House and Senate candidates – including the first concurrently serving Black women in Senate history – won the election in November.
Over the course of 2024, we also deepened our direct investment in Black entrepreneurship as a key driver of advancing Black work, wages, and wealth. The Center for Black Entrepreneurship (CBE) –– a strategic partnership between the BEAFoundation, Morehouse College, and Spelman College –– expanded its reach by launching the Angel Investor Training Program for Morehouse and Spelman alumni, in partnership with the Angel Capital Association and Milestone Growth Capital Institute; the Launch Incubator For Traction (CBE LIFT) program with the City of Atlanta to accelerate the growth of Black-owned STEM start-ups; and a new research partnership with the Black Wealth Data Center, to cultivate Black entrepreneurship data and research in service of building wealth across Black communities, supported by Bloomberg Philanthropies. Last but far from least, this year the $50M BEA Venture Fund hired its inaugural team –– Managing Partner, serial entrepreneur, and investor Melissa Bradley, Maeva Kazandjian, Evelysse Vargas, and Christina Whatley –– had its first close and made its three initial investments, in electric vehicle charging station repair company ChargerHelp, virtual medical nutrition therapy company Culina Health, and new 3×3 women’s professional basketball league Unrivaled. Anchored by Wells Fargo and supported by Advance and Cisco Technologies, the BEA Venture Fund helps bridge the income and wealth gap and promotes sustainable economic development in the United States by making equity investments in seed+ to series A founders who have faced obstacles to securing opportunity and capital to scale their businesses. I am heartened by all we could accomplish and the groundwork we have laid for the years ahead. Wishing you a joyful holiday season! -BEA |
|
The Black Economic Alliance is a coalition of Black business leaders and allies committed to driving economic progress for the Black community through public policy, advocacy, and engagement with government and business leaders. Led by a board that includes executives from a range of industries including media, finance, pharmaceutical, nonprofit, and tech, BEA uses its collective power and business acumen to advance policies that will improve work, wages, and wealth for Black Americans. |
