Shark Tank’s Daymond John Will ‘Pay It Forward’ With $150,000 for Black Entrepreneurs Day

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Shark Tank's Daymond John Will 'Pay It Forward' With $150,000 for Black Entrepreneurs Day

The entrepreneur Daymond John, who has made a name for himself as the founder and CEO of the lifestyle brand Fubu, is turning October 24 into Black Entrepreneurs Day. The livestream event celebrates the black business and will earn entrepreneurs thousands of dollars.

“I want people to see that there are winners who just didn’t have the $ 25,000 they just received a week or two ago. And they were just like you and they applied and got this money, ”John Adweek said in an interview on Monday. “People don’t see much of that sort of thing.”

The livestream begins at 7 p.m. ET on Facebook Watch with Chase for Business as the title sponsor. It is simulated on more than 20 additional platforms, including TikTok, Twitch, Twitter and YouTube.

Black Entrepreneurs Day aims to provide entrepreneurial guidance and inspiration. A total of six black entrepreneurs and small business owners will be awarded USD 150,000 under the NAACP Powershift Entrepreneur Grant. Applications are open from October 6th to 12th on the Black Entrepreneurs Day website.

John said that there is a parallel with the ABC competition show Shark Tank, where he appeared as a judge for eleven seasons, but the scholars here don’t have to forego a stake in their companies to get cash for it, as they do on the Television broadcast.

“They will be able to use this money on this great new idea or help them stay afloat or get more inventory for their current business,” he said.

According to producer Joe Silberzweig, founder of the live events company Medium Rare, John will work with the NAACP to select these winners, who will appear throughout the broadcast.

The grants are funded by Chase along with The General Insurance, Pepsi, Cisco Webex, Quickbooks, and the Yappa audio and video commentary tool, which John said provides valuable connections for the winners.

“They will always be watching your business too,” added John. “If you’re into financial technology, you may have a better chance. Chase is watching [your business]. Or maybe you like consumer goods and Pepsi checks you out. “

John adds some star power through so-called Game Changer Conversations. In a purpose-built studio in New York, he will interview black business and cultural leaders including former NBA star and current spokesman for The General, Shaquille O’Neal, as well as Gabrielle Union, Magic Johnson, Jamie Foxx and Robert Johnson and LL Cool J.

Other participants include Arlan Hamilton, managing partner of Backstage Capital; Brian Lamb, global director for diversity and inclusion at JPMorgan Chase; and Elicia Azali, General’s Chief Financial Officer. Respondents will join remotely through Webex.

Black Entrepreneurs Day will also feature performances by Chance the Rapper and Questlove and will conclude with an after-party with O’Neal as DJ Diesel on a Pepsi-sponsored set.

“Black Entrepreneurs Day is a celebration and education about well-known black entrepreneurs and perhaps less well-known black entrepreneurs,” said John. “I developed this concept with my team that right now all of this needs this information about how to get out there and start a business and run a business and scale a business.”

Additionally, John noted that a lot of brands want to support “what they think is things that make long-term change and empower people because they want to stand behind a good cause.”

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