Vice President Kamala Harris proposed a substantial increase in the tax deduction for startup expenses, raising the allowable deduction for new small businesses from $5,000 to $50,000. The Democratic presidential nominee announced the proposal during a speech in New Hampshire on Sept. 4 as part of her broader economic plan to make tax filing “cheaper and easier” for businesses, Forbes reported . “As President, one of my highest priorities will be to strengthen America’s small businesses,” Harris said, according to CBS News . “We’re going to help more small businesses, and innovators get off the ground.” ​​New startups could either use the full $50,000 deduction in one year or spread it across multiple years as they become profitable. They also have the option to use the $5,000 deduction and spread the remaining startup costs over 15 years. The proposal aims to ease the financial burden of starting a business, covering costs such as advertising, employee training, consultant and...

The visibility from “Shark Tank” led to remarkable growth for The Transformation Factory founder Alexiou Gibson. Gibson is behind the sea moss brand, which was inspired by his personal health journey that resulted in a 300 pound weight loss from taking the algae in his daily lattes, CNBC reports. “Like most teens, I believed that I was invincible,” Gibson shared on “Shark Tank.” “I thought I would be fine and had time to get healthy later. It wasn’t until my doctor told me that I wouldn’t live to see my 30th birthday that I understood how serious I needed to be about living.” Recognizing the great power of sea moss through his 10-year health battle, the company website notes, The Transformation Factory now sells various sea moss gels in flavors dragon fruit, pineapple, mango, and strawberry banana. View this post on Instagram A post shared by The Transformation Factory (@seamosstransformation) Gibson pitched his company while on “Shark Tank” in 2022 and scored a $600,000 deal from...

By capitalizing on her status as a leading beauty influencer, Jackie Aina has built the foundation for a prosperous business empire. How It Started Aina, a Nigerian-American born in California’s San Gabriel Valley, came from humbling beginnings. BuzzFeed News mentions she has six siblings, with an even split between brothers and sisters. She recalls “growing up with nothing” at times, bouncing around shelters with her mother and siblings. “Growing up, I had no leverage, I had no rich uncle,” she said, per the outlet. “We got kicked out of a shelter, we couldn’t get to another one quick enough. And when you’re a mom of seven, It’s not easy.” To change her outcome, Aina studied medicine at the California State University, Business Insider reported. That route did not pan out for Aina, and she made the decision to serve in the Army in 2008, after being convinced by her then-boyfriend. They would marry — although they later divorce — and she moved to Hawaii to live with him where she...

As small business owners and corporations duke it out in customer competition, resources that can strengthen their connection with consumers become more attractive. Big corporations have, at their disposal, the funding to get creative about marketing. Yet, small business owners are doing the same at a higher risk. Tech, though available to both, has been leveraged by both parties, with small businesses coming out on top. It isn’t enough anymore for a customer to receive what they’ve ordered; a custom experience makes it that much better and, most times, ensures a return sale. Here’s is how small businesses use tech to outsmart big corporations—and win! How Small Businesses Are Using Tech: Artificial Intelligence Small businesses within e-commerce are using platforms with AI to create more personalized shopping experiences for consumers. Elements like data analytics allow companies to offer personalized recommendations that are as more tailored than those of a corporation. Beatrice...

A controversial conspiracy theory reportedly led Shaquille O’Neal to lose a $20 million deal. O’Neal has a track record of hitting gold in business. It’s why he has supposedly amassed $500 million, per Celebrity New Worth. Some of his wise moves include his Big Chicken restaurant franchise, which can be found in California, Nevada, New York, Texas, Washington, and on the seas thanks to two Carnival Cruise ships, a press release notes. Most recently, Big Chicken celebrated its grand opening in the Dallas, TX, area in Fort Worth, now marking its fifth franchise location in Texas. View this post on Instagram A post shared by Big Chicken (@bigchickenshaq) One can also look to his success in the investment world. He invested in Google and unintentionally struck gold. In fact, it was by “accident” that he even invested in the tech company. As AFROTECH™ previously reported, he spoke with a prominent investor who was talking about Google at the Four Seasons. The conversation led to a...

After overcoming a battle with a rare cancer, Gwynda Jones tag-teamed with her daughter to take a leap into entrepreneurship. Pivot From Corporate America Gwynda spent three decades working as a project manager for PepsiCo. She made the decision to walk away from corporate America in 2020 due to a health issue she discovered unrelated to the cancer. While in retirement, she realized she wasn’t ready to throw in the towel completely. “I’m sitting here. My daughter’s coming home from college soon. She may or may not come home from college. I knew that I didn’t wanna just be sitting around,” Gwynda told AFROTECH™. “So then I start contemplating a business and what could I do. I couldn’t do the high pressure corporate job that’s international, required me to travel and all of this, but I can do something. So I thought about franchising, and it sounded like, ‘Okay. I got a whole global company working for me, doing all the leg work, and I can follow? I can take instructors. I can hire a...

50 Cent is making major real estate moves in Shreveport, LA. G-Unit Studios As AFROTECH™ previously reported, the entrepreneur opened G-Unit Studios in the city, now the second-largest Black-owned studio behind Tyler Perry. The 985,000-square-foot property is being used “to operate a production studio and/or activities and uses related to the promotion or development of the film, sound, light, movie, television, broadcasting, recording, and arts industries.” View this post on Instagram A post shared by 50 Cent (@50cent) “Founding my own studio is the next step in my plan to expand G-Unit Film & Television’s output of premium, diverse content across all media and to provide more opportunities for artists, crew members and more jobs within the community,” 50 Cent told KTAL-6 News. Housing Project 50 Cent’s plans for Shreveport also extend beyond his studio. He is rolling out a three-phase plan to transform the city through areas including housing. “We start building houses, and we...

Meghan Markle has been intentional about investing in female-led companies over the years, The New York Times reports. Markle, a former actress and Duchess of Sussex through her marriage to Britain’s Prince Harry, has taken advantage of the limelight to provide greater visibility to brands. A bag she wore from Scotland brand Strathberry after her engagement in 2017 was sold out in 11 minutes. She said that moment “changed everything in terms of how I then looked at putting an outfit together.” It has led her to become more intentional about what brands she aligns with and wears. Markle also mentioned, “Times where I know there is a global spotlight, and attention will be given to each detail of what I may or may not be wearing, then I support designers that I have really great friendships with, and smaller, up-and-coming brands that haven’t gotten the attention that they should be getting. That’s one of the most powerful things that I’m able to do, and that’s simply wearing, like,...

History is being made in the 2024-2025 NFL season. Diverse Representation shares on Instagram that the current season, which kicks off Thursday, Sept. 5, 2024, reportedly has the most Black team minority owners in league history. The list is filled with various trailblazers across entertainment, sports, and business, which you can find below. Venus And Serena Williams Kicking things off are trailblazers Venus and Serena Williams, who made history as the first Black women to become minority owners in the NFL. As AFROTECH™ previously told you, they became minority owners in 2009 when the team was reportedly worth $1.02 billion, per Statista. “I am honored to be a partner in the Miami Dolphins franchise and thankful to owner Stephen Ross for allowing Serena and I to be part of Miami Dolphins history,” Venus said at the time, according to People. Serena added, “I am so excited to be part of such a renowned organization. Having spent so much of my childhood in the area, being involved...

Chef Kurt Evans is providing jobs to those formerly incarcerated. This was first done in 2021 with the opening of Down North Pizza in Philadelphia, PA. Evans was among the co-founders behind the restaurant, which had employed eight employees who were formerly incarcerated at the time of its opening, Food & Wine mentions. Having grown up seeing his loved ones in confinement, Evans is now focused on creating a safe place where they can restart their lives. “The food industry has never had a problem hiring formerly incarcerated people. The problem is employers threatening to call parole officers and dehumanizing these guys,” he told Food & Wine. Fast forward to 2024, Evans has opened a new restaurant venture, Black Dragon Takeout, which is inspired by the Chinese food he would enjoy in his West Philadelphia neighborhood as well as Black American cuisine, The Philadelphia Inquirer reports. The inception of the restaurant dates back to 2020, and he began to raise money through pop-ups...

Myles Garrett has invested in an energy company owned by a former NASA engineer. Boardroom reports the Cleveland Browns defensive end has invested in Johnson Energy Storage. Per the company website, it is on a mission “to transform the way the world stores energy; to more safely and efficiently store energy; to leave a softer footprint where we tread.” Through years of research, Founder Dr. Lonnie Johnson holds more than 140 patents and is widely known as the inventor of the Super Soaker water gun as well as an all-solid-state battery (ASSB) that was created using a glass electrolyte separator. “Our ASSB is 2 times the energy density of lithium ion batteries in the same size and weight package,” a description on the company website reads. “Our ASSB withstands higher and lower voltages than lithium-ion batteries and is designed for significantly lower self-discharge. Due to our unique, proprietary manufacturing process, the cost to manufacture our ASSB is 25% that of the current...

Magic Johnson now has five teams in his investment portfolio. As AFROTECH™ previously reported, the NBA-legend-turned-serial- entrepreneur has ownership in the MLB’s Los Angeles Dodgers, MLS’s Los Angeles Football Club, WNBA’s Los Angeles Sparks, and NFL’s Washington Commanders. Now, he is announcing his involvement with a fifth team. “CBS Mornings” reports he joined the investor group for the National Women’s Soccer League (NWSL) team Washington Spirit , which is led by Michele Kang, the first woman of color to have majority ownership in the NWSL. The pair first met in Los Angeles, CA, and immediately connected over a shared excitement for the growing popularity in women’s soccer in the U.S. “I’m so excited to join the Washington Spirit’s investor group at such a pivotal time in the club’s history! Partnering with a visionary like Michele Kang and her team to advance the growth of the Washington Spirit and the NWSL is an incredible opportunity,” Johnson wrote on Instagram. View...

Slauson & Co., a venture capital fund that prides itself on investing in anyone, has raised substantial funding. TechCrunch reports Slauson & Co. was established by Ajay Relan and Austin Clements in 2020 with interests around SaaS and consumer tech. They were interested in investing in any early-stage founders. Slauson & Co. had previously been supported by its first fund with $75 million at the time, exceeding its initial funding goal by $25 million. The funding helped to support 38 companies, with the majority led by people of color and women. “We invest in everybody,” Relan told the outlet. “We’re investing in a way that’s a bit more representative of the shifting demographics in this country.” Now, Slauson & Co. has received additional funding in its second fund, valued at $100 million from the support of nearly 40 investors. “What we really wanted was just for people to look at us for the merits of what we can achieve and the opportunity that we’re going after,” Clements said....

The founders of Eastside Golf continue to build on their momentum in the golf apparel space while staying true to their roots. As previously reported by AFROTECH™, Morehouse College graduates Olajuwon Ajanaku and Earl Cooper founded the brand without a fashion background in 2019 after working full-time in corporate America. The company boasts products such as polo shirts, sweatshirts, pants, shoes, and accessories including bags, all tailored towards men and women. View this post on Instagram A post shared by Eastside Golf (@eastsidegolf) Beyond the product offerings, the founders have continued to pave their own way through their mission that centers moving the sport forward among the youth and non-golfers while increasing diversity in a predominantly white sport. Their vision has led to an increase in support as they scaled their annual revenue from $100,000 in their first year to $4 million in 2023. They kicked off 2024 with a $3.4 million raise led by EP Golf Ventures, and the...

Allyiah Gainer is making a bag from YouTube alone. From An HBCU Student To YouTuber Gainer’s rise as a content creator and beauty guru dates back to 2015. She was briefly a student at Florida A&M University in Tallahassee, FL, and intended to pursue a career in pharmacy. Her motivation for attending school was driven by her father, and after they had a falling out she dropped out of school, as shared during the “Big Boss Energy” podcast with Kayla Burke. However, Gainer remained enrolled to make use of her dorm and meals, which had already been covered under her full-ride scholarship. “I needed somewhere to live, right? I couldn’t just peace out,” Gainer explained on the podcast.   Her new plan was to fulfill her dreams of becoming a makeup artist, and she secured a part-time job at a MAC store located at a nearby local mall, which had been her highest-paying job at the time. ESSENCE reported she was also able to land her own clients who were her former classmates. When she realized...