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During a CES 2026 panel titled “Getting to the First Million,” Lockie Andrews, angel investor and founder of Catalyst Consulting, offered advice for how to succeed as a startup. Be Intentional With Your Customers Andrews noted that through her various roles, she has interacted with 12 companies each month. She believes one of the biggest problems for startups as they strive to hit that first $100,000 mark is a sense of desperation for their first check, which may lead them to select customers who are less likely to stay committed to the product and offer feedback as the company grows. “They end up panicking and feeling like ‘Oh wow, I completely left the zone that I was supposed to be playing in, but I need to appease these customers because investors will be looking at that performance,'” she mentioned. “So, make sure you take your time with those customers, interview them to make sure they understand where you are, to hopefully push you through all the difficulties that you’ll...
Black woman-led skincare brand Topicals has closed another round of funding, per an exclusive report from The Business of Fashion. Topicals Founded in 2020 by Olamide Ayomikun Olowe, Topicals was born out of her search for a solution for those with hyperpigmentation, eczema, and dark spots. CNBC reports Olowe also struggled with hyperpigmentation and Pseudofolliculitis Barbae (PFB). Per its website, the Topicals product lineup features its faded under eye masks, serum, brightening cleansing bar, and more. She teamed up with Claudia Teng, who previously worked as a dermatology clinical research assistant, to launch the science-backed brand, with both women ultimately ditching their plans to attend medical school. Topicals later secured $14.8 million in funding before Olowe was 26 years old — as AFROTECH™ previously reported — making history as the youngest Black woman to raise $10 million in funding in 2022. Funding Now, WNBA player Angel Reese, which Forbes lists as one of the...
Serena Williams loves investing in the future. Per Business Insider, the athlete has been investing since her tennis career through Serena Ventures. Launched in 2014, the investment arm later went public in 2019 with the aim of supporting diverse founders, especially women and people of color, per the outlet. “I’ve been investing like eight years before I finished my tennis career, or maybe even longer. I love investing in women, I love investing in underrepresented founders, and I also love investing in the future,” Williams said during CES 2026. “I’m never gonna change the landscape of people investing in us, but I definitely will change the noise and let people know that it’s great to invest in us,” she added. Williams’ session at CES was laser-focused on the health sector, particularly on wearable biotech. Williams uses Lingo, an over-the-counter glucose sensor that can be worn for 14 days and attaches to the back of the upper arm, according to its website. The sensor can send...
Luol Deng has an impressive real estate portfolio. NBA Career The South Sudan native first generated wealth while playing in the NBA. He was drafted in 2004 by the Phoenix Suns as the seventh overall pick, but was quickly traded to the Chicago Bulls, according to Marca. He went on to play for the Cleveland Cavaliers, Miami Heat, Los Angeles Lakers, and Minnesota Timberwolves across his 15 seasons. He was a two-time NBA All-Star and retired in 2019 with $166.1 million in career earnings, Spotrac reports. Mentorship From Current JPMorgan Chase CEO Jamie Dimon The money is still rolling in for Deng as a result of the seeds that were planted ahead of his foray into the league. Forbes reports that while playing at Duke University, Deng befriended the daughter of JPMorgan Chase CEO Jamie Dimon. That relationship led to mentorship in real estate from Dimon, who at the time was living in Chicago as the CEO of Bank One. Dimon also welcomed Deng to the city after the Chicago Bulls drafted...
Usher is teaming up with Big Sean to invest in Detroit youth. According to a news release, the pair is investing $1 million to launch an innovation incubator that will support youth looking to become content creators. The investment is poised to tap into the growing creator economy, which, according to Goldman Sachs, is projected to become a $480 billion industry by 2027. The incubator will be situated within the Michigan Central Boys & Girls Club of Southeastern Michigan, which is set to open in February 2026, notes the press release. Both Usher and Big Sean bring their experiences as Boys & Girls Club alumni, to this investment. The incubator will offer young people ages 14–24 access to creative technology, hands-on learning, and mentorship from executives and creators, preparing them to pursue careers in film, television, and music production, as well as in AI, 3D, immersive technologies, and special effects. What’s more, it will also provide seed funding to launch paid creative...
Kimora Lee Simmons’ business empire is not to be played with. Modeling Simmons today wears many hats in the industry, but one of her earliest was as a supermodel. She began modeling at 13 when she signed with the house of Chanel by Karl Lagerfeld, according to WWD. Chanel was her first casting, and she moved to Paris at the time. However, she had to make the move alone because her mother wasn’t able to go with her, She was working for the government in social security at the time. “I was homesick. I was running up $5,000 a month phone bills,” Lee recalled on “The Skinny Confidential” podcast. Simmons remained under contract with Chanel. She acknowledges that times were hard, but she wasn’t happy with her life in St. Louis. She ultimately chose a lifestyle of being surrounded by supermodels at 31 Rue Cambon, Chanel’s headquarters. She has also walked the runway for Armani, Fendi, Valentino, Tracy Reese, Isaac Mizrahi, and Marc Jacobs, WWD reports. Simmons did want a game plan to...
Shiloh Luckey is under federal investigation for allegedly mismanaging millions of dollars in venture capital funds. Luckey, who formerly went by Shiloh Johnson, is the founder and CEO of ComplYant, a Los Angeles-based tax management platform for small business owners. She claims she launched the company after observing the pain points that small businesses can experience while she was working as a Certified Public Accountant (CPA). “I saw firsthand how small business owners struggle with managing their tax deadlines. Running a small business is hard enough already, and on top of everything entrepreneurs have to manage, late fees and fines are the last things they need,” Luckey said in a news release. “ Tax compliance is fragmented and complex, so it’s no wonder small business owners find it difficult to navigate. It’s time we make it much easier to do the hard stuff better.” The statement was shared in a news release announcing a $5.5 million seed round that closed in 2022, led by...
Coco Gauff, the American tennis player and two-time Grand Slam champion, remains a leading figure in sports and business in 2025. For the third consecutive year, she has been recognized as the highest-paid female athlete, according to Sportico. Gauff, who won her second Grand Slam in women’s singles during this year’s French Open, tops the 2025 ranking with an estimated $31 million in total earnings, ahead of rival tennis player Aryna Sabalenka, who earned $30 million. She is also one of only four women to surpass $30 million in a single year, named alongside Sabalenka, Naomi Osaka, and Serena Williams, per the outlet. The annual list reflects continued growth in women’s sports. All 15 athletes on the list, which included Caitlin Clark, Osaka, Simone Biles, and Venus Williams, earned at least $10 million, compared to 11 in 2024 and six in 2023, notes Sportico. Tennis continues to dominate, with 10 of the top 15 earners coming from the sport. As the outlet notes, Gauff’s total...
The Walt Disney Co. is making a $1 billion equity investment in OpenAI following a major deal where both companies commit to the responsible use of AI that protects user safety and creator rights. Announced by both companies on Thursday, Dec. 11, 2025, the three-year licensing deal aims to advance human-centered AI and respectful storytelling by bringing Disney characters into Sora, OpenAI’s text-to-video model that generates realistic, animated videos from text descriptions. “Technological innovation has continually shaped the evolution of entertainment, bringing with it new ways to create and share great stories with the world,” Robert A. Iger, CEO of The Walt Disney Co., said in a statement. “The rapid advancement of artificial intelligence marks an important moment for our industry, and through this collaboration with OpenAI , we will thoughtfully and responsibly extend the reach of our storytelling through generative AI , while respecting and protecting creators and their...
Fintech platform Esusu has raised new funding to help improve financial outcomes for Americans. The company was founded in 2018 by Wemimo Abbey and Samir Goel (co-CEOs) to help people boost their credit scores. Its inspiration came from their own struggles because both grew up in immigrant families with limited financial resources. “When we came here, we didn’t have a credit score. We went to one of the biggest financial institutions to borrow money; we were turned away and had to go borrow from a predatory lender who wanted to lend at over 400% interest rate,” Abbey told CNBC, referring to his family’s experience. This inspired Esusu’s mission to help ensure race, background, or zip code is not a barrier to economic mobility. Its platform can report on-time rent payments to credit bureaus such as TransUnion, Equifax, and Experian, its website mentions. Esusu states that when more renters see their scores increase, they are more likely to remain on top of monthly payments, renew...
A newly founded AI startup is making waves in the tech world with one of the largest seed rounds in recent memory. According to Bloomberg, Unconventional AI, launched just two months ago by former Databricks AI lead Naveen Rao, secured $475 million in seed funding at a $4.5 billion valuation to develop a new generation of energy-efficient computers designed specifically for artificial intelligence. The funding round was co-led by Andreessen Horowitz and Lightspeed Venture Partners, with participation from Lux Capital, DCVC, Databricks, and Amazon founder Jeff Bezos, per Bloomberg. Rao also invested $10 million of his own funds on the same terms as other investors. The company is exploring a larger funding goal of up to $1 billion, according to TechCrunch. Bloomberg notes that Unconventional AI draws inspiration from biology, where living systems must operate within strict energy limits yet achieve high efficiency. Rao highlighted the human brain as an example, noting it can perform...
A major technology foundation is distributing funding to nonprofit organizations across the United States this year. According to a press release, the OpenAI Foundation announced $40.5 million in unrestricted grants to 208 nonprofits across the country. The awards support organizations working in AI literacy and public understanding, community innovation, and economic opportunity. Some of the grantees include STEM From Dance, which partners with schools, community centers, and youth programs to integrate dance and AI education for young girls of color across several states. Digital NEST in California is a workforce development nonprofit helping youth in agricultural communities gain career skills, mentorship, training, and paid work experience to thrive in the digital economy. 3 Dots Downtown, a community arts center in Pennsylvania, offers programs and workshops focused on AI literacy, art, and professional development. And Amigos Together for Kids in Florida supports parents and...
A new cohort of small businesses has received a financial boost to power their business with AI. The C oramino Fund Through The Coramino Fund, the investment arm of Kevin Hart and Juan Domingo Beckmann’s tequila company Gran Coramino, $10,000 grants have been allocated to small business owners over the past three years so they can utilize AI training provided by 1st Street Partnerships to improve their operations. The program was launched in partnership with Local Initiatives Support Corp. (LISC) and is part of a $1.5 million commitment to support more than 150 under-resourced entrepreneurs across the U.S. and Mexico as they compete with larger companies, according to information provided to AFROTECH™. “According to the U.S. Bureau of Labor Statistics, about 20% of new businesses fail within their first year, and nearly 50% fail by their fifth year. The most successful entrepreneurs — locally and nationally — are the ones that have support, whether from their networks, communities,...
What began as unfamiliar territory for Haley Bryant has become her mission — to democratize access to venture capital through her work at Hustle Fund. The Boston native comes from a family of entrepreneurs. Her father worked at Bank of America in London and later launched an investment business and then a consultancy. She was inspired to bet on herself throughout her career by observing her father’s blueprint as well as that of other family members. Her mother owns a public policy consultancy, and her sister is a leader of Sick Sad Girlz Club, a community of more than 30,000 women with chronic illness. Bryant initially planned to become a journalist and attended the University of Virginia, earning a degree in media studies and communications by 2010. However, she was always drawn to technology, she says, which led her to Apple and its retail stores after college. She onboarded as an associate and, within four years, rose to senior manager, leading stores that were earning millions...
Dillard University has joined the growing list of historically Black colleges and universities (HBCUs) to earn philanthropic donations from MacKenzie Scott . The New Orleans, LA-based HBCU has received a historic $19 million contribution — the largest single gift in the university’s history, according to a news release. The contribution follows a $5 million donation in 2020 from the MacKenzie Scott Foundation and underscores Scott’s continued investment in HBCUs nationwide. “If anyone ever doubts the difference one person can make, look no further than MacKenzie Scott and how her generosity will resonate across generations,” Dillard president Dr. Monique Guillory said in the news release. “This gift will strengthen the university at a moment when our mission has never been more urgent.” The unrestricted gift will enable Dillard to accelerate key strategic priorities, including enhancing student success, expanding scholarship opportunities, and strengthening institutional...