Shocking statistics revealed that close to 41% of Black-owned businesses in America may not survive through the COVID-19 pandemic, which is why Beyonce leveraged her BeyGOOD campaign to tackle this issue and to offer support to those who need it most.
This new campaign offers grants to struggling Black-owned businesses, and this time around, Beyonce is offering a staggering $1 million USD. In partnership with the NAACP, businesses can receive up to $10,000 in funds, which could be the difference between staying open and having to permanently shut their doors.
Applicable businesses interested in applying for the grant can do so through the BeyGOOD Instagram, which will post further instructions when registration opens later this month.
Celebrity-Led Business Grants
Beyonce's BeyGOOD is Offering &1 million to Black-Owned Businesses
Trend Themes
1. COVID-19 Relief Grants - Disruptive innovation opportunity: Implementing similar grant programs for other marginalized communities affected by the pandemic.
2. Celebrity Philanthropy - Disruptive innovation opportunity: Collaborating with influential celebrities to provide financial support to struggling businesses.
3. Support for Black-owned Businesses - Disruptive innovation opportunity: Creating platforms and networks that specifically amplify and uplift Black-owned businesses.
Industry Implications
1. Non-profit - Disruptive innovation opportunity: Incorporating technology-driven solutions to streamline grant application processes and reach more businesses in need.
2. Entertainment - Disruptive innovation opportunity: Partnering with celebrities to develop sustainable, long-term support systems for small businesses in underrepresented communities.
3. Finance - Disruptive innovation opportunity: Designing customized financial products and services tailored to the unique needs of Black-owned businesses.