By Oumou Fofana ·Updated July 4, 2025 < />
The message was loud and clear: Black and Brown communities already have the economic power—they just need to use it together.
That was the rallying cry at the 2025 ESSENCE Festival of Culture in New Orleans on Friday, July 4, during a panel titled “We Drive Prosperity: Impact of Black and Brown Businesses on the Economy.” Held at the Ernest N. Morial Convention Center, the session brought together changemakers across fashion, tech and civil rights to explore how to turn potential into prosperity.
Moderated by Forbes senior writer Jabari Young, the panel at The Global Black Ecnomic Forum brought together three leaders from the worlds of entertainment, fashion and civil rights: Robert Hartwell, host of HBO Max’s “Breaking New Ground,” Juan Proaño, CEO of League of United Latin American Citizens and Elis Clementino, head of strategic relationships at NVH Studios.
To kick things off, Young asked each speaker to describe the state of Black and Brown businesses in one word. Proaño chose “assault,” citing recent attacks on DEI policies and federal funding as direct threats to marginalized communities. Hartwell said “fertile,” pointing out that “everything is within us” despite funding gaps. Clementino offered “unfolding,”reflecting a shift in consciousness and power.
During the conversation, Young laid out the economic disparities. While there are 8.7 million Black and Brown-owned businesses in the U.S., the average Black employer firm brings in $850,000 annually, compared to $2.4 million for white-owned businesses. He also noted that 96% of Black-owned firms are sole proprietorships. “How can we better improve and create more Black employer firms, talking about in areas like oil, mining, manufacturing, things to get out of the consumer packaged good space?” he asked.
Hartwell, whose Broadway Collective helps Black women entrepreneurs scale their businesses, emphasized the importance of community-based solutions. “It kills me because it’s like looking at my mom,” he said. “I work with mainly single moms who really want a different world for their kids.” He emphasized the importance of tools, not just skills, to help those underrepresented gain access to capital and coaching.
Proaño made the case for intersectionality, calling for a united front between Black and Latino communities. “The combined buying power is $5.1 trillion,” he shared. “We have more power when we go to the table together.”
Clementino, who is from Brazil, echoed that from a global lens, noting that the perception of the U.S. as a dream destination is shifting. “The American dream is kind of shaking because people are concerned,” she said. People are asking, “‘Am I safe? What am I doing? Is that where I’m gonna make the money, or is it just where I’m gonna survive? Am I going to survive?” she adds.
Still, examples of hope stood out. Hartwell shouted out HelloSeven, a company helping Black and Brown women scale to six- and seven-figure incomes. Proaño pointed to two Latino tech founders who have raised over a billion dollars through an AI chat company, reminding the audience that innovation isn’t out of reach.
Black and Brown communities already hold immense economic power. What’s needed now is alignment, collaboration and the will to invest in each other. “We don’t need permission,” Hartwell said. “We need each other.”
TOPICS: 2025 Essence Festival of Culture gbef
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