Essence Fest in New Orleans boosts economy for Black entrepreneurs amid economic uncertainty

From CNBC: 2025-07-03 11:00:00

The Essence Festival of Culture in New Orleans draws 500,000 attendees and generates $1 billion in economic activity, crucial for Black entrepreneurs like Rochelle Ivory and Brittney Adams amid economic uncertainty. The Global Black Economic Forum at Essence Fest aims to empower Black business owners, with prominent speakers like Justice Ketanji Brown-Jackson.

Black Americans face economic anxiety despite positive data showing a 5% increase in median weekly salary and 6% unemployment rate. John Hope Bryant sees this as an opportunity for Black capitalism, urging pocketbook protests like Pastor Jamal Bryant’s Target boycott. With $2.1 trillion in spending power, Black consumers can drive economic and political change.

Invest Fest in Atlanta blends commerce and culture, emphasizing financial literacy and entrepreneurship in technology. Co-CEOs Rashad Bilal and Troy Millings highlight the importance of AI, crypto, and real estate for business growth. A pitch competition offers $125,000 in funding to scale businesses, aiming to create more tech unicorns.

The National Black MBA Association Conference in Houston focuses on AI education and financial literacy, recognizing the need to pivot in the face of technological change. Interim CEO Orlando Ashford emphasizes AI as a powerful opportunity for those who embrace and leverage it, warning against being overtaken by the wave of change.



Read more at CNBC: Essence Fest leads a summer of events for Black entrepreneurs