I love companies that solve everyday problems for everyday people. They may not be glamorous or land the owner on the cover of Forbes, but they provide products and services that fill a need. And in many cases, they make lots of money doing so. In today's issue, we're taking a look at two such companies:
- Ruby Love, a Black woman-owned feminine hygiene apparel company, has sold $10 million worth of products since 2015 and just received a major investment to grow its business
- and Grow Credit, a new service launched by a Black serial entrepreneur, manages your monthly payments for subscriptions like Netflix, Spotify, and ClassPass and uses them to boost your credit score
We also highlight two Black women who are at the forefront of another one of life's basic needs: dessert! Don't debate me. Dessert is a necessity.
Enjoy.
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––The auction to sell the historic, 4 million image Ebony and Jet magazine photo archive continued this morning after a high level of interest and participation from potential buyers over the last week. The sale is expected to close on Friday.
––The StartupBus, a company that curates a tech entrepreneurship bootcamp via road trip, took off from Harlem today en route to New Orleans with 30 budding Black entrepreneurs all tasked with one goal: to come up with solutions to improve the financial health of Black America.
––Duke basketball phenom and NBA rookie Zion Williamson signed a $75 million shoe deal with Jordan Brand, making it one of the largest sneaker deals in NBA history. Let's hope that he has more trustworthy people managing his money than NFL great Adrian Peterson who, reportedly, is millions of dollars in debt despite making more than $100 million over the course of his career.
––Today is a good day for Meek Mill. In addition to getting his conviction thrown out in a decade-old gun and drug case, the Philadelphia rapper announced that he will be teaming up with Roc Nation to launch his own record label, Dream Chasers Records. It's nice to see even more Black artists following Curtis Mayfield's lead.
––theBOM (Black-Owned Market) will be launching an online version of their successful pop-up shop in August. OurBOM.com will be a curated platform to purchase from some of the best Black-owned brands. If you're in NYC, you can RSVP here for their launch party next month.
––Uber & Chill? Lyft & Lounge? Uber and Lyft are taking a cue from Netflix and are rolling out monthly subscription options. The Lyft All-Access Plan gives passengers a specific number of rides to use over the course of a month. The Uber subscription will give you a discount on every ride, free Uber Eats delivery, and free JUMP (bikes and scooters) rides for $24.99 a month.
––And in random corporate promotions news, 7-Eleven is giving away free Apple AirPods tomorrow to the first 500 people who spend $50 or more in their 7NOW delivery app.
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This tweet from serial entrepreneur Everette Taylor can be applied to both your personal and professional life.
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Know your worth, and add tax.
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Ruby Love, a Black-Owned Feminine Hygiene Company, Made $10 Million in Four Years
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Crystal Etienne is the founder and CEO of Ruby Love, a feminine hygiene apparel company, specializing in period panties and swimwear that give women a comfortable and protective alternative to traditional tampons and sanitary pads.
Her business was born out of necessity. "I knew my preference was to wear a form of protection for my period without the insertion of a foreign object and my pad sticking out, yet I also wanted to feel as if I weren’t wearing anything," she told Black Enterprise in an interview. "I knew there had to be a way to accomplish protection, comfort, and discretion."
Since launching the company in 2015, her product line has expanded to include leak-proof undergarments, activewear, bathing suits, loungewear, and boxer briefs. In her first year she sold a whopping $300,000 worth of products, and has since gone on to see $10 million in revenue.
The wife and mother of two designed the patented leak-proof technology in the Ruby Love products herself, and her hard work has paid off: the company just received a $15 million investment from venture capital firm The Craftory to help grow her business even more.
Etienne and Ruby Love prove that the riches are in the niches, and the power is in products that solve a problem.
Read more at Black Enterprise.
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Use Your Monthly Subscription Payments to Build Your Credit Score with Grow Credit
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Let's face it: sometimes the least important bills are the ones that get paid on time because they are the ones that have the most immediate repercussions if paid late. Banks, cell service providers, and even landlords often give you a grace period to make a payment after its official due date. But if Netflix tries to charge your credit card and the payment is declined, you can bet that your account will be put on hold immediately.
If monthly subscription payments reported to credit bureaus, some people would have better credit history and higher credit scores. Now, thanks to Black serial entrepreneur Joe Bayen, there's a solution for that. His startup Grow Credit helps people improve their credit score by paying for their online subscriptions using a virtual Mastercard. Here's how it works:
- Sign up, connect your bank account, and select your monthly subscriptions
- Your virtual Grow Credit MasterCard makes the payments on your behalf and then deducts the total from your bank account each month, interest-free
- Grow Credit reports your monthly balance payments to the credit bureaus to help you build or establish good credit.
This seems like an innovative way to establish or improve credit. For more info, visit GrowCredit.com.
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Dessert Mavens Making Moves
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Cleveland-based Spelman grad Catheryn Greene (left) and Charleston, SC chef Danetra Richardson are both making money moves by satisfying your sweet tooth.
Greene's business, Cathy's Gourmet Ice Cream Sandwiches, is opening a second location next fall in Atlanta. With a wide array of cookies, ice cream, and toppings to choose from, Cathy's ice cream sandwiches will cure Atlanta's cool cravings.
Richardson's Swank Desserts is a specialty online dessert shop that has been open since 2015 and is now ready to open its first brick & mortar store! Check out her Kickstarter campaign and consider donating to help her expand the business! |
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