BY RENE SIMON

Whom do you think of when you hear titan of industry? Maybe someone like Facebook creator Mark Zuckerberg or television and film mogul Tyler Perry. But there is a whole group of people influencing culture and reinventing industries who often go unnoticed: Black women.

Though black women make up less than 10% of the U.S. population, they have emerged as the fastest-growing group of entrepreneurs, according to new research from GoDaddy. Additionally, a recent Wells Fargo report shows that black women-owned businesses saw a remarkable 32.7% jump in average revenues between 2019 and 2023, outpacing even the impressive growth of women-owned businesses overall.

Why do black women-owned businesses matter? In 1972, men were the primary or sole breadwinners in 85% of opposite-sex marriages. 50 years later, things have changed a lot. Now, women are the breadwinners in 45% of marriages, according to the Pew Research Center. This means that financial security for black women helps not only them but also the families that they support and, thus, black communities at large.

Here are some black women-owned businesses you might want to know about that are driving black culture and transforming industries from finance to health, and entertainment.

THE VILLAGE MARKET

Black American buying power is a hefty $1.4 trillion as of 2024. Yet, only two cents of every dollar a Black American spends in the U.S. goes to black-owned businesses. The Village Market, a community-driven economic vehicle, is working to change that.

Dr. Lakeysha Hallmon founded the platform to spur profits for black-owned businesses through seasonal marketplaces, e-commerce, retail and commercial opportunities, and strategic partnerships with major companies like Target, Mastercard, Walmart, and AT&T. Through The Village Market, Hallmon also started Our Village United, a nonprofit on a mission to support black solo-preneurs and micro business founders. Since 2016, Hallmon has served over 1,440 companies and facilitated over $8 million in direct sales to black-owned businesses across the U.S. Indeed, Hallmon is quickly climbing the ladder in the finance and investment industries—and she’s pulling other black-owned businesses up with her.

BLACK WOMEN FOR WELLNESS

Malcolm X once said, “The most disrespected person in America is the Black woman. The most unprotected person in America is the Black woman. The most neglected person in America is the Black woman.” That sentiment is all too true when you look at the treatment of black women by the healthcare system. Due to medical racism and sexism, the concerns of black women are often ignored or misclassified by healthcare professionals. A recent John Hopkins University study found that minority women were 30% more likely to experience a medical misdiagnosis. Black women are also more likely to die from treatable conditions like breast cancer, and while giving birth.

Black Women For Wellness is helping to save black women and girls’ lives by promoting health education, empowerment, and advocacy. Since its founding, the organization has used black-women-led health advocacy initiatives like Sisters in Control and Sisters in Motion to facilitate nationwide progress in reproductive justice, infant health, cancer awareness, diabetes prevention, and more. As their website says, “We believe in healthy communities where Black women and girls have the ability and resources to grow strong and soar.”

CARTER + WOODARD

You’ve probably heard of hip-hop stars like Metro Boomin and Lil Yachty, but few hear about the black woman powerhouse who has helped to facilitate their lasting success.

Uwonda S. Carter has been an entertainment lawyer for 23 years, and she is the co-founder of Carter + Woodard, Georgia’s first black-owned entertainment and sports law firm. Though based in the U.S., Carter + Woodard aids artists and athletes internationally and across the diaspora. Notably, the firm has negotiated over $100 million in music publishing catalog sales and acquisition transactions. Carter + Woodard is also leading the way as an advocate for athletes’ rights at both the high school and collegiate levels. Serving as a pioneering force in the law industry, Carter + Woodard believes black artists and athletes deserve a strong and knowledgeable team, and the firm works to help black artists and athletes turn their dreams into reality. So, the next time your favorite athlete wins a Super Bowl or your favorite singer wins a Grammy, Uwonda S. Carter could very well be the one behind the scenes helping them shine.