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Black Women are currently leading every demographic in the United States in launching their own business. The Black Women’s Roundtable, an organization at the forefront of championing just and equitable public policy on behalf of Black women that promotes their health, wellness, economic security, education and global empowerment published a report, "Black Women in the U.S., 2015," in which it found that Black women started businesses at a higher rate than any other group, by a measure estimated at six times the national average, producing approximately $44.9 billion annually in revenue.
During 1997-2013, the report states, Black women led all women in the nation in the number of business startups and in revenue growth. Percentage-wise, Black women outpaced Caucasian women, Latinas, Asian/Pacific Islanders and Native Americans in receiving post-secondary degrees.
In a report published by the Pew Research Center, "Racial, gender wage gaps persist in U.S. despite some progress," Black women unfortunately earn 65 cents for every dollar earned by a white man. In the past five years, Black women received a negligible 0.002% of venture capital funding. With the aforementioned accomplishments and achievements, why do Black women lag behind in major economic categories?
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LaShane Greenhill, the founder of Sagents, a procurement and a supply chain platform that does verification for women and small business entities is developing a new platform called Sales Cocktail to help bridge the digital divide that exists with minorities and women-owned businesses. Greenhill's current platform, Sagents, plugs into a corporations (ERP) or Enterprise Resource Planning system and pulls data from their files in an effort to verify which businesses have women and minority statuses.
Sagents helps corporations track how much money they are spending with those companies. Corporations then create reports around their spend amounts to report to their employees internally and stakeholders externally. If a corporation identifies that they are only spending 5% with women and minority businesses and decides that they would like to increase their spend to 10%, Sagents provides the software needed to track the amount that they are spending.
Sales Cocktail is a natural spin-off from Sagents for Greenhill. Sales Cocktail is a website designed to provide insight, knowledge and tools that helps business owners track and automate sales, leads and customer feedback. "There is alot of technology that exists that helps large and small companies automate their sales and marketing process. Technology that helps them track and build their sales funnel, that helps companies create brands on a national and global scale. There are tools that have been around for many years. Alot of women and minority businesses fall into two categories; they do not know these tools exist or they do not understand how to use them," said Greenhill.
Sales Cocktail is currently building its subscriber database. When the site goes live in mid-January 2017, subscribers will receive notification. Sales Cocktail will provide knowledge, reviews and information about different sales and marketing tools. Greenhill wants to help women and minority businesses to become knowledgeable about the sales process, particularly when it come to large corporations. "Many small businesses believe that once they get their woman or minority certified status that they are going to immediately gain business. Rapport, trust and relationships must be built. The supplier diversity manager is not the only person that they need to build a relationship with," noted Greenhill.
"Our goal is to be the most sales conscious platform for women and minority-owned businesses. We want to gather much of the information that exists online and boil it down to four different steps to make it easier for our subscribers to use on their own. Information that provides knowledge on how to build and to expand their company with very effective and inexpensive tools."
Sales Cocktail plans to host webinars with subject-matter experts to tackle subjects like access to capital for Black Women. Sign up for Sales Cocktail's subscriber's list. Subscribers that sign up with Sales Cocktail by January 30th will receive a free copy of their report, “Getting Started with Lead Nurturing in Three Easy Steps.”
Millions Two One is the Largest African American Business Directory in the World. Millions Two One is an online and mobile application platform that gives users access to Black-owned businesses, organizations and entrepreneurs in the United States, Canada, the United Kingdom, the Caribbean Islands and in Africa.