Corporate Newsletter: Black Out Day 2020

Jul 08, 2020
BYP Network
 
 
Corporate Newsletter: Black Out Day 2020
 
 
Today is #BlackOutDay2020, a day where black people and allies are choosing to not spend a penny outside of black-owned businesses. The reason behind this is to show our combined economic power which is reported to be over £1bn, according to Nielsen. Major companies around the world including Procter & Gamble and Cisco Systems have expressed support for this initiative; Netflix, for example, is moving 2% ($100m) of it’s cash to black-owned banks. A similar movement, Black Pound Day, happened on the 27th June in which those in the UK focused on buying black.
 
The statistics surrounding the black community, including businesses, are very dire and so economic empowerment is important for tackling racism and the biases that exist. For example, a report conducted by Diversity VC found that less than 1% of venture capital is invested in black businesses in the US and the number for the UK is no better. Kike Oniwinde, Co-Founder & CEO, of BYP Network was recently featured in both the BBC and Times regarding the lack of VC funding received for black founders. She was part of a group of 25 black founders, who wrote and signed an open letter calling for more investment into black businesses.
 
In order to grow BYP Network, we have launched a crowdfunding campaign to gain investment from members and allies that believe in our mission of changing the black narrative. As an individual who is not black, you might wonder how you can get involved or why this is even necessary. According to the ONS, Black Africans have £23,000 in household savings compared to £282,000 for white households. This also means the likelihood of black investors is slim and initiatives such as the BYP Network Crowdfund, gives people an opportunity to invest in a cause that may give a future return. As part of this campaign, BYP Network has partnered with Seedrs, to ensure more people are aware of the benefits (and risks) of crowdfunding whilst also helping more black businesses get investment.
 
You may remember #BlackOutTuesday, a movement that took place on 2nd June 2020, and had over 950 brands support and 15 million instagram posts. The problem with this initiative is that many people and companies didn’t have to do much to show solidarity. In fact there was backlash for companies that supported this despite having no black senior managers or employees. So for this Black Out Day, why not invest in a black business, buy from a black business or donate towards a black initiative?
 
If you would like to invest in the BYP equity crowdfunding campaign, you can invest below.
 
BYP HQ.
 
 
 
 
 
BYP Events
 
 
 
 
BYP Network X Goldman Sachs: Leadership in a Time of Crisis
 
From the pandemic to black lives matter, leaders are needed now more than ever. Learn from senior executives at Goldman Sachs about what leadership looks like in a time of crisis and what it takes for you to step up to the challenge.

This event is focused on what it means to be a leader in peace time verses a crisis, what roles black leaders play, how to ensure you're surrounded by the right people and how you can use your upbringing to fuel you. This is a must attend event for corporations who want to attract and promote black employees. 
 
 
 
TTC Hackathon - Making Organisations Inclusive for Black Employees
 
TTC Hackathon - Making Organisations Inclusive for Black Employees

We are super excited to invite you to participate in the TTC Virtual Hackathon taking place over three weeks in July.

The Tech Talent Charter (TTC), BYP Network and Spinks, Sponsors of the Open Playbook are pleased to stage their second virtual hackathon. This event is open to subject matter experts keen to contribute to the TTC's open source resource for all organisations.
 
 
 
 
 
A Necessary Read & Tweet of The Week
 
 
 
 
Blindspot: Hidden Biases of Good People | Written by Mahzarin R. Banaji
 
Written in 2016, this book examines the implicit biases that each person has, dubbed by the authors as one’s “blindspot.” The authors discuss the Implicit Association Test, one of the most popular tools to measure one’s unconscious or implicit bias.
 
Through a scientific and heavily research lens, Banaji and Greenwald discuss what causes us to have blind spots and how we can overcome our personal biases and adapt our beliefs and behaviours. For anyone hoping to learn more about the underlying causes of our bias as well as some effective strategies to address these biases, this book is a great resource. 
 
 
 
 
Tweet Of The Week  - 'I've been told by my line manager I was hired because I was black'
 
Coming from the Nine to Five's account, which shared a huge thread of first account experiences of employees highlighting the microaggressions which occur in the workplace.
 
One black employee shared his experience of working at a reputable bank and being told he was a diversity hire. This had a huge impact on his self-esteem and led to imposter syndrome. At BYP Network we have had companies tell us they want to 'hire black' in order to improve diversity. However, inclusion is very important and if a company has not worked on their internal culture, their new hire will not stay. This is why we have added 'Culture Analysis & Accountability' to the services we offer.
 
 
 

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