Meet The Standouts From The Next 1000 | The Women Over 50 Safeguarding Small Business | This Startup Is Cashing In On The Resale Boom

Plus: 5 Tips To Make Tech Partnerships Your Secret Weapon

Last week, the Biden administration announced sweeping changes to the Paycheck Protection Program, including more aid for sole proprietors, independent contractors and self-employed individuals, as well as firms with fewer than 20 employees—according to the White House, 98% of American small businesses meet this latter criteria. 

Forbes Contributor Rhett Buttle calls these modifications to the PPP “a big win for American small business owners, especially business owners of color,” citing a survey conducted by Reimagine Main Street, which found that just 54% of Black-owned businesses that applied for PPP funding received it, compared to 86% of white-owned businesses. 

Still, these entrepreneurs have remained resilient, and entering 2021, nearly half say they expect revenues to increase and the economy to improve, according to a Bank of America study. Moreover, nearly 25% expect to hire, a surefire sign of optimism.

With this in mind, it should come as little surprise that Black business owners shone brightly on Forbes’ inaugural Next 1000 list of small-scale superachievers redefining what it means to build and run a business today. They represent nearly 32% of applicants (thus far—nominations are open year-round) and 20% of our first group of 250 honorees. Fueled by your nominations and screened by top business minds and entrepreneurial superstars, at the year’s end, we’ll culminate with 1,000 new faces. Nominations are still open. Send us your story today.

And below you’ll find more insights and practical guidance on how to make big business decisions in the face of ever-changing market headwinds and the pandemic. As always, thanks for reading. You can also follow me on Twitter and on LinkedIn. 

"Small businesses are built on optimism—a long-shot wager on self-determination for the self-driven and mostly self-funded."

Caroline Howard

Forbes Executive Editor

Must Reads

As part of our regular segment on MSNBC’s Morning Joe highlighting women over the age of 50 changing the world, Forbes and “Know Your Value” decided to shine a light on the women helping safeguard the nation’s small businesses. Learn about them here. 

Secondhand clothing is the hottest trend in apparel, and big brands are happy to profit (while avoiding the headaches) by outsourcing the hard work to tiny Trove. “It’s soup to nuts,” says Andy Ruben, 48, tcofounder and CEO of the 9-year-old startup, whose operation helps companies capitalize on used goods that customers might otherwise pawn at vintage shops or dump into landfills. “It’s resale in a box.”

Diversity is not just a nice to have—it’s a strategic imperative when you consider the demographics of the U.S. today. Using data from Richard Kerby at Equal Ventures, Scott Galloway details in his new book, Post Corona, the lack of diversity in venture capital: 58% of venture capitalists are white men, 20% are Asian men, 11% are white women, 6% are Asian women, 2% are Black men, and 1% Black women and 1% are Latinx men. Virtually none are Latinx women. Read more here. 

It’s an empirical fact that most startups fail. In fact, according to the Bureau of Labor Statistics, 20% of new businesses fail in the first year of operation, and 60% don’t reach their 10th anniversary. Here’s what you need to know before doubling down on making your startup idea a reality.   

In the wake of massive political shifts and cultural unrest, diversity, equity and inclusion initiatives are skyrocketing. But with little evidence to support the efficacy of the one-off lectures and annual training sessions that many companies have invested in, Elise Smith, cofounder and CEO of Praxis Labs, is taking a different approach. Using virtual reality, she hopes to help employees and leaders change their perspectives over time by allowing them to step into the shoes of those feeling the sting of stigma. Read more about her business and recent funding here. 

Across Forbes