Latest news with #BlackOwnedBusinesses
Zawya
17-07-2025
- Business
- Zawya
South Africa: ProfitShare Partners calls for measurable impact standards in fintech AI
As artificial intelligence (AI) reshapes Africa's financial services landscape, South African fintech ProfitShare Partners (PSP) is calling on the industry to shift its focus from potential to proof. The company is urging fintech innovators, investors, and regulators to adopt measurable, outcome-driven benchmarks that ensure AI genuinely expands access and impact, especially for small and medium-sized enterprises (SMEs) excluded by legacy systems. Andrew Maren, CEO and founder of ProfitShare Partners (PSP) 'There is a widening gap between what AI can do and what it is actually doing to serve real businesses,' says Andrew Maren, CEO and founder of ProfitShare Partners. 'Too many solutions are optimised for hype or investor traction. It is time to ask: who is the end-user, and what problem are we really solving?' Making AI accountable to outcomes PSP's call comes as the company continues to scale its own AI-enabled funding model, which provides fast, flexible capital to SMEs with valid contracts but limited access to credit. Since 2017, ProfitShare Partners has deployed over R1.2bn to more than 90% Black-owned businesses, using AI to assess behavioural risk, verify deal readiness, and unlock capital in near real-time. 'Our AI does not predict stock trends or optimise ads. It helps us decide whether an SME with a legitimate purchase order can be trusted to deliver, and then helps us fund them in days, not months,' explains Maren. Rather than replacing human judgment, PSP uses AI to enhance operational scale, reduce bias, and increase the speed of funding decisions. But, Maren warns, too many systems are being built in isolation from the markets they aim to serve. 'AI trained on irrelevant data or designed around first-world assumptions will not solve Africa's access problem. In fact, it may reinforce it. That is why we believe in setting practical benchmarks like jobs created, businesses scaled, and contracts fulfilled. These are the metrics that matter.' Calling the fintech sector to account With AI dominating the business agenda this year, Maren says the conversation must now move beyond capability and toward credibility. 'From predictive analytics to automated decisioning, we are seeing AI embedded into nearly every fintech pitch deck. But what we are not seeing often enough are results that justify the narrative. Inclusion cannot remain a marketing term. It must be measured,' he says. PSP is calling for: - Greater transparency in how AI models assess risk and recommend funding; - Standardised reporting on how AI tools improve access, reduce exclusion, and support underserved SMEs; - A sector-wide commitment to localising data inputs and validation frameworks to reflect African market realities. 'Everyone is talking about ethics, but we need to translate that into execution. If your AI helps one SME win one contract that puts food on the table and builds a track record, that is more powerful than any abstract benchmark of potential,' adds Maren. Building trust, not just tech PSP's position aligns with a growing call in the market for trust-first innovation. The company has advocated consistently for fintech that prioritises people, purpose, and provable results over speculation and scale for its own sake. 'Our vision is simple: build the tools that help entrepreneurs succeed. Let AI be part of that but let it be judged by what it enables on the ground and not just what it promises in theory,' Maren concludes. All rights reserved. © 2022. Provided by SyndiGate Media Inc. (
Vogue
10-06-2025
- Business
- Vogue
On the Podcast: Five Years in, Aurora James Is Still Working to Create a Diverse Meritocracy With the 15% Pledge
With DEI rollbacks affecting every facet of American business and culture, this week's episode of the Run-Through is a timely conversation between Nicole Phelps and Aurora James, the founder the 15% Pledge, a nonprofit organization whose aim is to engage retailers to give 15% of their shelf space to Black-owned businesses. The Brother Vellies founder and designer brainstormed the idea for the organization in 2020. 'In the wake of George Floyd's murder, I was getting a lot of calls and texts from different people in the industry—not just fashion—but major retailers across America,' she explains. 'Small businesses were getting annihilated during the pandemic; 44% of Black-owned businesses were expected to close—which was double the national average—and 90% of Black-owned businesses didn't get access to the first round of PPP money. So I [looked] to those retailers and I thought, okay, they're good at selling product, and Black people are almost 15% of the population, so major retailers should consider committing 15% of their shelf space to Black-owned businesses.' She wrote down her idea on the Notes app on her phone ('where most of the brilliant ideas live'), posted it on Instagram, and the rest, as they say, is history. Except of course, that's only when the hard work began. Five years later, with DEI a hot-button topic, it could be said that the 15% Pledge is more vital than ever. In this candid conversation James talks about the organization's success stories, the importance of industry support for small, independent brands, and the responsibility she feels to ensure the organization's success. 'If it were to fail, then the narrative becomes, 'oh, actually DEI is a horrible thing, giving founders of color opportunities isn't necessary.'' She went on to say: 'But for me, it's: Did these and do these opportunities to give everyone a more equal starting line in the race bear fruit? It's hard to see that instantly, but I really do believe that we're proving that out; that part I feel really good about.' Listen to the episode below.
Wall Street Journal
20-05-2025
- Business
- Wall Street Journal
How Target Boycotts Affect Black-Owned Businesses
Boycotts against Target's TGT 0.37%increase; green up pointing triangle rollback of diversity, equity and inclusion initiatives are also hitting Black-owned businesses with products on the retailer's shelves. In the aftermath of George Floyd's murder by a Minneapolis police officer in 2020, Target, with its headquarters located about a 10-minute drive from the scene of the incident, made sweeping commitments to beef up its DEI policies and increase opportunities for Black employees, entrepreneurs and shoppers.
