J. Hackett’s transformative journey from reentry citizen to successful business owner has not only changed lives but also revitalized communities, particularly through his role as the founder of Black Wall Street AVL in Asheville, NC. Leveraging his experiences and extensive connections in the tourism industry, Hackett has become a powerful force in empowering businesses nationwide, aiding them in securing crucial funding opportunities. Since its inception in 2020, Black Wall Street AVL has proven to be a key driver of economic empowerment, boasting enrollment of nearly 200 businesses, generating over $3 million in revenue, and creating numerous job opportunities. By bridging the gap between BIPOC entrepreneurs and Asheville’s thriving $3 billion tourism economy, Hackett’s recent acceptance of 25 local business owners into the G.A.T.E. (Greater Access to Tourism) Program signifies a strategic move to increase their revenue significantly by year-end, aiming for $250,000 or more.
FEMI Magazine had a chance to chat with J. Hackett to learn more about Black Wall Street AVL in Asheville, NC.
Congratulations on the success of Black Wall Street AVL and the recent acceptance of 25 local business owners into the G.A.T.E. Program. Can you share more about how these initiatives are driving economic empowerment and creating opportunities for BIPOC entrepreneurs in Asheville and beyond?
Black Wall Street AVL operates as an incubator with three primary focuses. Firstly, we support small businesses in crafting and developing viable, fundable business plans through our GATE (Greater Access to Tourism Entrepreneurship) program. Secondly, we organize GrindFest events with the specific goal of enhancing income and visibility for black-owned businesses. Lastly, Black Wall Street hosts year-round activities such as our Holiday Jam and Black Legacy Awards, inviting everyone to join us in celebrating the boundless potential of human creativity.
As the founder of GRINF AVL and AVL and a successful reentry citizen turned business owner, what strategies have you found most effective in securing funding opportunities for Black-owned businesses in the travel and tourism industry? What advice do you have for entrepreneurs navigating similar paths?
The strategies I typically recommend that may seem challenging for some are as follows: 1. Connecting your business to solving community problems 2) Connect with experts who can advise you, as there are some people who will truly help you. 3) Diversify your customer portfolio.
The re-entry citizen may have been convicted for actions that caused harm to the community. However, they need to perceive their business as a positive force within the community. Collaborating with experts provides the necessary protection and insights to safeguard both their business and interests.
When the system has previously worked against you, it can foster mistrust, leading to misinformation and self-doubt. Diversifying your customer base allows you to generate income from various sources and methods. For instance, at the coffee shop where I work, we adapt our offerings according to the seasons. During slower periods, we sell not just coffee but also information. In the summer, we focus on merchandise. And during our slowest months, we offer gift cards, space rentals, and partnership packages. Exploring diverse revenue streams ensures a steady income throughout the year. You must know the cycles in your business.
Grind-Fest has become a premier event celebrating Black entrepreneurship. What can attendees anticipate at Grind-Fest 2024, and are there any updates on newly confirmed celebrity artists or special attractions that you can share with us?
Grind-Fest is coming back, and we’re excited that Asheville trusts this to be the go-to festival of the summer. We’re expecting attendees to have some good old-fashioned fun! There will be tons of food vendors and brand activations that will give attendees time to network and fellowship. The weekend will begin with a Black Wealth Summit on Friday. Following that event, we’ve added a casino night like the one from Harlem Nights, the movie. During the festival, we will have carnival rides, food trucks, vendors with unique items, DJs, and live bands with funk, rock, R&B, oldies, reggaeton, Afrobeat, and Latin music. We’ll also have a Concert at Salvage Station, a gospel Concert, and a Kickoff party at the newest hotel in Asheville called the Radical.
In your experience, what are the main challenges Black-owned businesses face in accessing financing, particularly from local travel and tourism authorities? How can these barriers be addressed to foster more inclusive economic growth?
According to Prosperity Now, pervasive stereotypes, bias, and discrimination pose significant challenges for Black entrepreneurs in our society. These negative perceptions can impede our ability to secure funding, attract customers, access markets, and cultivate professional relationships. When we, as Black individuals, internalize this analysis, it becomes challenging to create products that effectively address universal problems. Moreover, it impacts our self-efficacy, ability to build and leverage entrepreneurial networks, and creates insecurity around recognizing opportunities.
Building Black Wall Street AVL has been instrumental in revitalizing communities and supporting minority-owned businesses. Can you elaborate on the importance of creating such networks and how they contribute to long-term economic sustainability and empowerment?
Black Wall Street AVL is a vital resource supporting minority-owned businesses, contributing to long-term economic sustainability and empowerment. We need more networks like this. Serving as hubs of economic activity, these networks amplify the voices of minority entrepreneurs and inspire future generations. Creating local spaces like Black Wall Street AVL is essential for fostering economic sustainability and empowerment for all of Asheville, echoing our founder J Hackett’s sentiment: “Black business is everybody’s business.”
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