Former Sacramento, Calif. Mayor Kevin Johnson Introduces Black Capital Initiative

Former Mayor Kevin Johnson has officially launched Black Capital, an initiative that that will economically empower African Americans, according to The Black Wall Street Times.

The former Mayor of Sacramento, California, Kevin Johnson, has partnered with SeedInvest to launch its Black Capital initiative, a collective mission to economically empower African Americans through access to the venture capital industry. 

We are excited to introduce you to “Black Capital”—an initiative led by former Sacramento Mayor, Kevin Johnson, and SeedInvest, a leading equity crowdfunding platform.

According to its Facebook page, “Black Capital’s mission is to empower African Americans to take control of their financial future, help narrow the widening wealth gap, and to democratize access to the venture capital industry.”

“Historically, this asset class has only been available to just 2% of the U.S. population—our objective is to ensure that people of color have a seat at the table and participate in the previously inaccessible early-stage venture capital asset class.”

Last week, at an event, to introduce the new initiative at Metropolitan Baptist Church in Tulsa, Oklahoma, Johnson mentioned the extreme wealth gap between black and white American families. The net worth for the average black family is $28,500, while the average net worth for a white American family is $265,000, nearly nine times higher than the average for black families.

“For every dollar a white person makes, a black person makes 73-cents,” he said, then added, “they make more money for the same job we do, and we make less money for the same job they do.” 

Johnson, who was elected in 2008 and then re-elected in 2012, was the first African American to serve as mayor of Sacramento. Before his foray into politics, Johnson was in the National Basketball Association (NBA) playing for the Cleveland Cavaliers and ending his career with the Phoenix Suns. During his 12-year playing career, Johnson was a three-time NBA All-Star as well as four-time second-team All-NBA selection and held numerous records for the Phoenix Suns organization.

As mayor of Sacramento, Johnson launched two education initiatives: Stand UP and Sacramento READS!, to benefit students in Sacramento.