This Tech Company Wants You To Support Black Businesses

Black lives matter, and our dollars have power!

Black Americans currently have a buying power of 1.3 trillion dollars. Why is it then, that less than 2% is being spent with black-owned businesses? How do we leverage the power of consumerism for both economic and social good?

That is the mission of Spendefy, an Atlanta-based Tech Company, founded in 2015.

Black Enterprise had the opportunity to catch up with Eldredge E. Washington and Antwon Davis, two of Spendefy’s founders. They have built a platform that creates awareness and exposure for black-owned businesses around the country, and they are empowering consumers to spend differently by providing them with ways to connect.

The founders stated that this company provides five solutions for black lives to advance:

  1. Spendefy is increasing the circulation of dollars into black communities by leveraging technology, to accelerate the sharing and supporting of black-owned businesses at scale.
  2. Spendefy is serving as a catalyst to economically empower black-owned businesses. They are providing an avenue for these companies to grow, create, and sustain job opportunities in the black community.
  3. Spendefy is changing the perception of black-owned businesses by elevating those that are the epitome of black excellence.
  4. Spendefy is restoring a sense of dignity in the black community by educating consumers on the power of their dollar. Spendefy bases its philosophy on the principles of Nkonsonkonson (pronounced “Kon-Son-Kon-Son”), which represents a chain link and is the official symbol of unity and human relations. This symbol was originally used as “a reminder to contribute to the community, that in unity lies strength.”
  5. Spendefy is helping to pioneer black technology in the U.S. and inspire more African Americans to get involved in this particular industry.

Mr. Washington and Mr. Davis have used Spendefy to contest the superficial assumption that black-owned businesses are unprofessional by helping consumers connect with awesome minority companies online, where they live, and where they work.

It is clear that the Black Live Matters movement is real. Perhaps, it is time for us to chain link together and spend differently on purpose to realize lasting change.

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Marquita Miller is the founder and CEO of Five Star Tax and Business Solutions—a full service accounting firm in Kansas City, Missouri. A small business expert contributor on CBS & FOX morning shows, Miller is a published author, business strategist, motivational speaker, and well known advocate for entrepreneurship. A recipient of Kansas City’s Influential Woman and Woman Who Means Business award, Miller is also a conference speaker and workshop facilitator for TD Jakes Ministries.