The nation’s largest black-owned businesses, in sectors including manufacturing, construction, automotive, and financial services, have applied transformative strategies and sustainable models in a tech-driven, competitive world
The BE 100s—the nation’s largest black-owned businesses—are engaging in the same tech transformations and generational shifts that have marked today’s changing business landscape.
Take the transaction led by Eric Kelly, the Silicon Valley heavyweight that black enterprise has identified as one of the top tech influencers. In November 2018, Kelly, through a management-led buyout, acquired Overland Tandberg from Sphere3D, a publicly traded NASDAQ company. The San Jose, California-based data management and protection powerhouse has emerged as a newcomer on the top 100 list, making its debut at No. 56 with $67 million in revenues. Another tech innovator, San Francisco-based online legal services trailblazer Rocket Lawyer (No. 60 on the top 100 with $60 million in revenues), has launched a new product called Rocket Wallet that uses blockchain applications for contract execution.
Both companies represent the rising number of technology companies powering the top 100. Their presence also signals multiple trends that are reshaping the industrial and managerial configuration of the nation’s largest black-owned businesses. Many firms among this year’s be 100s produced solid revenue growth. Others, however, proved less fortunate, wrestling with issues such as diminished cash flow, eroding market share, and tougher competition. Yet most have displayed canny resilience to succeed in an increasingly unpredictable environment.
In other words, the be 100s continue to demonstrate forward momentum.
The next generation of entrepreneurial leadership has also become apparent. That is evident with the recent changes at be 100s mainstays like James Group International in Detroit and C.D. Moody Construction in Atlanta. Another trend has less to do with the bottom line rather than a much-needed focus on community advancement and managerial pipeline development.
This story is from the Summer 2019 edition of Black Enterprise.
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This story is from the Summer 2019 edition of Black Enterprise.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
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