Black Wall Street has long been a symbol of economic hope and success, due to the entrepreneurial spirit demonstrated by Greenwood residents in Tulsa, OK before it was destroyed.
With an estimated $200 million of Black-owned property wealth destroyed during the 1921 Tulsa Race Massacre, there are groups like CultureVations, founded by Tyreek Moore, that are turning over a new leaf while trying to re-invigorate Black entrepreneurship in the area.
The Breakdown You Need To Know: In the 35-square-block Greenwood District known as Black Wall Street, Black business owners had five hotels, 31 restaurants, eight doctor’s offices, two movie theaters, 24 grocery stores, and more. The Tulsa race riots killed nearly 300 people in 12 hours while destroying billions of dollars in Black generational wealth. However, Moore’s CultureVations is looking to restore some of this entrepreneurship back to Tulsa and beyond.
His platform is providing equity, access, exposure, and opportunity to underrepresented founders. CultureVations “The Black Wall Street Homecoming” three-day event June 15 – June 17 in Tulsa will raise consciousness to drive action and create “Black Wall Streets” all over the country with a model proven in Tulsa.
As a master connector, Moore knows the importance of creating a pipeline for more people of color to thrive in the entrepreneurial ecosystem. “I’ve worked in cultivating underrepresented founder ecosystems for the last several years, many of my founders repeated the same statement time after time, Ty I just want a seat at the table,” Moore said to CultureBanx. It is this sentiment that inspired CultureVation’s upcoming Tulsa activation.
Beyond Black Wall Street: While the Black Wall Street of the past cannot be recreated, it’s important to unpack its lasting impact on the road to closing the racial wealth gap and what role the capital markets play in this process. Financial injustices like this have continued to occur in America. Specifically, a 2020 CitigroupC +0.1% Bank study quantifies that the U.S. would have generated $16 trillion by closing racial gaps 20 years prior.
Source: forbes.com