Durham's Black-Led Entrepreneurship: Black Wall Street to Today
Durham is no stranger to African American-led innovation.
Posted By Ashley Strahm on Feb 06, 2019
Don't be a stranger to Durham's burgeoning resurgence of black business.
The Roots of Black-led Entrepreneurship in Durham
6 Reasons to Attend Art of Cool FestMain Street trolley tracks, c. 1910. (Durham County Library)
As the home of Black Wall Street, a moniker for West Parrish street coined during the early 1900s thanks to the area’s wealth of black-owned businesses, Durham has a strong history of diversity and entrepreneurial prowess. “Durham's Black Wall Street is the blueprint,” says Phillipe Charles, Director of Communications & Member Experience at American Underground. “It is an early example of the collective power of Black entrepreneurs and businesses. By joining resources, wisdom, and efforts they yielded impressive results that defied the times.”
What you may not have read in your school textbooks was the thrilling historical narrative of Durham's unapologetic position as successful urban epicenter at the turn of the century. Thriving among the likes of Tulsa, OK and Richmond, VA, Durham's tireless communities of color bolstered the construction of early Durham with black-owned brick and the origination of black-owned banks, rising despite the searing systemic wounds of post-Civil War, Jim Crow America.
Don't sleep on this history.
The very first African American bank and second-oldest minority owned bank in the United States (Mechanics and Farmers Bank) was founded here. Durham was also home to North Carolina Mutual Life Insurance, which to this day remains the largest and oldest African American life insurance company. African Americans created the Hayti neighborhood and it developed into a thriving business and residential district that received national acclaim, including written praise from W. E. B. du Bois and Booker T. Washington. Around the same time, the desire to provide educational opportunities for blacks resulted in the founding of Dr. James E. Shepard's National Religious Training School and Chautauqua, which later became North Carolina Central University (NCCU).
This is the fertile soil from which Flower Child Remedies, Inc. grew, a Durham-based, all-natural hair care company founded by Duke graduate Tiana Horn, as well as Loanable, a platform founded by Bernard Worthy that helps users create loan agreements among friends and family, as well as disrupt student loan debt. Then there's RewardStock, the website that shows you how to travel on credit card reward points without completely blowing your budget, founded by Jonathan Hayes, a former investment banker. What's more, Durham-based platform SpokeHub aims to bring back the art of conversation, and is led by Durham-native Robert Hartsfield Jr.
Black Bull City entrepreneurs were future thinkers before the future arrived. NC Central alum Tobias Rose, co-founder of Kompleks Creative. The self-proclaimed 'dope' creative agency takes its talents nationwide, and has proudly bolstered the brands of local partners since 2001.
Dorian Bolden, owner of Beyù Caffè, graduated from Duke in 2002. Right after receiving his diploma, he left the Bull City for the Big Apple to begin work as a Wall Street stockbroker, but eventually opened Beyù Caffè in the heart of Downtown Durham after returning home in 2005.
“I am a firm believer that what has always separated Durham from any other place, and the reason that we call it Dirty Durham, is diversity,” Bolden said in 2017. “... I am hoping new companies coming to Durham like it for its authenticity and its grit, and work to maintain diversity in the workforce.”
Bolden announced plans to expand his inclusive restaurant and event space to Duke University's West Campus with Beyù Blue – offering folks of all hues the opportunity to bask in the beautiful ambiance he's cultivated over a number of years.
Present Day Purpose
Every single day in Durham serves as a launch pad for entrepreneurial magic. This fall season, however, innovative African American startups are making their mark on our city in the present day. At the annual Black Wall Street: Homecoming, success, business, and culture will converge in Downtown Durham, locals and visitors alike plan to honor the past and future of black founders, investors, industry experts and members of the startup ecosystem. If you were wondering how to get plugged in to witness the inspiration, this is your chance. The conference will feature pitches, workshops, stories, and art, all with the option to personalize agendas for an unforgettable experience.
We're looking forward to the best in entertainment this year at the Durham born and bred Art of Cool Festival. Its fifth annual lineup featured Nas, Erykah Badu, Maxwell, Meshell
Dive deep. Visit. Learn about more African American-owned businesses in Durham, NC; the history and progress are etched into the fabric of the Bull City. You, too, can share in the excitement of the season as folks from the furthest reaches of the country gather at Black Wall Street: Homecoming at the site of Durham's past entrepreneurial foundation, and current startup scene.