Under the leadership of Alphonso David, the Global Black Economic Forum has become a beacon for economic opportunity, justice, and freedom (Photo Credit gbef.com).
By Ashleigh Fields
Throughout years of Black venture capitalists facing attacks, the Global Black Economic Forum emerged as a subsidiary of Essence Ventures in 2017 to achieve equitable funding for marginalized communities worldwide.
Under the leadership of Alphonso David, former CEO of the Human Rights Campaign, the group has helped thousands through political advocacy, global summits and the highly regarded Essence Festival of Culture.
“The Global Black Economic Forum is an international enterprise dedicated to advancing economic opportunity, economic justice and economic freedom for Black and marginalized communities around the world,” David told the Defender. “We are active year-round, and the ESSENCE Festival of Culture is an opportunity to educate, mobilize and support the millions of people from around the world who participate in our robust programming focusing on economic power.”
This year, the organization hosted the likes of Maxine Waters, Congressional Black Caucus Chair Steven Horsford and even Vice President Kamala Harris on stage to discuss what’s at risk during the 2024 election.
“The Global Black Economic Forum’s three days of programming featured some of the world’s most accomplished people in business and politics, all showing that there is no limit to what our community can be,” David said. “One thing history tells us is that change doesn’t just come from the status quo. It comes from the grassroots, which means that if we want a more just and prosperous future, we all need to find our own individual ways of bending the arc of history in our communities.”
During the business forum, David spoke with Arian Simone, CEO of the Fearless Fund, an investment firm sued for supplying $20,000 grants to small businesses owned by Black women in their Strivers Grant Contest.
The U.S. Court of Appeals for the 11th Circuit ruled the terms violated the prohibition in Section 1981 of the Civil Rights Act (Section 1981) against race discrimination in making and enforcing private contracts, facing pushback from many citing the statistic that 1% of venture capital funding goes to Black founders.
Noting the industry’s dearth of funding, Simone partnered with celebrity actor Keisha Knight Pulliam to combat the issue, only to be persecuted for it. David, who serves as legal representation for the Fearless Fund, spoke with founder Simone on stage about ways to overcome discrimination against minority business owners amid the crackdown on diversity, equity and inclusion (DEI) initiatives.
“The Global Black Economic Forum offers programming, activations and presentations that celebrate, empower and motivate the Black community, recognizing the hard work ahead of us and committing ourselves to being changemakers. We also celebrate, with intention, the rich diversity of our community,” David asserted about the busy weekend.
Over the past few months, the Global Black Economic Forum has championed rights for Black people at the World AIDS Day Conference in D.C., formed a recent partnership with U.S. News and World Report, and will participate in upcoming events like the entrepreneur camp at Martha’s Vineyard and the United Nations General Assembly in New York, where the group will engage with the global Black diaspora.
Next year, the team will take its resources to Lagos, Nigeria, for a critically acclaimed business competition in association with StarNews Mobile.
David hopes to continue building on the momentum and potential for positive change, making the Global Black Economic Forum’s mark on culture for the next seven years and beyond.