ESSENCE Festival of Culture 2023: Transformative Entrepreneurial Strategies for Purposeful Profit and Social Impact

EFOC

By Kerane Marcellus ·Updated July 7, 2023

NEW ORLEANS – On June 30, 2023, three prominent women in their communities came together to explain how they’ve navigated a space that was not always for them. Chisom A’Marie, the Vice President at New Voices Fund, sat down with Jasmine Crowe, founder of Goodr, and Naj Austin, founder of Somewhere Good, to break down the key to a successful business that brings positive change to people’s lives. They discussed their strategies for attracting investors who shared their vision and their personal definition of “good.”

Austin emphasized that being a founder is about making the conscious choice to pursue your dreams. Her company, Somewhere Good, was born out of a mission to combat the loneliness epidemic by creating a safe space. Crowe echoed this sentiment, stating many people have great ideas, but they key lies in executing them effectively. . Both women highlighted the importance of perseverance, as failure is an inevitable part of the journey.

While some may give up, Austin and Crowe pressed forward, surpassing the idea phase and entering investor boardrooms. They often encountered investors who didn’t share their background or perspective, and at times, compromising their ethics seemed like an option. However, both women advised saying “no” when a potential partnership doesn’t align with their values, recognizing that “all money isn’t good money.”

Austin added , “If you walk into the room and they don’t understand the problem you want to solve, it’s probably not a good fit.”

Crowe also recounted instances where investors were unaware of the experience of hunger, dismissing the problem as solved. Fortunately, she persevered, undeterred by the numerous rejections from those who failed to acknowledge the severe food disparity issue in the Black community–a problem understood by a Black investor who believed in her cause.

Balancing people-centered initiatives with revenue generation remains an ongoing challenge for many entrepreneurs in profit-driven organizations that champion activism. Crowe, the founder of Goodr, always prioritizes people’s well-being, regardless of investors’ expectations, as she strives to end hunger. For Austin, the toggle between people and revenue is never-ending.

Subsequently, Austin and Crowe’s businesses have the same root word — ‘good.’ A’Marie asked both women what that word meant to them, and their answers, as well as their advice for future change-makers in entrepreneurship were synonymous with the ethos of their businesses.

“We wanted to remind people that we don’t have to go somewhere else to find somewhere better. Somewhere good is all around you,” said Austin. Crowe expressed her perspective, saying, “When I think about the word ‘good,’ it means to leave the world better than we found it.”

Both women emphasized the importance of persistence and the recognition that learning is an ongoing journey. By embracing this mindset, they believe that the realm of possibilities expands infinitely, paving the way extraordinary accomplishments.