Black Entrepreneur's Journal - Issue 3

. / black e ntre pre n eu r ’ s journal issue iii

summer fall

A Note on

Longevity with Lloyd Reid

Succession Planning

Team Building

What is it?

Why do I need it?

The Importance Its Benefits

Africa Centre’s Entrepreneurial Support initiatives aims at creating opportunity for building a larger business community in Alberta through leading a full-frontal assault on the systematic barriers that limit the prospects for aspiring Black entrepreneurs.

Find out more at www.africacentre.ca/ entrepreneurial-support africacentreyeg

www.africacentre.ca

@africacentreyeg

780.455.5423 ext. 200

@africacentreyeg

6770 129 Ave NW #106,

africacentreyeg Africa Centre

Edmonton, AB T5C 1V7

tab le o f

contents

publishing team Greg Davis Publisher

05 08 10 13 16

Welcome

Messages from the Executive Director and the Chairman of Africa Centre.

Taneya Rogers Editor

Joanne Pierce Artistic Director

The Importance of Team Building

The benefit of a team bonding, as told by Denise Ledi, an Executive Leadership Coach.

Tinuoluwa Olabimtan Designer

Ni Lo Photographer

Digital Currency is Coming Learn about the rise of cryptocurrency, and the slow but steady adoption into trading.

africa centre Riyah Lakhani

The Impact of Inflation on Budgets

Kojo Otoo

What is inflation? An examination of its impact on a micro and macro economic scale.

contributors

Developing More Intuitive Vehicles

Denise Ledi

Exciting technology to make your driving experience safer

Havana Green Dewayne Taylor

18

Succession Planning

22

Entrepreneurial Spotlight

A case study: services and strategies to prepare for the unexpected

The stories of two entrepreneurs, Lloyd Reid of Lloyd’s Patty Plus, and Kelise Williams of Row, the app.

Tamika DeGannes Victor Oluwi

Outsiders Edge Media P.O Box 542 Stn Main Edmonton T5J 2K8 info@outsidersedge.ca

30

Black Opportunity Fund

32

Global News

Discover the newest program to fund Black entrepreneurial endeavours.

Developments around the globe.

This issue was made with the support of :

The Black Canadian Business Empowerment Program is made possible thanks to support from the Government of Canada’s Black Entrepreneurship Program.

A strong, relevant and engaged African descent community in Alberta. africacentreyeg

www.africacentre.ca

@africacentreyeg

780.455.5423 ext. 200

@africacentreyeg

6770 129 Ave NW #106,

africacentreyeg Africa Centre

4 .

issue iii

Edmonton, AB T5C 1V7

Welcome Note Sharif Haji, Executive Director As I celebrate my third year as Executive Director at Africa Centre, I reflect on the growth and impact Black entrepreneurs have made to the Canadian economy over the past few years.

Black entrepreneurship is the key to closing the racial wealth gap, and it’s inspiring to see more and more of the African descent community venture into the realm of business.

The Black Lives Matter movement, in the midst of the COVID-19 pandemic, highlighted the importance of supporting Black businesses, and providing tools and resources for Black entrepreneurs to be able to launch and run successful businesses in Alberta.

With Africa Centre’s vision of a strong, relevant, and engaged African descent community in Alberta, we launched our Entrepreneurship Empowerment Program. The initiative creates an opportunity for building a larger business community by leading a full-frontal assault on the systematic barriers that limit the prospects for aspiring Black entrepreneurs. The program aims to equip Black entrepreneurs with all the tools they require for their entrepreneurial dreams to be a success; this includes providing educational and coaching support, creating opportunities for expanding social capital through networking, and leveraging the importance of business interdependence.

Though we are lacking race-based data in Canada, surveys have shown that the median net-worth of Black households is significantly lower than that of white households. A lack of financial resources creates a cascade of inequalities in education, homeownership, and the ability for families to cater to their basic needs. And while it will take multiple strategies to solve these enormous problems, entrepreneurship can provide the best opportunity to build sustainable, long-term wealth.

I would like to thank the team at Africa Centre for their dedication to serving the Black business community!

Yours Sincerely,

6 .

issue iii

Welcome Note Kemoh Mansaray, Chairman As the Board Chair of Africa Centre, it is my honour to present to you the latest issue of the Black Entrepreneur’s Journal!

This is an exciting and challenging time in our economic recovery – as we emerge from our first post-COVID summer, we can reflect on what this means for Black-owned businesses in the province and throughout Canada. For some, the end of restrictions has meant growth and new opportunities, while others are forced to reevaluate what a postCOVID economy means for their business. Internationally, inflation is at the highest rates we have seen in decades, and this is mirrored in the Canadian economy. A post-COVID economic recovery plan is essential for Black businesses, and we must urge our leaders to create measures to protect and cater to the intersectional needs of Black entrepreneurs.

Now, more than ever, is a time to build our economic strength by supporting Black businesses as they bounce back. I am pleased to say that through Africa Centre’s community capacity building initiatives and Business Entrepreneurship program, we have been able to provide support to grassroot organizations and small businesses through funding and access to low-barrier resources. Our success in this regard is greatly due to funding from the Government of Canada. We know that investing in Black businesses is beneficial to the local economy, and the importance of economic inclusion cannot be understated to ensure that no Black entrepreneur is left behind.

Thank you for taking the time to learn about topics of importance pertaining to Black entrepreneurs in Alberta. We’ll see you next issue!

Yours Sincerely,

t h e i m p o rta n c e o f

Team Building cliche vs the r e a l de a l

by denise ledi

team building is a

critical factor for success, however

many leaders fail to make it a priority.

There may be perceived disadvantages to team building as well. Let’s face it, most of us know the pain of having to attend a team building exercise you have ZERO interest in; some consider it to be a time and money waster; others still, view the experience as a one and done activity. It could be that you believe team building and associated activities are ‘fluffy’ concepts that have no place in business. Whatever the concerns are, they’re real and should be fully considered and addressed because team building is one of the most important investments a leader can make in their leadership acumen, their organization, and in their greatest asset, the people.

8 .

issue iii

Leadership Development benefits of

Team Building

We bonded as our authentic selves vs personas. This left the indelible effect of creating community, fellowship and unity; and performing at levels we never thought possible.

I look back to that experience and that group of

Increased Trust & Inclusivity

people with appreciation, fondness and gratitude for the

Better Communication & Collaboration

lessons learned.

Here are 4 key lessons from my experience that

Increased Creativity & Innovation

Enhanced Employee Engagement

are transferable across circumstances that I trust you will find useful to help you along your team building journey.

Investing in team building: 1. It is about creating space for people to build

Developing High-Performance Teams

Having Fun

Improved Problem-Solving & Conflict Resolution

authentic connections. Regardless of the who, what, when, where, and how you choose to do it.

2. Lends to greater employee satisfaction. By giving back individually and collectively, leaders that prioritize team-building are investing in the happiness of each of their employees. While the initial investment

Team building is a process focused on people

requires time and money, the long-term payout is an

working together towards a common goal; It adds deeper

engaged, productive, and motivated workforce that

value to the organization’s purpose. It creates strong ties

values their work, and colleagues. Numerous studies

between group members through different kinds of activ-

verify that employees who feel appreciated and valued

ities and events, with the objective of making a unified

have greater commitment, increased motivation,

team out of a group of people. The most memorable

and demonstrate higher degrees of innovation.

team building activity I’ve participated in didn’t feel like

Employee satisfaction is inextricably linked to business

another exercise and or tokenism. Years ago, our team

profitability and success.

went to an outdoor adventure park and I spent the day

3. Team building contributes to Diversity, Equity

biking, canoeing, and hiking. It wasn’t the fact that we

and Inclusion. This happens by creating teams that

were away from the office doing something atypical that

have the awareness and willingness to accept, support

stood out for me. It also wasn’t the absence of explicit

and value differences. They are respectful, fair and

strategy sessions, or facilitated leadership development

create a sense of belonging.

conversations that made this stand out. It was that we

4. Promotes good mental health and wellbeing.

learned and gained more of an understanding about one

Team building and good mental health are

another while biking, hiking and paddling together than

complimentary; and inextricably linked to business

any meeting, training, or after hour drinks ever afforded.

productivity and success. issue iii

. 9

havana green

Digital Currency is coming...

let me start by saying,

this is not financial advice and

making money is to buy low, sell high or make a trade for

I am not telling you to buy, sell or hold. What I intend to

a potentially more lucrative coin. Other strategies include

do, however, is present my understanding of Cryptocur-

holding as a long term investment; ‘staking’ which is the

rency and what I believe the future of Cryptocurrency

process of validating transactions but also an opportunity

will look like. For those who may or may not understand

to earn passive income from interest; lending and even

the world of digital currency, we touch on how investment

cashback incentives.

and returns are generated in that world.

Cryptocurrency has evolved over the years into a

The first Crypto that came to life is Bitcoin 2008

legitimate source of currency for a wide variety of busi-

Satoshi Nakamoto; it is the gold standard of all the coins.

ness transactions in various industries - anywhere from

It is also the only Decentralized coin currently on the

video games, to forestry, smart contracts, and even digital

market, while all other coins and tokens are Centralized.

art. However, the fees on these transactions can be quite

There are over 9017 coins and tokens in the market that

high due to the stronghold of Ethereum as the primary

are traded online on various exchanges with over 2000

medium for most digital currency transactions.

more that are gearing up to obtain status as Commodity

As with any financial strategy, there are many “get

Pool Operator (CPO). At a very basic level, Cryptocur-

rich schemes” within the world of Cryptocurrency and

rency is money designed to be used over the internet which

they are fueled by the lack of understanding as to what

makes it possible to transfer value without a middleman

the medium is and how digital currencies actually func-

like a bank, but also, it’s not issued or controlled by tradi-

tion. As a result, many investors have seen billions made

tional regulatory authorities.

and millions lost in a sector where everyone is chasing

Much like stocks, the most standard approach to 10 .

issue iii

the dream of being rich. Hence, it is incredibly important

that you do extensive research on any digital asset you

Even major banks around the world are getting into this

hope to acquire to avoid disappointment. One golden

space, which means there is money to be made on the

rule to keep in mind is that Bitcoin is the industry’s gold

right investment tactics as the value of the various coins

standard and the movements on this asset tend to reflect

and tokens rise.

the overall strength of the market. Make this a dynamic part of your research, as you will have a better handle of when to buy in and when to liquidate.

Getting into the game in recent years has been made very simply with the rise of platforms such as

Here is a list of crypto currencies as per CoinMarketCap Online Bitcoin

Cardano

Ethereum

USD Coin

needs is again a vital part of the trading process; do your

BNB

XRP

research as these different platforms do not all list the

Tether

Terra-Luna

Solana

Polkadot

Wealth Simple, Crypto.com, Coinbase and more.

However, choosing the right platform for you and your

same currencies.

Like Netflix is to Blockbuster, there is no stopping this evolution in the world of digital currencies. We are starting to see Central and South American countries

Remember, do your research as this market is ever-

adapt currencies like Bitcoin as their national currency

changing, and be vigilant in choosing your investment

and numerous global corporations are making moves to

platform to avoid scams.

install the infrastructure needed for digital transactions. issue iii

. 11

12 .

issue iii

Dr. Victor Oluwi Director of Educational Research, Training, & Capacity Development, Canadian Imperial Advantage

The Impact of Inflation on Budgets

issue iii

. 13

Money Management a macroeconomic problem,

inflation is defined as a

sustained rise in the general price level of goods and services over a period of time. Inflation erodes the purchasing power of consumers and results in diminished real value of money as a medium of exchange and a unit of account. While generally undesirable, a moderate inflation rate spurs economic activities and increases the growth rate in the short-term. The level of inflation is measured by the inflation rate, which refers to the annualized percentage change in the general price index or the consumer price index (CPI). Renowned economists such as Adam Smith ascribed inflation to factors that include (but not limited to) excessive growth of the money supply; demand-pull forces; cost-push forces; currency devaluation; rising wages and rents of factors of production; government policies and regulations.

Relationship Between Inflation and Budgets

...adverse effects of inflationary trends impact households’ budgets in areas that include housing, transportation, and food...

The impacts of inflation on budgets (whether households or national economies) are similar – albeit with different magnitude and scope. Specifically, while a rise in the general price level of goods and services in an economy over a period reduces the value of money, it

over time considering the inflationary rate.

simultaneously creates uncertainty and unpredictability,

Impact of Inflation on Household Budgets

which are necessary conditions for the budgeting activities and processes.

Increasing and sustained general price levels has a direct and mostly negative impact on households. Specif-

A microeconomic concept - budgets are estimates

ically, inflation reduces the real wealth of households

of revenues and expenses over a specified future period.

with fixed nominal incomes or returns on assets. Imme-

It is a financial plan for a defined period and can enhance

diate impacts might include reduction in real purchasing

the success of financial undertakings. While effective for

power, rising costs of living, lower currency valuation,

earmarking resources, budgets are also valuable tools

increased interest rates, economic inequality, and wealth

for setting goals, measuring outcomes, and planning

redistribution.

for contingencies. However, the systemic and economic

The adverse effects of inflationary trends impact

distortions that inflation triggers makes it difficult to plan

households’ budgets in areas that include housing, trans-

and implement budgets for present and future spendings

portation, and food. While a modest 2% general price

and that is the reason it is important to adjust the budgets

increase might boost nations’ economies, Statistics

14 .

issue iii

Money Management

Canada, however, reported that the Canadian inflation

direct relationship between inflation and mandatory and

rate increased to 5.1% in 2022. Such a high inflation

discretionary spending by the government. Specifically,

rate will exacerbate the high living conditions of Cana-

mandatory spending such as social security and health-

dian households. To manage budgets effectively and

care costs will rise with inflation. Similarly, projections

efficiently, households should plan and track monthly

for discretionary spending will increase with inflation as

expenses; review relevant investment portfolios, long-

future spending will supposedly be larger due to rising

term financial goals, and retirement plans.

prices. Inflation also affects the national debts of nations.

Impact of Inflation on National Budgets

Here, a rise in interest rates following inflation will lead to

The effect of high inflation is multifaceted and

increased net interest costs, which will, in turn, increase

portends a debilitating impact on national economies.

annual deficits and the amount of federal debt relative to

While inflation prompts higher interest rates, it simultane-

a lower inflation scenario. It is, however, pertinent to note

ously boosts interests paid on the federal debts and in turn,

that such a structural mismatch between spending and

increases annual deficits, which culminates in making the

revenue will propel an unsustainable fiscal trajectory for

nation’s fiscal outlook worse. Furthermore, there exists a

the country. issue iii

. 15

meet dewayne taylor,

whose journey began in the

hills of Clarendon, Jamaica and whose passions have led him to his current role as the Chief Technology Officer (CTO) for Soltare Inc. - a technology company located

MORE

in Edmonton, Alberta.

“I consider myself a typical country boy but without the farming experience,” Taylor quips. Like many other Jamaican children in the 80’s, Taylor grew up making his own toys and spending most days playing outside. He is an avid fan of soccer and a proud member of the Clarendon College’s winning Dacosta Cup team of

with yne a ylorw aDe T

1998, even though his skill level kept him on the bench for most games. Taylor recalls, however, an early affinity for Maths and Physics. “In the 9th and 11th grade, I participated in an island-wide maths competition and was ranked in the top five on both occasions.” After graduating High School, he pursued a degree in Electrical

16 .

issue iii

inetuiv leshic V

D E V E LO P I N G

Engineering with a specialisation in Signal Processing at Morgan State University, a prominent HBCU - Historically Black Colleges and Universities, in Baltimore,

Maryland. His appetite expanded as he worked on a few

haptic feedback, pressure, strain, capacitive and other

interesting projects such as Sniper Localization, Blind

technologies for touch, but there are no mature technol-

Source Separation, Image Registration, and Semicon-

ogies for audio perception. It has been noted by multiple

ductor device modelling with Neural Networks.

resources that current vision systems are not sufficient

Soltare, provides sound based emergency vehicle

to cover all corner cases and will need audio augmenta-

detection systems. Taylor explains, “Just imagine for a

tion. In a crowded city street scenario most threats can

moment if your car could hear. That is to say, it could

be heard before they are seen. Take for example, being

sense and identify sounds in its immediate environment.

in your car at an intersection, surrounded by high rise

iHear, Soltare’s patented automotive technology, gives the

buildings with a fire truck approaching from a street that

automobile the functions of detecting, identifying, and

is perpendicular. You would most likely hear this fire

estimating the direction of approach of an emergency

truck before seeing it. Also, in most high-end vehicles,

vehicle.” This type of technology will help the conscien-

the car’s cabin is deliberately insulated to lessen outside

tious driver respond even faster to clearing the path for

noises. This can be a major hazard even for a fully aware

first responders.

driver, much less one that is distracted or inebriated. In

The CTO role oversees

the technical leader-

the US, There are approximately 4,500 ambulance colli-

ship within the corporation. Being that the company is

sions, 27,000 police crashes, and 32,000 fire truck acci-

in the startup stages, Taylor’s day may involve talking

dents annually. Many of these collisions are due to the

to engineers from potential clients, budgeting, creating

driver failing to hear the emergency vehicles’ siren. For

scopes of work for contractors, reviewing designs,

us to realise this future where cars are fully autonomous,

reviewing quotes, responding to Requests For Proposals,

audio sensing is an undeniable requirement. Emergency

researching new technologies, writing firmware, writing

vehicle detection will also greatly reduce the number of

software, designing hardware, specifying development

injuries in the non-autonomous or semi-autonomous cate-

environments and methods, and much more. There is

gories. This type of technology will be present in all auto-

never a dull moment and it has been his most exciting

mobiles in the near future.

position thus far. Reporting directly to the CEO, Taylor is involved in most key decisions.

“There are lots of interesting activities in the automotive space. I am seeing weekly announcements of new

Taylor expands further on the concept, “We are

companies and technologies. Vehicle to Vehicle (V2V)

living in the time of machine autonomy, where we are

and Vehicle to Everything (V2X) communication are two

seeing various technologies emerge to take control and

of the most interesting to me.” With V2V your car will be

operations away from a human operator. In the daily

able to communicate with other cars and V2X will allow

operation of an automobile, a human will utilise mainly

your car to communicate with surrounding infrastructure

three of five senses; sight, hearing, and touch. So it makes

such as a traffic light, or any other device that subscribes

sense for these autonomous control systems to have at least

to its communication protocol. With this architecture the

these three senses.” In the automotive sector, in partic-

cars on the road can be utilised as another communica-

ular, there is LIDAR, RADAR and cameras for vision;

tion network for us humans to leverage. issue iii

. 17

Lynne F isher National Team Leader, SMART Services Michelle D. Coleman, CPA, CA, TEP, CEA Partner, Taxation Services Darrell Huber, CPA, CA Partner, Assurance Services

Succession Planning W H AT ? W H Y ? HOW ?

18 .

issue iii

business owners are a special breed.

As their busi-

nesses grow, it’s not uncommon for them to feel proud and

children and grandchildren that she never had – it would create generational wealth.

somewhat responsible for taking care of their employees,

In January of 2017, Anna decided to check off a

and their employees’ families. And while pride in the

box on her “bucket list” and travel to Belize. While there,

business is common, the true impact of a successful busi-

she experienced a serious accident, and was rushed to

ness can often be key to creating wealth and prosperity

hospital. Despite extreme lifesaving measures, Anna

for generations to come. This could be through oppor-

passed away from her injuries.

tunities for quality higher education, apprenticeships,

Back home, while her family and employees were

investments, and travel, as well as funding the founder’s

dealing with the incredible shock and grief of their loss,

eventual retirement. But much like every valuable asset,

business calls began and employees were uncertain of

the business (and family) needs a version of “insurance”

who to direct them to, and who should be in charge.

to protect it.

As Anna was the only director, and cheques

While sometimes a difficult topic for business

required two signatures, the controller panicked about

owners to address, considering what would happen if you,

the upcoming payroll and contacted the bank. Immedi-

or your company leaders suddenly were not there, is part

ately the company banker became concerned and called

of being a good “steward”. This can also be a gift to your

Anna’s eldest child. Now that Anna was gone (and, as sole

family and future generations to come in the event of an

owner, was the guarantor on the company’s line of credit),

unplanned situation.

how were things being managed? Then, as word began

Consider our client, Anna. Anna was the founder

to spread, the business’ customers began to call their sales

of a successful business which she had started to support

representatives, asking what was happening. But no one

herself and her children. In the original creation of the

knew....

company, she named herself as the holder of all voting

Anna’s children were overwhelmed....

common shares and issued non-voting shares to her chil-

Anna’s will had been drafted when her children

dren. Over the years she had invested thousands of hours

were young and her business still a dream, so it did not

to grow the business. All of her savings had been poured

include clauses to allow her Executors to easily implement

into the business and each year, profits were reinvested

planning opportunities. As she was the sole voting share-

to feed the growing business. She was proud of what she

holder of her corporation, she did not set up shareholder’s

had created and dreamed of the day that her sons and

agreement specifying how the shares should be valued.

daughter would continue her legacy. She paid herself a

In addition to the running of a business itself, there

fair salary, but hadn’t worried about setting up a retire-

were taxes to consider. When a person passes away, they

ment plan, or a succession plan yet. After all, she was

are deemed to dispose of all assets they hold at fair market

only 50, a long way from retirement, and according to

value, which includes the shares of a private corporation

her advisors, the business was valuable and growing in

such as Anna’s. If there is a surviving spouse, the assets

value every year. It would be her retirement plan, and not

may transfer at cost, but in Anna’s situation this planning

only that, would provide wealth, value, and options to her

opportunity was not available.

...when a person passes away, they are deemed to dispose of all assets they hold at fair market value, which includes the shares of a private corporation...

Her Estate was responsible for the taxes on the

ness Emergency Plan, LifeBookTM, and the ongoing

capital gain arising from the increase in value from

advice of her advisors to help her in preparing a plan in

the nominal amount she originally paid for her shares

the event of an unforeseen absence could have helped

when she set up the company and the current two-mil-

alleviated some of the stress that Anna’s family and

lion-dollar valuation. To make matters worse, without

employees dealt with in the wake of her death and would

proper planning there was a possibility of double taxation

have provided them with a path forward to keep the busi-

on the value of the corporation as in order to withdraw

ness running.

funds from the corporation, dividends must be paid to

MNP offers services to our clients that allows for

the shareholders. Anna’s Executors had to make planning

peace of mind. For example, we work with clients to

decisions within the first taxation year of Anna’s Estate in

develop an Emergency Plan for the business that outlines

order to alleviate one layer of tax. Without proper plan-

what steps can be taken to keep the business running

ning the taxes paid on the value of the corporation were

smoothly when the managing shareholder/director is

as high as 66%.

unavailable. We also work directly with business owners

So, what could have been done differently? A Busi20 .

issue iii

and can provide a LifebookTM report, (produced

ensure every member is aware of the intricacies of their

...documents including

plan and are all working together (legal, accounting,

your Will, Power of Attorney,

the same end goal in mind, while allowing for flexibility

and Health Directive are reviewed when there are significant life changes ...

succession, financial planning) to provide guidance with as life and business situations change.

We also recommend that documents including your Will, Power of Attorney, and Health Directive are reviewed when there are significant life changes (such as marriage, the birth of a child, the entry of the next generation into the family business, etc.), or every five years at a minimum. Documents should be reviewed in concert to

through ongoing consulting with our succession and tax experts) that helps ensure your Will and other documents will allow the fulfillment of your goals and desired legacy and ensures your personal and business documents are readily accessible for when you, your business, and family, need them most.

Your advisors are critical team members when it comes to preparing your business, family, and employees in the event of an unforeseen absence and/or death. For example, your advisor can help you in: • Calculating your anticipated taxes on death • Identifying options to decrease taxes such as the use of donations to receive donation credits • Exploring using life insurance as a source of funds for either business operations or to pay taxes • Calculating if there is sufficient liquidity to pay the taxes if insurance is not available • Creating an Emergency Plan which sets out all of the steps and information necessary to ensure that your business continues to operate in your absence.

All of these considerations, and more, should be

confirm they not only allow the personal representatives flexibility in implementing tax planning, but to ensure they agree with each other.

In addition to the above, we recommended having conversations with your intended personal representatives and family members and gathering their input. Anna had thought her children would take over her corporation, but while her sons were active in the business, her daughter wasn’t interested in running it. How would Anna’s Estate be divided to be fair to both her daughter who lived in the United States, and her sons who intended to run the day-to-day operations of the corporation moving forward?

Was there an impact to the corporation if there was a US shareholder? Was there additional work required by the Executors? These are all issues that could have all been addressed in advance through proper planning.

If Anna had taken proactive steps to protect her business, employees, and family in the event of her unforeseen absence, it would have given those closest to her a plan to move forward with and given them the space and time needed to process their grief.

explored as part of your planning. We encourage our clients to regularly meet with their advisors and encourage them to hold a group meeting with all of their advisors to issue iii

. 21

ENTREPRENEURIAL

SPOTLIGHT

By Ni Lo

22 .

issue iii

SPOTLIGHT ON

—Lloyd Reid— Llyod’s Patty Plus A Note on Endurance Upon entering Lloyd’s Patty Plus, you are greeted by the

Lloyd needed to tender his resignation. “The guys that

smell of fresh patties and the clinking sound of a variety of

owned the bakery were shocked and gave me an extra day

bottled Jamaican juices. Though there are people working

to think about it. I was turning 40 and that’s all I needed

the front counter, you will also find Lloyd himself. I’ve

to hear”. After getting the OK from his wife that evening,

come many times for a patty, but today I came for a story.

he returned the next day and confirmed his resignation.

Asking a veteran for his life story is no small task, but Lloyd just smiled.

With only a week’s notice, Lloyd found a bakery that was for sale by following his intuition. “I was driving

“There were no Black People here when I came,”

and something told me to turn in there.” After offering

he recalls “if you saw another Black person on the street,

to pay the full asking amount on the business, the sellers

you would wave, and nod to acknowledge each other.”

agreed on the morning of his last day. He immediately

Lloyd remembers that there was a steady group of Carib-

called his wife, “I told her we owned our own business.”

bean people who supported and inspired one another back then, but they were spread out across Alberta.

The bank provided no support and turned down his loan applications. It was Lloyd’s family from England

Finding a job upon arrival was challenging, with

who helped him to secure the finances to start the busi-

businesses telling him the position was filled when he

ness. Starting as the only store in a vacant lot, Lloyd’s

arrived for an interview; Lloyd eventually managed

Pattys thrived, growing from 700 Sq ft to over 2000 sq ft.

to find a position in a bakery. He worked at that estab-

Many of the vacant spaces in the strip mall also became

lishment for 8 years before a machinist joked about his

occupied by other businesses over time.

longevity with the company, “You’re going to work here

With the increasing pressure on supply, Lloyd

until you retire,” he said and that was the nudge that

returned to the bank to help with scaling the business by issue iii

. 23

24 .

issue iii

increasing the production space and making it federally

generation, with the son of his long time accountant and

licensed. It was approved, however, mid-build it became

friend, Tyler McFarlane, opening Lloyd’s first location in

apparent that the contractor had miscalculated the budget

Edmonton.

and the project became cost overrun. When they saw this

Tyler says change is one of his motivations for

the bank backed out, and Lloyd was left to fund his goal

opening a Lloyd’s rather than any other franchise or

of national distribution by liquidating his personal assets.

business. The endeavour seeks to change the stereotypes

The business defaulted on the equipment loan, and

visible minorities and specifically Jamaicans live with

although it was able to come within 5% of what the bank

every day. More personally, he says “My motivation is

had been asking, the banking agent rejected the offer, and

Lloyd Reid, his life story, and the trust he has instilled

foreclosed on the property for less than half of the value of

in me to continue and grow his legacy. Lloyd has taken

the equipment and the building.

me in and taught me his art, how to make a good patty

Lloyd’s integrity and phenomenal product did one

and has trusted me with his face and his brand. Lastly, of

thing: kept his clients loyal; so loyal that he was out for

course, my family and my newborn son who will someday

less than 3 months. When he reopened, the very bank

see a franchise with a minority face, assuring him that the

agent who declined his offer came into the shop for a

world is his to conquer.”

patty and a drink. Today, Lloyd puts his trust in the next issue iii

. 25

ENTREPRENEURIAL

SPOTLIGHT

By Tamika DeGannes

26 .

issue iii

SPOTLIGHT ON

—Kelise Williams— Row the App A Note on Getting Started Now more than ever, business owners are leaning

satisfy early adopters.” It goes on to explain that “the

into the use of technology to make their services more

final, complete set of features is only designed and devel-

accessible to their customers. One of the most trending

oped after considering feedback from the product’s

tools to improve the e-commerce experience is currently

initial users.” For new app developers like Kelise Travels,

the use of online apps. Kelise Williams, also known as

the MVP is a great tool that provides essential data

Kelise Travels on Instagram and Youtube, is a young

by allowing potential customers to demo the app and

Black entrepreneur who helps immigrants settle success-

improve where needed, based on the feedback provided.

fully, with a new app called Row.

Thus far, the Row app has shown evident success from

The Trinbagonian immigrant herself, describes

the data collected. In only 60 days from the launch,

Row as a virtual marketplace that “connects both immi-

Row has performed over 408 demonstration calls, 375

grants and persons thinking about immigration with

customer profiles were created, and has completed 102

trustworthy immigration consultants, lawyers, career

transactions. In total, the app has helped over 1094 users

coaches, settlement services providers and education

with a 100% review rating of 5-stars.

consultants.” Through the services offered on the app,

The tech start-up entrepreneur also celebrated that

the aim, according to its founder, is “to lower the level

“since the launch of Row we have extended these various

of uncertainty and anxiety involved in immigration by

settlement services to five cities across Canada through

making the process a smoother one.”

various settlement service providers.” With cultural

On May 29th, 2022, the Row app was launched as

inclusivity at the forefront, the goal, Kelise shared, is

a minimum viable product (MVP). According to Techo-

“to have settlement service providers in every city across

pedia an MVP is “a development technique in which

the country and from every major ethnic group.” These

a new product is developed with sufficient features to

service providers will help new immigrants to transition issue iii

. 27

into their new life in Canada by bridging cultural and

process. There, you can find many reviews of their expe-

language barriers and supporting their adjustment to life

rience with Kelise’s immigration services and connect

in Canada with dignity.

and build relationships with persons who share similar

The Row app was developed as a solution to the

backgrounds and experiences.

demand for worldwide immigration service assistance, a

In the near future, Kelise shared we can look

business Kelise Travels started operations in Edmonton,

forward to plans for expansion. As the business is

Alberta. In conjunction with the app, the immigra-

rapidly growing, they are eager to hire more staff and

tion entrepreneur also offers more hands-on services

look forward to investor partnerships. We can also look

for immigrants who are landing in Edmonton. These

forward to the Row app being accessible in Google and

services include Airport Pickup, Apartment Acquisition,

Apple App stores. Currently, Row is a web-based app and

Job Hunting, Moving Services, and Accompaniment to

is available via Row.services.

Source Important Documents. Additionally, customers

To get in contact with Kelise, follow her on IG and

gain access to a private Facebook group called ‘The

Youtube at Kelise Travels and send an email at

Village’ with fellow immigrants in various stages of the

info@settlesuccessfulservices.ca

28 .

issue iii

Your future is too important to leave anything to chance Life Book: Comprehensive planning for you and your family.

You’ve spent a lifetime building your legacy. Now it’s time to secure the return on your life’s work. Embrace the future with a personalized and pain-free plan covering your wishes, key contacts, how you manage your assets, and more.

Michelle D. Coleman, CPA, CA, TEP, CEA | 780.733.8622 | michelle.coleman@mnp.ca MNP.ca . 29

issue iii

Black Opportunity Fund

by Merlin Uwalaka

the lack of equal access

to education, employment and capital

put Black Canadians at an economic disadvantage, making it difficult to explore their full potential as business owners, community members and creators. The disproportionate impact of Covid-19 on the Black community also makes economic growth and development even more imperative than ever. A growing population of Black folks creates need for programs, activities and policies which support economic well-being and quality of life within the community.

Future generations of Black folks living in Canada deserve access to the capital, political, cultural, human, and technological resources to reach their full potential-contributing to the Canadian and global economies. Effective economic development strategies would yield positive results like creating jobs, keeping old businesses and starting new ones, growing community assets, and increasing the number of skilled laborers within the community. The Black Opportunity Fund (BOF) is an initiative launched to support and accelerate the implementation of several effective economic development strategies.

We Back Black.

With the support of collaborators like TD Bank, CIBC, and the Canadian Black Chamber of Commerce (CBCC), the fund’s mission is to back Black. BOF is a self-sufficient, renewable and accessible fund which boosts confidence in the Black community to succeed now and in the future. The fund achieves this by focusing on encouraging Black entrepreneurship in Canada. Small to medium enterprises are the backbone of the Canadian economy. For the Black community to thrive, we need successful businesses that cater to everyday needs. If you are an entrepreneur or intend to start a busi-

30 .

issue iii

...with the support of collaborators..., the Fund’s mission is to Back Black

ness, know that BOF is here to support you through the

grant funded initiatives like Parents For Black Children.

Black Entrepreneur program. This program will provide

This project created a virtual campus that gives students

you with business education, financial literacy, and the

access to virtual drop-in free tutoring, educational tools,

capacity to operate successful, sustainable businesses.

and other culturally relevant resources. BOF has also

The applicants who complete the 12-month mentorship

created a scholarship fund of up to $80,000 for students

program will receive a non-repayable fund to grow their

studying at the University of British Columbia.

businesses. BOF also intends to launch a lending program to provide loans toward the day-to-day business operations and support long-term growth.

For the Future BOF is also a future-focused fund seeking to cover and support the potential for Black growth in Canada in a

For Community Development

multi-dimensional and practical manner. BOF not only

The fund also supports not-for-profit organizations that

provides financial support but actively supports these

are committed to education and health. Education deter-

funds through mentorship. BOF covers several aspects of

mines how well an economy performs with knowledge

Black culture- business, services, creativity, education,

driving business solutions and technological advance-

social justice and health- at different levels of develop-

ment across sectors and industries. In order to thrive,

ment and impact. The future of the Black community

Black people need to be equipped with the information

is bright. Initiatives like BOF, give Black businesses,

and knowledge to inspire creativity and innovation in all

students, artists and organizations the courage to create

aspects of life. With the support of TD Bank, the first

and innovate; knowing that they too have access to finan-

round of funding was launched in the spring of 2022. The

cial supports. issue iii

. 31

h

Ot tawa provides 1$ .9M to eh lp for Black business network in Windsor and aH milton The federal government is investing

to create the Southwestern Ontario

over $1.9 million to help a Hamil-

Black Business Network.

ton-based organization form a net-

Helena Jaczek, minister respon-

work for Black-led businesses in south-

sible for FedDev Ontario, said the

western Ontario. The exact total cost

network will include advisory services,

is unclear, but the funding from the

mentorship, entrepreneurial training

Federal Economic Development Agen-

and networking opportunities to help

cy for Southern Ontario will allow

Black entrepreneurs thrive. She said the

Empowerment Squared, a non-profit

investment will also help create at least

group that helps newcomers in the

80 new jobs and aid 275 Black entre-

greater Hamilton and Windsor areas,

preneurs.

Africa is poised to drive the next iteration of tech innovation In its recent Q2 2022 Domestic

be a powerful tool to drive the Afri-

Product Report, Nigeria’s National

can economy forward and help solve

Bureau of Statistics identified that its

some of the world’s biggest problems.

(ICT) sector contributed 18.44% of its

Given that 23% of the world’s workforce

GDP in Q2, largely superseding its oil

population will be in the continent of

sector, which accounted for 6.33% of

Africa by 2050, according to the United

its GDP in Q2.

Nations, the tech boom currently taking

As we’ve seen in other regions of the world, a technology boom can

place is not one to miss.

Global Africa Business Initiative to advance sustainable business growth and economic development on the continent UN Global Compact partnership

tiative is about Africa’s leaders resetting

brings together Business, Political and

the global narrative and positioning key

Cultural leaders to chart path forward

partnerships to deliver inclusive sustain-

for equitable growth of the $2.5 tril-

able growth for people and the planet,”

lion market. The launch event takes

said Amina J. Mohammed, UN Deputy

place during the United Nations Gen-

Secretary-General. “The next chapter

eral Assembly week from. The Global

for Africa begins by creating bridges

Africa Business Initiative (GABI) aims

for new opportunities, where Africans

to create a new roadmap for Africa

take to the global stage to tell their own

that highlights business opportunities

stories and develop powerful economic

and development across sectors.

engines – on their own terms.”

“The Global Africa Business Ini-

An app to eh lp Black business owners close the opportunity gap Kelly Ifill, launched Guava, a digital

entrepreneurs, offering services like

community bank for Black small-busi-

checking and soon savings accounts and

ness owners to help them gain access to

credit. Instead of relying on traditional

capital and narrow the racial wealth

models to determine creditworthiness,

gap. Coming from a Trinidadian back-

Guava will offer lower-barrier loans that

ground and living in Brooklyn she wit-

use alternative data sets to evaluate.

nessed how difficult it can be for Black

Guava also aims to help Black entrepre-

entrepreneurs to raise capital through

neurs build social capital. The Guava app

the earliest rounds of fundraising known

also connects Black entrepreneurs to one

as the friends and family round, which is

another, offering a place to talk shop and

designed to help fledgling start-ups get

flesh out their investment networks. It

off the ground.

also serves as a hub where Black entre-

Guava was designed to provide equitable financial products to Black

preneurs can seek out mentors and peers.

Resource Guide Below are a list of the organisations who have contributed to the establishment of this business journal

Resource Centers

Africa Centre The largest Black-led non-profit organization in western Canada, serving as a community hub, providing programs and services from a place of cultural awareness and competency to the families in our diverse Black community. www.africacentre.ca info@africacentre.ca (780)455-5423

Alberta Women Entrepreneurs (AWE) Since 1995, AWE has provided tools and resources to help women across the province succeed in starting or growing a business. For more than twenty-five years they have connected women with capital, training and workshops, business advice, and mentorship opportunities www.awebusiness.com info@awebusiness.com 1-800-713-3558

Black Business and Professional Association (BBPA) A national non-profit organization that addresses issues of equity and opportunity for Black professionals and entrepreneurs. They provide a host of seminars on financial literacy and business empowerment; they also offer a youth development programs. www.bbpa.org info@bbpa.org (416) 504 - 4097

Business Link Since 1996 Business Link has been a hub for new business. They offer advice, resources, coaching, market data and other tools to point entrepreneurs in the right directions to convert those innovative ideas into a lucrative plan. www.businesslink.ca (780)422-7722

Business Development

Futurpreneur This national non-profit organization provides direction on financing and mentoring as well as support tools to up and coming business owners ages 18-39. Their internationally recognized mentoring program pairs young entrepreneurs with a business expert from a network of more than 3,000 volunteer mentors.They also offer access to a free online Business Plan Builder. www.futurpreneur.ca bngoran@futurpreneur.ca (416) 408-2923 ext. 4693

Buy & Sell – Government of Canada Tender The Government is a customer and often purchases a broad range of goods and services from local businesses, including furniture, food, painting services, catering, janitorial services, and business consulting services to name a few. Small businesses can bid on posted tenders, adding the Government of Canada to their client list. www.buyandsell.gc.ca

Funding, Grants & Loans FACE- The Federation of African Canadian Economics A national coalition of Black-led organizations responsible for the new the 350-million-dollar Federal Government loans for Black Businesses in Canada.

Apply online to gain access to capital and connect with professional development services. www.facecoalition.com info@facecoalition.com 1 (855) 560-FACE (3223)

Government of Alberta The Government of Alberta provides a host of business grants in varying sectors. Visit their website to learn more about what current programs exist to access funding for your business. www.alberta.ca/small-business-resources.aspx

34 .

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issue ii issue iii

Africa Centre Daycare offers full-time, parttime & drop off childcare for children starting from 12 months to 12 years old. We are proud to offer the lowest rates in the city, with price subsidies available for families in need. Our non-profit model ensures that our prices are low, with no compromise to the quality of childcare offered.

Find out more at www.africacentre.ca/earlychildhood-development africacentreyeg

www.africacentre.ca

@africacentreyeg

780.455.5423 ext. 200

@africacentreyeg

6770 129 Ave NW #106,

africacentreyeg

Edmonton, AB T5C 1V7

Africa Centre

issue iii

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