THRIVE Magazine Jan/Feb Issue 2024

THRIVE

Leading Business Magazine for Black Entrepreneurs

Advantages of Certification

Advocacy at the State Capital

Cybersecurity Leadership

Jan/Feb 2024 northernvirginiabcc.org

Black History Month

“Have a vision.

Be demanding.”

— Colin Powell

Letter from the Editor ROBIN MCDOUGAL EDITOR IN CHIEF

As we embark on 2024, let's infuse our entrepreneurial journey with intention, focus, and recommitment. Like many of you, I will take a moment to realign my goals, breathe life into aspirations, and elevate my company's purpose.

As an entrepreneurs, let’s realign our goals, manifest our vision, and elevate our company's impact. Let’s take a moment to delve into why we started and envisioned the transformative role our business plays in our communities. With purpose-driven action, we are not just building a business; we are shaping a legacy that uplifts and inspires.

Whether launching anew or scaling up, let your entrepreneurial spirit illuminate paths which forge a legacy that enriches lives, inspires change, and leaves an indelible mark on humanity. On behalf of all of us at the Northern Virginia Black Chamber of Commerce, lets work togther to

THRIVE

Robin 4

THRIVE Editorial Team Robin McDougal Tonya Poindexter Jocelyn Johnson Jude Joseph Erica Moore Aaron Kelley Margaret Angela Franklin William J. McBorrough

Editor in Chief Managing Editor Health & Wellness Editor Cyber Security Editor Finance Editor Government Contract Editor Public Policy Editor Technology Editor

EDITORIAL OFFICE 8300 Boone Blvd, Tysons Corner, VA 22182 (703) 442-4472 | thrive@northernvirginiabcc.org

www.northernvirginiabcc.org

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New THRIVE EXPERT

Aaron Kelley, GovCon Editor Aaron Kelley is the president of UpSlope Advisors (an 8(A) Professional engineering services company), a founder of GeoDapt (A Geospatial consulting firm), a Geospatial Advocate, and a GOVCON small business crusader. For nearly two decades, Aaron has supported the Department of Defense providing mission-critical INtelligence support and solutions.Aaron is a Certified GEOINT Professional, PMP, and Product manager. He is an active member of multiple geospatial and GOVCON boards and organizations.

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CONTENT

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BUSINESS TRENDS 2024 Businesses use various data points to make critical decision. Learn what new subtle business trends founder need to keep on their radar

14 B L A C K F O R T U N E S

The building blocks to successful business today lay in the Black History.

Black Fortunes is a vibrant tapestry of stories showcasing the resilience, innovation, and unwavering determination of Black entrepreneurs

YBERSECURITY LEADERSHIP 16 CAfrican-Americans have made significant contributions to the field of cybersecurity, Meet some of the leaders

20 W H O F U N D S F E M T E C H ?

The era of Fem Tech has arrived. Angels, Early equity investors, and Venture Capital is starting to see the benefits of women’s health care.

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ADVOCACY IN ACTION Northern Virginia Chamber of Commerce leadership spent the day at the Virginia Seat of Power to advocate for the needs of their members and community.

28 W O S B C E R T I F I C A T I O N

Northern Virginia Chamber of Commerce leadership spent the day at the Virginia Seat of Power to advocate for the needs of their members and community.

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COLLECTIVE CAPACITY IN THE JOURNEY OF ENTREPRENEURSHIP, TENACITY OF PURPOSE IS SUPREME .”

ALIKO DANGOTE

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BUSINESS TRENDS TO WATCH

By Robin McDougal 10

Business Trends Situational Intellegence In today's dynamic business landscape, success hinges on mastering emotional intelligence, effective communication, interpersonal problem-solving, strategic foresight, and thought leadership, empowering entrepreneurs to navigate complexities and drive sustainable growth.

Up Skilling Continued investment in training and upskilling is critical, especially in disruptive technologies like generative AI, to meet the demands of an AI-driven economy and ensure future workforce readiness and innovation.

Sustainable Business Consumers favor businesses committed to reducing environmental impact. Simultaneously, embracing green solutions not only aligns with sustainability goals but also drives bottom-line growth in the expanding green economy.

Data Navigation Data emerges as a pivotal business asset, with companies leveraging strategic data management to enhance operations and customer experiences. This prepares them to capitalize on data monetization, unlocking new avenues for business growth.

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Business Trends Customer Experience Focus Continuously gauge customer sentiment across all touchpoints to guarantee every interaction leaves a positive impression. From tailored marketing to seamless service, prioritize personalized experiences that evoke smiles at every turn.

Remote and Distributed work Embrace flexible arrangements, honoring employees' time and leveraging a global workforce. Enable collaboration across distances, attracting diverse talent. Expect an uptick in remote or hybrid job postings as organizations adapt to this evolving landscape.

Resiliance Safeguarding an organization involves preparing for diverse threats, from cyber attacks to economic downturns, environmental crises, or new competitors. Drawing lessons from resilient companies, we proactively plan for tomorrow's uncertainties.

Creative Humans and AI In the era of creative machines, the role of creative humans is paramount in shaping the future of Generative AI. Its rapid adoption, as seen with ChatGPT reaching 100 million users in just 60 days, underscores its significance.

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Become a Member

WELCOME TO OUR THRIVE

Book Selection group”

b u l c k oo b r ou or f d a e r “A great OVERVIEW

Black Fortunes The narrative of Black entrepreneurship is often overlooked or understated in American History, however, in the pages of Shomari Wills' inspiring book, Black Fortunes, a vibrant tapestry of stories emerges, showcasing the resilience, innovation, and unwavering determination of Black entrepreneurs in the face of adversity. Black Fortunes explores the lives and achievements of six remarkable individuals, Mary Ellen Pleasant, Robert Reed Church, Sr., O. W. Gurley, Hannah Elias, Annie Turnbo Malone, and Madam C. J. Walker, who defied the odds to become America’s first Black millionaires.

This Black History Month, let us honor the legacy of Black entrepreneurship as we rededicate ourselves to the pursuit of economic empowerment and prosperity for all. Together, we can continue to write new chapters of success, resilience, and achievement for generations to come.

By Erica Moore

Shomari “Sho” Wills JOURNALIST AND AUTHOR Shomari Wills has worked for CNN and Good Morning America, and has contributed to the NY Carib News and Columbia Journalism Review. A graduate of Morehouse College, he continued on to receive a graduate degree in writing and broadcast journalism from Columbia University, where he was named a Lynton Book Writing Fellow. In 2017, he won an Emmy for his work with Good Morning America.

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Leadership Cybersecurity WRITTEN BY

PROFESSOR JUDE D. JOSEPH, MS, ITILV3, CISM, CISA, PMP

Black History Month A

frican-Americans have made significant contributions to the field of cybersecurity, contributing their expertise, leadership, and innovations to enhance the security of digital systems and networks.

Here are some cybersecurity:

notable

contributions

and

figures

by

African-Americans

in

Dr. Philip Emeagwali A Nigerian-American computer scientist and mathematician, Emeagwali made significant contributions to the development of the Internet. He is known for his work in parallel computing, which has implications for cybersecurity in terms of processing power and encryption.

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Leadership Marian Croak An African-American executive in the technology industry, Croak has been a key figure in the development of Voice over Internet Protocol (VoIP) technology. Her work has had implications for the security of digital communication systems.

Kevin A. McDonald McDonald has a background in law and is a prominent figure in the field of cybersecurity, focusing on the legal aspects of data protection and privacy. He has worked on issues related to cyber risk management and compliance.

Dr. Dorothy E. Denning Dr. Denning is a pioneer in the field of computer security and cryptography. She has contributed extensively to the development of intrusion detection systems and information security policies.

Mellanie N. Fullerton Fullerton is recognized for her work in the areas of cybersecurity policy and risk management. She has contributed to the development of strategies to address cyber threats and protect critical infrastructure.

Michael Coates Coates is a cybersecurity professional who has held leadership positions in major tech companies. He has been an advocate for improving cybersecurity practices and has contributed to the development of security strategies.

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Leadership Dr. Ayanna Howard Dr. Howard is a roboticist and computer scientist who has worked on projects related to cybersecurity. Her contributions include research in secure robotics and the development of systems that are resilient to cyber threats.

Dewand Neely Neely is known for his work in cybersecurity education. He has been involved in initiatives aimed at increasing diversity in the cybersecurity workforce and providing educational opportunities for underrepresented groups.

Dr. Shernette McLeod Dr. McLeod is a cybersecurity researcher and educator. Her work focuses on secure software development, and she has been involved in efforts to promote cybersecurity education and awareness.

Rodney Sampson Sampson is an entrepreneur and investor who has been active in promoting diversity and inclusion in the technology and cybersecurity sectors. He has worked on initiatives to support underrepresented entrepreneurs in the industry.

These individuals represent just a small sample of the many African-Americans who have made significant contributions to cybersecurity. Their work has not only advanced the field but has also paved the way for future generations of diverse professionals in cybersecurity. Increasing representation and diversity in the field is crucial for addressing the complex and evolving challenges of cybersecurity effectively. We salute and appreciate these individuals on Black History Month and beyond.

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Women’s Healthcare Technology BY

Robin McDougal

FUNDING BLACK FEMTECH

The Era of Fem Tech Has Arrived FemTech offers diverse solutions to enhance women's healthcare, spanning maternal, menstrual, pelvic, sexual health, fertility, menopause, contraception, and conditions like osteoporosis or cardiovascular disease that affect women uniquely. Aster the OS for maternal healthcare raised $2.4M pre-seed led by Cake VC, Zeal Capital, and several others to improve pre and postnatal care.

Aster, co-founded by sisters Fifi Kara and Dr. Lailah Kara-Newton, aims to transform prenatal and postnatal care with its predictive and preventative pregnancy care platform for both patients and providers.

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CAKE VENTURES Cake Ventures is one of the only venture capital firms focused on investing in demographic change and the companies building for tomorrow's internet users.

Monique Woodard is the Founder and Managing Director of Cake Ventures. She invests in areas where she sees the future of technology being shaped by major demographic changes.

Monique went from scrappy company builder to scrappy venture capital builder.

She’s spent more than 15 years in technology as an entrepreneur, ecosystem builder, operator, and investor.

Cake Ventures is deeply focused on the consumer and enterprise startups that will be early disruptors to markets impacted by the sea change in technology consumers.

Investment road Map: Will invest in pre-seed and seed stage companies Check size: 200K-750K Will invest in consumer and B2B companies

“INVESTING IN WHERE WE'RE GOING, NOT WHERE WE CAME FROM” -Monique Woodard

Founding Partner & Managing Director @ Cake Ventures

Launch Your Application Here

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Built to propel the next generation of Blackled companies. Backed by Barclays and managed by Zeal Capital Partners, BBFI provides critical early-stage capital and support to ambitious founders who are building high-growth technology companies primarily across the US. Zeal invest in teams at the pre-seed stage, they refer to as the formation phase, where capital is essential for product development and iteration, idea validation, and talent recruitment. Our mission is twofold: to generate standout investment returns by backing exceptional diverse teams and to widen access to wealth creating opportunities for diverse professional talent at the cap table level.

To this end, BBFI not only invests capital directly in early high-growth companies, but also cultivates a network of operators to source for investment as venture scouts.

By directly addressing deeply entrenched issues on both the demand and supply sides of venture capital, we are committed to driving a more equitable, inclusive, and diverse innovation ecosystem.

By directly addressing deeply entrenched issues on both the demand and supply sides of venture capital, we are committed to driving a more equitable, inclusive, and diverse innovation ecosystem.

“Our mission is to generate standout investment returns by backing exceptional diverse teams” Founding Partner & Managing Team Richard Odior, Bianca Phillips, Nasir C. Qadree, Stefanie A. Thomas,

Launch Your Application Here

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ADVOCATING FOR OUR COMMUNITY

Chamber Day at the Capitol

WE ARE DEDICATED TO ADVANCING THE INTERESTS OF BLACK-OWNED BUSINESSES IN NORTHERN VIRGINIA AND WORKING COLLABORATIVELY TO ENHANCE THE ECONOMIC VITALITY OF THE REGION.

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Advocacy

Voice

LEGISLATIVE PRIORITIES Access To Capital: Given recent Supreme Court decisions affecting the SBA's 8A program, aimed at creating opportunities for women-owned small businesses, it is vital for our states to step up in support of Black-owned businesses. We specifically request increased funding for the Commonwealth of Virginia's Small Business & Diversity Supplier program. This funding will bolster the Commonwealth's Black-owned small businesses through loan guarantees, grants, and enhanced support for Black-owned contracting opportunities.

Funding for Virginia’s Black Chambers of Commerce: Given that over 25% of businesses in the Commonwealth are owned by Black entrepreneurs, it is imperative for the General Assembly to provide specific funding for our Black Chambers of Commerce. This financial assistance will empower Black-owned business incubators and accelerators that cater to first-time business owners, those looking to expand, and businesses operating in underserved communities, enabling them not only to survive but to flourish.

Supporting Innovation at Virginia’s Historically Black Colleges & Universities (HBCUs): Virginia is home to some of the nation's most talented Black students who graduate from our esteemed HBCUs. We urge the General Assembly to create and fund an HBCU Innovation program that offers opportunities to Black HBCU students in STEM and tech programs to launch their enterprises upon graduation, with seed funding from the Commonwealth.

Technical Assistance & Counseling Services for Black-owned Small Businesses: Access to essential information is a significant barrier for small businesses, especially Blackowned ones. We advocate for General Assembly funding to establish programs that provide technical assistance from the state's Small Business & Diversity Supplier Program. This assistance will help Black-owned businesses access relevant state programs, including funding opportunities, and provide counseling services to aspiring Black entrepreneurs.

Workforce Development: NVBCC is dedicated to fostering workforce development and economic growth in Northern Virginia through a multifaceted approach. This includes offering skills training, organizing career fairs, establishing mentorship and internship programs, promoting apprenticeships, supporting entrepreneurs, collaborating with educational institutions, providing diversity and inclusion training, advocating for inclusive hiring practices, offering scholarships, conducting workforce data analysis, partnering with government agencies, and facilitating job placement services. These initiatives collectively aim to enhance skills, connect job seekers with opportunities, and promote economic prosperity in the region.

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Advocacy

Collaborate

Advocacy

Members

THE ADVANTAGES OF WOSB CERTIFICATION EMPOWERING WOMEN IN THE GOVCON SPACE

BY AARON KELLEY

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WOSB In the Government Contracting (GovCon) sector, the Women-Owned Small Business (WOSB) certification stands as a pivotal tool for empowerment and progress. This certification not only provides access to government contracts but also signifies a broader governmental commitment to enhancing the role of women in business, especially in areas where they have been historically underrepresented.

Striving for the 5% Goal Federal Government’s 5% Contracting Goal: A cornerstone of the WOSB program is the federal government's commitment to allocate at least 5% of all federal contracting dollars to WOSBs annually.

This goal is more than a target; it's a reflection of the government's dedication to creating a more inclusive and diverse business environment.

to help provide a level playing field for women business owners.

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Leading

The Women-Owned Small Business Federal Contract Program (WOSB Program) is to help provide a level playing field for women business owners.

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CERTIFICATION Performance in FY2022 In Fiscal Year 2022, the federal government expended over $28.1 billion on prime contracts with women-owned small businesses. This accounted for approximately 4.57% of the overall contracting dollars spent, just shy of the 5% target. While this is a significant achievement, it underscores the importance of reaching and surpassing the 5% threshold. Achieving this goal is not just about meeting a numeric target; it's about acknowledging and harnessing the value and capabilities that women entrepreneurs bring to the table.

Broad-Ranging Benefits of WOSB Certification Government Support for Women-Owned Businesses: The WOSB certification opens doors to government initiatives and programs specifically designed to support women in business. This includes access to government contracts, grants, and supplier diversity programs, offering a robust platform for growth and development. increased Market Visibility: Certification enhances visibility, enabling women-owned businesses to effectively compete with larger organizations. It's a potent marketing tool, attracting customers who prioritize supporting female-owned enterprises.

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BENEFITS Networking and Learning Opportunities: The certification provides access to exclusive networking events, educational programs, and business development resources. These opportunities are crucial for connecting with clients, gaining insights, and accessing growth-enabling resources.

Mentoring and Support: A wealth of networking groups and organizations offer mentorship and support, fostering an environment conducive to learning and collaboration.

Access to Grants and Loans: WOSB certification opens up avenues to specific business grants and loans, providing financial support and opportunities to expand market reach.

The WOSB certification is more than a credential; it's a catalyst for change in the GovCon space. It embodies a commitment to diversity and inclusivity, offering tangible benefits that extend beyond government contracting. Achieving the 5% goal is a critical step towards acknowledging and leveraging the unique strengths and contributions of women entrepreneurs. For women in business, this certification is a strategic asset, paving the way for growth, recognition, and a significant impact in the government contracting landscape.

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Your Information Technology Corner By William J. McBorrough

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The Benefits of Using a Custom Email Domain for Your Business As small business owners, we know that image is essential. We work hard to present our brand professionally to promote trust and credibility. Many of us, however, still overlook a crucial aspect that can elevate our image even more. Using a custom email domain provides several critical benefits for a business: Establishes Credibility Having an email address with your company's domain name sends a message that you are a legitimate, professional business. This can help build trust with potential clients and customers, as they will feel more at ease knowing they are communicating with someone associated with your company.

Increases Brand Awareness Email is one of the most widely used forms of communication, so having your company's name in the email address is a great way to increase brand recognition. This will reinforce your brand identity whenever you send an email, potentially leading to more business.

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Continued...

Prevents Spam and Fraudulent Emails Having a custom email domain gives you more control over who has access to your email account. This can help prevent spam and phishing emails from reaching your inbox, which can harm your business. In addition, having a custom email domain makes it harder for scammers to impersonate your business through email.

Provides a Professional Appearance You risk looking less professional when you use a free email service like Gmail or Yahoo. On the other hand, having a custom email domain adds professionalism to your email communications. This can be especially important when sending emails to potential clients and partners.

Easy to Remember A custom email domain is much easier for clients and customers to remember than a generic email address. This can make it easier for people to remember your business when they need your services in the future.

Taking the time to set up a custom email domain is well worth the effort. Google and Microsoft offer affordable options for business email accounts using your company domain. Webhosting services like Godaddy and SiteGround offer options as well. Using a custom email domain can help establish credibility, increase brand awareness, prevent spam and phishing emails, provide a professional appearance, and make it easier for people to remember your business.

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THRIVE Magazine is dedicated to bringing our network timely and valuable business information designed for success. We are committed to providing resources, leadership, and advocacy to promote prosperity within the African American Community. We invite you to collaborate with us to facilitate the economic empowerment of black-owned businesses with the latest trends, insights, and data from your area of expertise.

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We invite you to share information that will: 1) Amplify the voices of NVBCC members and their services 2) Showcase events, resources, and expertise available to our membership community 3) Inspire and elevate the NVBCC community

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Economic Evolution An Accelerator Program empowering black owned businesses for economic growth and sustainability

Components of Programming Business Development and Operations Business Certifications Technical Assistance and Education Business Scalability Business Resilience and Recovery Access to Resources

As featured on NVBCC Economic Evolution Accelerator

Made Possible by United States Congressional Funding Thank You Senator Tim Kaine & Senator Mark Warner

"A champion is defined not by their wins, but by how they can recover when they fall."

-Serena Williams

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