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Tag: Black Founders

  • Scholly Founder Sues Sallie Mae Over Data Selling

    Chris Gray, the visionary founder behind the popular scholarship search platform Scholly, is taking legal action against Sallie Mae, the company that acquired his startup in 2023. Gray alleges wrongful termination and claims that Sallie Mae has engaged in the unlawful selling of user data, betraying the trust he placed in them when he sold his company.

    From Shark Tank to Lawsuit

    Gray gained national recognition after appearing on Shark Tank in 2015, securing an investment deal from Daymond John and Lori Greiner. He successfully grew Scholly into a platform that helped millions of students find scholarship opportunities. The sale to Sallie Mae was intended to propel Scholly’s expansion, and Gray initially took on a vice presidential role within the company, contributing to its operational scaling.

    However, the transition has soured. Gray has now filed a lawsuit against Sallie Mae, as well as a whistleblower complaint with the Securities and Exchange Commission (SEC). According to TechCrunch’s review of the filings, Gray claims that both he and his co-founders were laid off, and Sallie Mae allegedly reneged on promises to protect users’ personal information.

    Allegations of Data Misuse

    Gray expressed his deep disappointment, stating, “I sold Scholly to a regulated bank because I believed it would protect the students who trusted us. Instead, I watched the company build a non-bank subsidiary to do things the bank itself can’t legally do: sell student data. That’s not the company I thought I was joining.”

    He alleges that Sallie Mae circumvented federal restrictions on financial institutions selling customer data by housing these activities within a subsidiary named “Sallie.” Gray claims that when he raised concerns about these data privacy issues, Sallie Mae leadership subsequently eliminated his role. Scholly, even with its post-Shark Tank “freemium” model, had reportedly grown to five million users and generated $30 million in cumulative revenue.

    Sallie Mae’s Response

    Sallie Mae publicly states on its website that it does sell user data to third parties, including education records, geolocation data, age, race, and contact information. The subsidiary also reportedly receives referral fees for student loan customers. Gray further alleges that this data was used to create Backpack media, a platform designed to influence the purchasing decisions of younger demographics. In response to the lawsuit, Rick Castellano, Sallie Mae’s vice president of corporate communications, stated to TechCrunch, “While we don’t comment on pending litigation, it’s unfortunate a former employee is making false accusations about our company following his departure nearly two years ago. We plan to vigorously defend ourselves against these claims which are without merit or substance.”

    • Scholly founder Chris Gray is suing Sallie Mae.
    • Allegations include wrongful termination and unlawful data selling.
    • Gray claims Sallie Mae used a subsidiary to bypass data privacy regulations.
    • Sallie Mae denies the accusations, calling them false and without merit.

    What are your thoughts on Chris Gray’s lawsuit against Sallie Mae? Do you believe companies should be allowed to sell user data? Share your opinions in the comments below!

  • Washletics: Black Student’s Detergent Tackles Activewear Odors

    Tired of that lingering gym smell that just won’t quit? A Black business student at Duke University has developed a game-changing solution. Adrian Abrams, a first-year MBA student, has launched Washletics, a specialized detergent designed to tackle the deep-set sweat odors found in activewear.

    From Problem to Product: The Washletics Story

    Abrams’ entrepreneurial journey led him back to school with a clear vision: to innovate in everyday essentials. He recognized a common problem – activewear that holds onto odors even after washing – and decided to create a product that truly solves it. Washletics uses a unique odor-targeting enzyme blend, moving beyond traditional scent beads and deodorizers.

    Unlike many conventional detergents that can leave behind sweat residue, Washletics’ enzymes work to eliminate the oil and bacteria responsible for those stubborn smells. This results in truly fresh activewear, ready for the next workout. The formula also avoids the heavy dyes found in many popular brands, offering a more natural solution.

    Innovation and Future Vision

    Abrams’ innovative approach didn’t go unnoticed. His business plan for Washletics secured him a top prize at the Duke Venture Capital (DVG) Pitch Competition this semester. Now, he’s focused on scaling operations to bring Washletics to households nationwide.

    Looking ahead, Abrams is excited about the potential of integrating emerging technologies. “I want to be part of a generation of Black founders that uses emerging technologies like AI to rethink and innovate in categories that have been overlooked for decades,” he told BLACK ENTERPRISE. “My goal is to build in that space and show what’s possible when you apply new tools to ‘boring’ problems.”

    Pre-Orders Available Now

    With his MBA studies shaping the future vision for Washletics, Abrams is poised to make a significant impact on the clothing care industry. The foundational formula is currently available for pre-order, marking the first step in revolutionizing how we care for our activewear and tackle those persistent odors.

    Are you excited to try Washletics? What are your biggest laundry challenges with activewear? Let us know in the comments below!

  • Jeneé Naylor’s Eyewear Brand Earns $400K

    Fashion has always been a guiding light for Jeneé Naylor. This St. Louis native has a diverse range of passions, from dance to marketing. After exploring various career paths, including a stint in fashion retail at Nordstrom and a leadership role at Target, Naylor found her true calling in the world of content creation and entrepreneurship.

    From Influencer to Founder

    Naylor discovered Instagram in 2017 and began posting consistently in 2018, sharing her outfits and eventually launching a blog. Her dedication paid off when she landed her first brand deal with Pantene in 2018. By 2019, she took the leap to pursue influencing full-time, driven by the belief that “the time is now.”

    Having successfully generated excitement for numerous brands and products, Naylor realized it was time to build something of her own. She noticed that eyewear, particularly sunglasses, consistently resonated with her audience and drove significant sales and commissions. “I became known as the girl that has the fly sunglasses,” she shared.

    Introducing 12PM Studios

    Leveraging this data and her passion, Naylor, along with her husband Joshua Prieto (who serves as CFO), launched 12PM Studios in July 2025. The brand’s name holds personal significance, honoring her wedding date and her mother’s initial. Naylor leads the company as CEO.

    The brand’s website features eight pairs of glasses, priced between $125 and $145. Naylor intentionally set this price point to make stylish, high-quality eyewear accessible. This strategy has clearly paid off, as 12PM Studios garnered an impressive $400,000 in sales within its first two weeks.

    Affordable Luxury in Eyewear

    The brand is on track to reach $2 million in revenue within its first year. Naylor believes the launch successfully created the buzz she desired, highlighting the value and luxury her brand offers at an accessible price point. “It doesn’t take $500 to feel like a luxurious item, to feel like something stylish, to feel like you’re on trend and you have the hot new thing,” she stated.

    Naylor’s vision is to solidify 12PM Studios in the eyewear landscape, proving that consumers can feel confident and stylish without breaking the bank. Her success story is a powerful example of turning passion and data into a thriving business.

    What do you think of Jeneé Naylor’s entrepreneurial journey and the success of 12PM Studios? Share your thoughts in the comments below!

  • Barry Givens: Investors Aren’t Your Friends

    Ever thought your investors were your buddies? Barry Givens, Managing Partner at Collab Capital, learned the hard way that this is a founder’s biggest mistake. He’s sharing this crucial lesson to help other entrepreneurs navigate the complex world of venture capital.

    From Founder to Venture Capitalist

    Givens brings a wealth of experience to the table. Before co-founding Collab Capital in 2018 with Jewel Burks Solomon, he led the tech brokerage Dream Reality and served as managing director at Techstars. Collab Capital itself has made significant waves, recently raising $75 million for its second fund, backed by major players like Apple and the Leon Levine Foundation.

    He and Solomon didn’t start Collab Capital with a long track record. Their initial strategy involved taking strategic roles, like Solomon’s position at Google for Startups and Givens’ role at Techstars, to build the credibility needed to launch their fund. This careful planning helped them secure their first round of funding in 2021, ultimately leading to a $50 million fund focused on supporting Black founders.

    The Investor-Founder Dynamic

    On the “Black Tech Green Money” podcast, Givens candidly discussed his biggest founder misstep: viewing investors as friends. While he emphasizes that he and Solomon are deeply committed to having founders’ backs, he stressed that investors have a fiduciary duty to the capital they manage.

    There’s going to come a time where…I’m going to have to balance out what is the best thing for the capital, the million dollars that I gave you. — Barry Givens

    This means that even the most supportive investor might eventually have to make decisions that prioritize the fund’s capital over a founder’s immediate desires. Understanding this distinction is vital for founders to manage expectations and maintain professional relationships.

    Recognized for Impact

    Givens’ dedication to fostering wealth-building opportunities for underserved tech founders hasn’t gone unnoticed. He’s been recognized among the AFROTECH™ Future 50 in the Dynamic Investors category. He sees this recognition not just as a personal achievement, but as a testament to the long-term impact Collab Capital aims to create over the next 20-30 years.

    What are your thoughts on Barry Givens’ advice? Have you ever mistaken an investor for a friend? Share your experiences in the comments below!

  • Tulsa Tech Week Launches, Highlighting Black Innovation

    Brooklyn native and tech founder Tariqua ‘Tai’ Nehisi is bringing her passion for innovation to Tulsa, Oklahoma. Having launched Organizely, an AI-powered workplace platform, Nehisi moved to Tulsa in 2023 through the Tulsa Remote program, drawn by the city’s burgeoning tech scene and its commitment to rebuilding Black Wall Street through technology.

    From Brooklyn to Tulsa’s Tech Scene

    Nehisi’s journey to Tulsa began with the Tulsa Remote program, which offers a $10,000 grant to remote workers relocating to the city. She saw immense potential in Tulsa, not only for her business but also for contributing to the city’s efforts to support Black and brown-focused tech companies. “I came at a time when there was a really great concerted effort to support the rebuilding of Black Wall Street through a technical lens,” Nehisi told AFROTECH™.

    While Tulsa has received significant investment, including $51 million from the Biden Administration’s Tech Hubs Program and a matching $49 million from the local philanthropic community, Nehisi noticed a lack of a central hub to showcase this growth. This observation inspired her to create Tulsa Tech Week.

    Making Tech Accessible and Visible

    Set to launch on September 22, Tulsa Tech Week aims to make connecting with the city’s tech ecosystem more accessible. The week-long event will feature sessions on crucial topics like leveraging AI for alternative capital, inclusive design principles, startup legal and financial expectations, and fundraising strategies with Silicon Valley Bank.

    Nehisi emphasized the importance of exposure and representation for everyone, from children to elders, and from the tech-averse to the tech-savvy. “The people… need to have exposure. Representation is key… You need to discover. But you have to know that there is so much wealth here,” she stated.

    Highlighting Tulsa’s Black Experience and Tech Talent

    Tulsa Tech Week boasts over 50 partners, including Langston University, Oklahoma’s only HBCU. This collaboration will amplify healthcare majors and highlight the “voices of Black people in Tulsa from the collegiate perspective.” Nehisi is particularly keen on showcasing the unique Black experience in Tulsa, acknowledging the city’s history with all-Black towns and its significance for Black Americans in Oklahoma.

    “I am not the voice of it. I am a voice,” Nehisi clarified, aiming to amplify the collective identity of Black Americans in Tulsa. Tulsa Tech Week will run from September 22-27, with registration open on the event’s website.

    Are you excited about Tulsa Tech Week? What tech trends are you most looking forward to learning about? Share your thoughts in the comments below!

  • Op-Ed: Fawn Weaver’s Public Persona vs. Business Acumen

    In today’s business landscape, CEOs often serve as the public face of their companies, a role that requires visibility on social media and engagement with consumers. While this public-facing presence can build trust and brand loyalty, it can also become a significant distraction from the core business operations. The recent controversy surrounding Fawn Weaver and Nearest Green Distillery serves as a potent example of this delicate balance.

    Nearest Green Distillery Faces Receivership

    A Tennessee federal judge recently ordered Nearest Green Distillery to be placed into receivership, granting a third party the authority to manage the company’s finances. This action was taken after Farm-Credit Mid America filed a lawsuit alleging the company defaulted on $108 million in loans. Phillip G. Young, Jr. has been appointed as the receiver.

    It’s a difficult situation for Weaver and the brand, especially given the strong resonance of its story within the Black community. The brand honors Nathan “Nearest” Green, recognized as the first Black master distiller, whose techniques, including the “Lincoln County Process,” were foundational to Tennessee Whiskey and even influenced Jack Daniel. Weaver discovered this history in a New York Times article, which sparked the idea for Uncle Nearest.

    The Challenge of Balancing Roles

    Weaver, a “serial entrepreneur” for 25 years prior to launching Uncle Nearest, is now navigating the complex terrain of being both a public personality and a business professional. Her recent self-reference as the “People’s CEO” raises concerns that her public persona might be overshadowing essential business responsibilities. This situation draws parallels to that of Kimberly Bryant, founder of Black Girls Code.

    Bryant, an electrical engineer, faced allegations of a fear-based leadership style, leading to her removal by the board in 2022. While she initially expressed shock and dismay, Bryant and the board eventually reached an amicable agreement. Both experiences underscore the challenges Black founders can face when increased visibility leads to a greater focus on public personality over professional management, particularly concerning financials.

    Focusing on Financial Security

    The author suggests that founders of color, like Weaver and Bryant, need to be mindful of not becoming so consumed with being the “face” of their companies that they neglect the critical aspect of financial management. Without a solid financial foundation, the business itself cannot thrive, regardless of how strong the public persona may be.

    What are your thoughts on the challenges faced by founders in balancing public image and business operations? Share your insights in the comments below!

  • HBCUvc: Hadiyah Mujhid’s VC Pathway for Black Talent

    Imagine a world where venture capital is truly accessible to everyone, not just a select few. That’s the vision driving Hadiyah Mujhid, a University of Maryland Eastern Shore alum who’s making waves by creating vital pathways for graduate students and recent HBCU alumni to enter the high-stakes world of venture capital (VC).

    From Startup Founder to Systemic Change

    Mujhid’s journey into this space wasn’t a straight line. After launching her computer vision startup, Picturely, in 2011, she gained firsthand experience with the VC landscape and recognized the significant barriers faced by underrepresented communities. This realization sparked a desire to tackle a larger, more systemic issue.

    In 2017, she founded HBCUvc, a non-profit organization dedicated to connecting Black communities with crucial funding opportunities and empowering them to become investors. She poured her personal savings, took on freelance consulting, and sought grants to get HBCUvc off the ground, demonstrating incredible commitment to her mission.

    Building Credibility and Creating Opportunities

    Early support from the Ewing Marion Kauffman Foundation was instrumental, providing not only resources but also a stamp of credibility that attracted further funding. Mujhid shared that this crucial relationship actually began during a previous, less successful venture, Black Founders. It’s a powerful reminder that perceived ‘overnight success’ is often built on a foundation of past challenges and learned lessons.

    To date, HBCUvc has secured an impressive $6.6 million in grants from supporters like the MetLife Foundation, Social Good Fund, and the NASDAQ Foundation. This funding fuels initiatives like Start Up School, an annual summit that connects undergraduate students with leaders in Silicon Valley.

    Hands-On Experience and Community Building

    Beyond the summit, HBCUvc offers invaluable paid internships for MBA students and recent HBCU alumni at partner VC firms. Participants gain practical experience, learning to evaluate startups, make sound investment decisions, and navigate the complexities of the VC world from top investors.

    The organization also fosters a new generation of investors through its Alumni Angels program. In 2024 alone, HBCUvc alumni collectively deployed $10 million into Black-owned startups, demonstrating the tangible impact of Mujhid’s vision.

    A Vision for Intergenerational Wealth

    Mujhid’s ultimate goal extends beyond just career paths. “The bigger picture is intergenerational wealth and ownership,” she stated. HBCUvc isn’t just teaching venture capital; it’s empowering the Black community to build sustainable systems that benefit them for generations to come.

    What do you think about Hadiyah Mujhid’s groundbreaking work with HBCUvc? Share your thoughts on diversifying venture capital in the comments below!