The Phoenix Rises
The ancient Greeks described a mythical bird called the Phoenix, a symbol of renewal and rebirth. The magnificent creature was as large as an eagle, purple with a gleam of gold around its neck, its tail blue with rose-colored feathers and its throat picked out with tufts. A feathered crest adorned its head. According to legend, each Phoenix lived for 500 years and only one Phoenix lived at a time. Just before its time was up, the Phoenix built a nest and set itself on fire. Then a new Phoenix would rise from the ashes.
In 1921, Tulsa, Oklahoma’s Greenwood District, known as the Black Wall Street, was one of the most prosperous African-American communities in the nation. Black Wall Street was proof that Black entrepreneurs were capable of creating vast wealth despite racial discrimination and Jim Crow segregation. The community boasted banks, hotels, cafés, clothiers, movie theaters, and a remarkable school system that educated black youth. And although the state had only two airports, six black families owned airplanes.
Witnessing blacks thrive and overcome the barriers of Jim Crow was too much for many white Tulsa residents. And on May 31, 1921, incited by a baseless claim that a black man raped a white woman, an angry white mob took to the streets, killing 300 people, injuring 800 more, and sending Tulsa’s Black Wall Street bursting into flames. This tragic event, known as the 1921 Tulsa race massacre, was a stark reminder of the systemic racism and violence that Black entrepreneurs had to navigate in their pursuit of economic prosperity.
Prosperity Boulevard
Rising from the ashes of Black Wall Street, Prosperity Boulevard stands as a testament to the unwavering resilience of Black entrepreneurs and the inspiring rebirth of the Black community. Nestled in a thriving metropolis, stretching across several city blocks, Prosperity Boulevard is dedicated to promoting economic growth and financial empowerment within the Black community.
Along the Boulevard, there is a palpable sense of ambition and determination as Black entrepreneurs break down barriers and shatter stereotypes while forging strategic alliances that unlock new opportunities for investment and expansion.
As each day ends, the skyline aglow with lights of success, a new day begins with Black entrepreneurs driving economic growth, nurturing innovation, and creating wealth and prosperity.
Economic Growth
In recent years, the landscape of entrepreneurship in the United States has seen a remarkable transformation, fueled by the rise of 3.5 million black-owned businesses. From bustling urban centers to rural communities, Black entrepreneurs are making their mark, generating $217 billion in revenue and employing 1.2 million workers nationwide.1
On Prosperity Boulevard, thriving Black-owned businesses drive community growth and renewal. They reduce unemployment by creating jobs and hiring locally. They provide goods and services that meet local needs, foster social cohesion and support cultural identity in underserved and marginalized communities.
Through job creation, infrastructure improvements and philanthropic initiatives, Black-owned businesses reinvest profits into their communities, strengthening neighborhoods, fostering economic growth and contributing to the overall well-being and resilience of the community.
The economic impact of Black entrepreneurship extends beyond individual businesses to the broader community and the nation, including community reinvestment, tax contributions and indirect economic benefits derived from their operations and supply chain interactions. In addition, increased employment boosts consumer spending, stimulates demand for goods and services and drives economic growth locally, regionally and throughout the nation.
Innovation
Black entrepreneurs have made significant strides in the tech and innovation sectors. By tapping into their lived experiences, cultural insights and entrepreneurial spirit, Black entrepreneurs launch startups, develop new technologies and disrupt industries across a broad spectrum, including fintech, health tech, e-commerce, artificial intelligence, and more.
Black-owned businesses like Calendly, Lisnr, The Labz, Popcom, Inpathy, PlayVS, Flutterwave, Pindrop and many others have pioneered new products and services that address unmet needs and resonate with diverse consumers. These Black-owned businesses focus on solutions that cater to underserved communities, promote social impact and leverage technology for positive change.
On Prosperity Boulevard the rebirth of Black Wall Street has taken shape. Led by Tulsa Innovative Labs and Black Tech Street, a group collectively known as THETA, the Tulsa Hub for Equitable and Trustworthy Autonomy is set-up to tap into the $1.36 trillion global autonomous systems market, creating 56,000 new jobs in the region.
Through advanced manufacturing and technology deployment in autonomous systems, including un-crewed aircraft systems (UAS), autonomous vehicles, drones, and robotics, which have applications in agriculture, pipeline inspections, and regional transportation, THETA will help to develop the world’s premier Black innovation economy.
Wealth & Prosperity
Black Entrepreneurship has proven to be a powerful wealth generator for small business owners when they are successful. The median net worth for successful Black business owners is 12 times higher than that of Black nonbusiness owners. Black entrepreneurs build equity in their businesses by accumulating assets such as cash, inventory, equipment, intellectual property, and real estate. Business equity accounted for 21% of the wealth created in Black households in 2023.2
Black entrepreneurship is also critical in addressing economic disparities and building generational wealth. Since 2010, the wealth disparity between Black and white families has persistently expanded. In 2022, Black households held only $15 for every $100 in wealth held by white households.3 By building successful businesses and accumulating wealth, Black entrepreneurs contribute to reducing these economic disparities.
On Prosperity Boulevard, Black entrepreneurs generate substantial wealth, not just for themselves but for future generations. This generational wealth eliminates economic disparities, builds financial independence and enables communities to prosper.
Conclusion
Black entrepreneurs are vital in driving economic growth, developing new technologies and creating wealth and prosperity nationwide. Tulsa’s Black Wall Street provided a blueprint for developing a prosperous community and creating generational wealth for black families.
Birthed from the flames of Black Wall Street, Prosperity Boulevard is a model for a more equitable and inclusive economy. By providing employment opportunities for diverse talent pools and creating pathways to economic mobility, Prosperity Boulevard cultivates economic stability within underserved communities throughout the nation. As economic opportunities become more accessible and shared more equitably, barriers to social mobility and advancement are reduced, leading to a more just and inclusive society.
Moreover, Black entrepreneurs on Prosperity Boulevard are wealth builders, helping to narrow the racial wealth gap by accumulating assets and creating generational wealth. They serve as role models for aspiring entrepreneurs in diverse communities nationwide. Their achievements challenge stereotypes, demonstrate entrepreneurial potential and encourage others to pursue business ownership as a means of economic empowerment.
Many black families and individuals lost their wealth, their community and their lives when Black Wall Street was set on fire, but just like the Phoenix, which sets itself on fire to be reborn, a new Black Wall Street has emerged.
Othello 
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