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Billionaire Robert Smith Explains The 2% Solution To Structural Racism In America | Forbes

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Robert F. Smith, the private equity billionaire who is the nation’s richest Black person, said on Thursday that large corporations should use 2% of their annual net income for the next decade to empower minority communities. Smith made the comments after circulating a plan among CEOs that first calls on big banks to capitalize the financial institutions that service Black-owned businesses and minority-run entrepreneurial ventures.

In a keynote address he gave at the Forbes 400 Summit on Philanthropy, Smith, 57, said Black and minority communities have been abandoned by large banks and are starved of the capital needed to build businesses and local institutions. Smith argued that pumping in what he described as “reparative” capital and investing directly in financial architecture would be a fast way to advance economic justice for Black Americans.

“Nowhere is structural racism more apparent than in corporate America,” Smith said. “If you think about structural racism and access to capital, 70% of African American communities don’t even have a branch, bank of any type.”

In recent days, Smith, whose net worth is estimated to be $5 billion, has been sharing a concrete plan with the nation’s business leaders that argues that an investment equal to 2% of net income over the next decade would be a small step toward restoring equity and mobility in America. He has implied that America’s big corporations should feel compelled to support such a plan given the exclusionary practices of many industries over several decades. Smith made the case that the average American household charitably donates 2% of its income annually and is asking corporate America to do the same.

Read the full profile on Forbes: https://www.forbes.com/sites/nathanvardi/2020/06/19/the-2-solution-inside-billionaire-robert-smiths-bold-plan-to-funnel-billions-to-americas-black-owned-businesses/#1eb13f1d4bc3

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How Entrepreneur Rhonesha Byng Created A Mantra From Her Name | Unfiltered | Forbes

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This week on Unfiltered, we spoke with Her Agenda Founder and CEO Rhonesha Byng to talk about how she went from high school intern to publication founder, how she used her name to create a motto and how she deals with her fear of failing her community.

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Will Joe Biden Raise Taxes and Crush the Economy? – Steve Forbes | What’s Ahead | Forbes

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Will Joe Biden’s $700 billion tax plan — which will raise taxes — help or hurt the economy? Steve Forbes on what Americans can expect if the Democrats win the White House this November.

What’s Ahead featuring Steve Forbes provides his insights and perspective, to stay on top of what’s happening in this ever-turbulent world with glimpses into the future. What’s Ahead airs Tuesdays, Thursdays and Fridays.
#SteveForbes #WhatsAhead

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America’s Most Promising Artificial Intelligence Companies | Forbes

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Artificial intelligence is beginning to be usefully deployed in almost every industry from customer call centers and finance to drug research. Yet the field is also plagued by relentless hype, opaque jargon and esoteric technology making it difficult for outsiders identify the most interesting companies.

To cut through the spin, Forbes partnered with venture firms Sequoia Capital and Meritech Capital to create our second annual AI 50, a list of private, U.S.-based companies that are using artificial intelligence in meaningful business-oriented ways. To be included, companies had to be privately-held and focused on techniques like machine learning (where systems learn from data to improve on tasks), natural language processing (which enables programs to “understand” written or spoken language), or computer vision (which relates to how machines “see”).

The list was compiled through a submission process open to any AI company in the U.S. The application asked companies to provide details on their technology, business model, customers and financials like funding, valuation and revenue history (companies had the option to submit information confidentially, to encourage greater transparency). In total, Forbes received about 400 entries. From there, our VC partners applied an algorithm to identify the 100 with the highest quantitative scores and then a panel of eight expert AI judges identified the 50 most compelling companies.

Read the full profile on Forbes: https://www.forbes.com/sites/alanohnsman/2020/07/03/ai-50-americas-most-promising-artificial-intelligence-companies/#6244263a5c99

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