With a rising demand for inclusivity on retail shelves, consumers in the United States are urging companies to support Black-owned brands, suppliers, and vendors. Despite this, our research suggests that Black-owned brands encounter outsized challenges to scaling and being able to meet this demand.
As part of our 10 actions toward racial equity, we created the Next 1B program to support these businesses on the path to “unicorn” status—that is, attaining an equivalent company valuation of one billion dollars or more.
The program brings together the best of McKinsey professional development and industry expertise—in collaboration with an unrivaled network of successful Black founders, major retailers, and investors—to help Black-owned brands unlock the next phase of growth.
See what some of the brands from the inaugural cohort had to say about their program experience in our McKinsey blog post here.