Baltimore’s Keys To Becoming The Epicenter Of Black Entrepreneurship
By Majella Mark
- Maryland has one of the highest Black populations in the South with 1M+ occupants
- Baltimore based Black run tech startup Sonavi Labs raised over $1M during their seed round with local angel investors
Most Black professionals live in the major cities including New York, Los Angeles, Chicago, Washington D.C., and the U.S. Black Mecca Atlanta, but there are hidden gems that really have a lot of potential to become the epicenter for black excellence in the near future. One of these hidden havens is Baltimore, MD and is called home to over a million Black people. With this city’s proximity to Washington D.C and New York City, you can be placed in the perfect spot to expand your business while saving on living expenses. This is exactly what the Black community needs as we spearhead new money streams, political statements, and cultural influences.
Why This Matters: The median age for the city is 35, including a very large population of medical professionals due to the attractiveness of Johns Hopkins. There are numerous Black-led startups making waves in B’More creating a foundation for what can be the quintessential land of opportunity for Black dreamers.
For example, Medical tech company Sonavi Labs raised a whopping $1 million during their seed round mainly from medical professionals’ angel investors. The technologist work co-op, Tribe, founded by Jeremy Neal is flipping the concept of running a company with an unconventional method of collective company ownership and shareholding. Cllctivly, an online directory for Black-run grassroots organizations, creating an easy way to support Black charitable success right in Baltimore.
Situational Awareness: There are about 10 to 15 co-working spaces in the city of Baltimore including Startup Nest, Open Works, and Mindhub welcoming new companies into their community. The average rent for a one-bedroom apartment is $1,395, which is half the price of the average place in New York City or Los Angeles and $300 less than the average apartment in Atlanta, GA. As the pandemic dies down and people still look to move to new locations due to the spike in remote working, Baltimore really stepped up to the plate as a city welcoming young professionals and entrepreneurs alike.
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