Empowering Black Entrepreneurs: Dream Exchange's Impact at the National Black Business Conference
Last week the Dream Exchange team had the honor and privilege of participating in the Black Business Conference which was sponsored by the National Business League, World Conference of Mayors, and the National Black Chamber of Commerce. As Managing Member of the first minority-owned and governed stock exchange in American history, I am thrilled to share this part of our remarkable journey, wherein we announced our formal strategic relationship with the National Black Chamber of Commerce.
As Managing Member of DX Capital Partners, LLC, who owns a majority interest in the Dream Exchange, the first minority-owned and governed stock exchange in American history, I am thrilled to share this part of our remarkable journey, wherein DX Capital Partners and the Dream Exchange (referred to together as the “DreamEx Entities”) announced their formal strategic relationship with the National Black Chamber of Commerce.
Our strategic alliance with the National Black Chamber of Commerce (NBCC) will be a game-changer for Black entrepreneurs looking to access the public capital markets and realize their business dreams. In this blog, I want to delve into the significance of this strategic alliance, examine the current dynamics of Black-owned companies seeking public listing, and discuss the vital role played by the Main Street Growth Act in this transformative process.
Statistics on Black-Owned Companies and the National Market System
To understand the significance of Dream Ex Entities‘ strategic alliance with the NBCC, let’s examine some eye-opening statistics regarding Black-owned companies and their participation in the national market system:
Black-owned businesses have long been grossly underrepresented on stock exchanges. Despite the incredible entrepreneurial spirit within the Black community, only a tiny fraction of these companies have made it to the national market system.
Access to capital remains one of the most significant challenges for many Black-owned businesses. Raising funds through public offerings can provide a vital lifeline for growth, innovation, and sustainability.
Empowering Black entrepreneurs to list their companies on a national market system stock exchange not only offers them access to capital but also promotes economic empowerment within the community. This can lead to job creation and increased wealth distribution. The Dream Exchange’s Founder and CEO, Joe Cecala, shared this message as he participated in the Access to Capital Panel.
Dream Exchange and the National Black Chamber of Commerce
The strategic alliance between the Dream Ex Entities and the National Black Chamber of Commerce is rooted in a shared vision – the economic empowerment of Black-owned businesses and entrepreneurs. Dream Exchange was founded with the mission of facilitating the listing and trading of securities of diverse, privately held companies. DX Capital Partners was founded with the mission of helping the Dream Exchange fulfill its mission. This strategic alliance with NBCC represents a pivotal step toward achieving our goal.
At the heart of this collaboration is the recognition that access to capital markets is a fundamental requirement for business growth and expansion. According to an Oxford study penned by Dream Exchange Founder and CEO Joe Cecala and Associate Professor and Director of Research Dr. Ioannis Floros, 92% of jobs are created within a company after that company goes public.
Historically, Black-owned businesses have faced significant hurdles in accessing the necessary funding to scale their operations. By working hand-in-hand with the NBCC, we aim to provide Black entrepreneurs with an equal opportunity to raise capital through public offerings.
The Main Street Growth Act: A Catalyst for Change
In this endeavor to bridge the gap between Black-owned businesses and the national market system, the Main Street Growth Act will play a critical role. This legislation, designed to simplify the process of going public for smaller companies, will provide broad access and revitalize communities by reducing the regulatory burdens and costs associated with initial public offerings and make it more feasible for good people with good ideas to go public. This act is a crucial step in promoting economic equality and fostering an environment where diverse entrepreneurs can thrive.
Together, the DreamEx Entities are not just building a stock exchange; we are building a bridge to economic empowerment and prosperity for the Black community. The journey ahead may be challenging, but with determination, collaboration, and the unwavering support of organizations like the NBCC, we are poised to make history and change the landscape of entrepreneurship for generations to come.