Though the generational wealth gap between Black Americans and the general population remains daunting, history proves that ingenuity, grit, and problem-solving have long been economic empowerment tools. Black innovators use insight to make fortunes in industries ranging from haircare to healthcare to high-growth SaaS.
Take Annie Turnbo Malone, born in 1869 to formerly enslaved parents, who became one of America’s first Black millionaires, decades before Madam C.J. Walker, whom she mentored. Annie, a self-taught chemist, developed “Wonderful Hair Grower,” a revolutionary treatment for scalp disease and hair loss among Black women. At a time when few options existed for textured hair, Malone’s Poro brand empowered women economically and aesthetically. She trained thousands through her beauty schools, channeling earnings into philanthropy and HBCUs, including major donations to Howard University.
The story of innovation continues in medicine. Dr. Charles Drew, though not a traditional entrepreneur, changed medicine forever. A Howard University graduate, Drew’s breakthrough in separating plasma from whole blood made large-scale blood banking possible. His innovations during WWII saved thousands of lives and shaped modern emergency medicine. Though he faced racial discrimination—including being barred from donating his blood to a system he helped build—his contributions have earned him enduring reverence and a legacy that opened pathways for Black scientists.
Fast forward to today: Black excellence thrives in digital and tech spaces too. Tope Awotona, Nigerian-American founder of Calendly, knew he couldn’t take the same route as white Silicon Valley peers. “I knew traditional growth playbooks would not work for me; I probably could not count on making large amounts of institutional capital,” he shared in the Masters of Scale Summit ‘22. Instead of relying on investor cash, Tope bets on product experience. Calendly launched with a freemium model, giving the tool away to build trust and traction. By perfecting customer experience and staying lean, he scaled the scheduling platform to $100 million in revenue without outside capital, eventually raising a $350M round that valued Calendly at over $3 billion.
Amanda Spann, a startup strategist and app developer, has built wealth by helping others do the same. A former HBCU grad and branding expert, she co-founded apps like “Tweny10” and launched The App Accelerator, teaching Black entrepreneurs to leverage mobile tools for income and scale. Her work exemplifies digital-first, low-barrier business building for Black creators.
These innovators, across centuries and sectors, prove that closing the wealth gap is possible and already happening.
So, what about you? Do you have an idea brewing? Don’t keep it to yourself. Like these wealth builders and pioneers, your insight might be the spark of the next chapter in Black excellence, especially for the young boys and girls looking up, hoping for examples to follow.
