The widening wealth gap amongst Black and White America is a wound ruptured by greed and resource withholding. Fortune 500 companies can aid in healing this wound by allying with small businesses & Startups. X-Factor Capital has officially agreed to a 2-year marketing partnership with Costco Corp and Splunk Inc to build a bridge of collaboration between large corporations and budding entrepreneurs.
This partnership will provide resources and create ongoing awareness for black entrepreneurs. X-Factor plans to achieve these goals with the new sponsors by coordinating events, offering to consult, and providing opportunities for startup companies to earn capital. Rodell Razor, the co-founder of X-Factor Capital, says,
“These partnerships are exciting for our firm; by creating more content, telling more stories, and supporting more entrepreneurs in their efforts. Developing pathways for business growth is everything we stand for, these partnerships are critical to that mission”
The majority of the efforts with Costco and Splunk will focus on sharing stories about Black entrepreneurship & creating more showcase opportunities. These initiatives will bring more customers, partners, and even investors to these founders.
Both companies have commitments to impact underrepresented communities through entrepreneurship. Last year, Costco Wholesale Corp. committed $25 million to fuel Black-led financial institutions and community development efforts. Rodell says that
“Costco has been so intentional with making sure they are supporting our mission. It’s great to have a company of this magnitude taking the time from their executives to focus on this initiative.”
Splunk has also made it a priority to provide resources for the black community. Their Black Employees and Mentors resource group (BEAMs) has raised funds for The Hidden Genius Project. The mission of THGP is to train and mentor Black male youth in technology creation, entrepreneurship, and leadership skills to transform their lives and communities. Additionally, Splunk has an internal $50Mil Impact Focused Venture Fund.
“Working with the Splunk team, they’re so committed to being a change agent. We have some great things in the pipeline” says Rodell.
Like THGP, X-Factor is on the ground mentoring and making connections with black entrepreneurs transforming their communities. Costco and Splunk see the firm as a leading participant in developing a budding ecosystem of startups. Creating exposure, connections, access to networks, and funding opportunities. Having investors & advocates for these great, yet often underestimated businesses is vital. This partnership can inspire the next generation of black entrepreneurs, provide context to their efforts, and propel great marketing efforts.
“These partnerships were strategic, and over the next few years, we’ll see some amazing things come together for X-Factor, our founders, and these great companies who support. “
