Weekly Report 2-43

African American Entrepreneurs Head SPAC in $126.5 Million IPO to Acquire Black-Owned Firms

By d-mars.com News Provider

Shawn Rochester, who authored the spellbinding book “The Black Tax: The Cost of Being Black in America,” and Robin Watkins, a highly regarded financial and operations accountant, have made Wall Street history.

And the two are poised to break through more barriers in the financial world.

Their latest venture, Minority Equality Opportunities Acquisitions Inc. (MEOA), has raised $126.5 million they’ve earmarked to help minority businesses and enterprises grow and prosper through mergers and acquisitions.

“It’s amazing to be a part of this,” Watkins, a Drexel University graduate, stated.

While Rochester serves as CEO of MEOA, Watkins counts as the company’s CFO.

“I come from a family of entrepreneurs,” Watkins remarked during an appearance on PBS-TV and PBS-World’s The Chavis Chronicles with National Newspapers Publishers Association (NNPA) President and CEO Dr. Benjamin F. Chavis, Jr.

The interview took place inside the new state-of-the-art NNPA television studios in Washington, D.C.

Because her grandfather owned a trucking company and café in Lawrenceville, Virginia, and her father and other family members were entrepreneurs, Watkins leaped at this latest opportunity.

“It’s historic, and it’s amazing,” Watkins stated.

MEOA raised the money after its initial public offering in August and now counts as the first special purpose acquisition company – or SPAC – headed by African Americans.

Rochester, who earned a master’s degree in Business Administration from The University of Chicago Booth School of Business with a focus in Accounting, Finance, and Entrepreneurship.

MEOA will target MBEs and Blackowned businesses nationwide.

“We’re really a blank check company that’s funded through an IPO,” Watkins remarked.

“The funds are held in trust to acquire

another company. In this case, we are looking at minority business enterprises to take them public through our IPO. We are the only SPAC that is targeting minority business enterprises.”

According to financial experts, SPACs generally have two years to complete an acquisition.

If they fail, the company must return the money raised to its investors.

For Rochester and Watkins, failure isn’t an option.

Rochester said they are looking at companies with enterprise values between $250 million and $500 million with recurring and predictable revenues.

The criteria include having a history of being able to generate sustainable free-cash-flow.

“There is unprecedented demand for diverse suppliers, but many minority firms don’t have the resources to meet the demand,” Rochester said.

“That’s where MEOA, and the decades of combined experience that our team has in operations, strategy, business development, and acquisitions enter the picture for the right business, to help accelerate growth,” he continued.

Further demonstrating a commitment to racial equity and economic inclusion, MEOA engaged the Industrial Bank of Washington, one of the country’s preeminent Black-owned institutions, for its working capital banking needs during the SPAC and IPO process.

The company’s directors are majority-minority including, Dr. Julianne Malveaux, MIT economist and Dean, College of Ethnic Studies, Cal State Los Angeles, Mr. Ronald Busby, Sr., President and CEO, US Black Chamber, Inc., and Mr. Patrick Linehan, Partner, Steptoe & Johnson.

“The mission and purpose of MEOA will help to catapult minority enterprise in this country,” Rochester asserted.

“As a SPAC, we have the opportunity to not only help drive significant change and unleash superior performance but to also signal to the broader marketplace that there is tremendous value in companies and teams that have long been ignored.”

Source: National Newspaper Publishers Association

“We are trading now on the Nasdaq under MEOAU,”

Tips for Effective Job Hunting in 2021

By d-mars.com News Provider

hether you're actively looking for a job or are simply curious about a new career, you're not alone. Millions of people nationwide are open to work, but it can be hard to know the most effective methods for finding the right job for you.

Due to the COVID-19 pandemic, almost half of all American job seekers are currently looking to transition careers, according to a new Morning Consult job-seeker insight survey commissioned by Amazon. Many of those job seekers (43%) identified better pay and benefits as the top reason they are looking for new work.

"Whether you've been out of the job market for a while or have been working and want a change, this is a fantastic time to be looking for a new opportunity," says Luli Chaluleu, hiring expert at Amazon. "Many companies are hiring, and with the right search tactics you'll find a job that you not only love, but has ample benefits."

Amazon is included in that list of companies eager to hire. Despite the pandemic, in 2020 they hired over 400,000 employees in the U.S., of which, more than 60% are now paid more than they were paid at their previous job. Competitive benefits include health insurance, up to 20 weeks of parental leave and company-funded career advancement opportunities.

"Amazon gave me a chance to branch into the IT field with no prior tech experience. The company really values us as employees, and it shows, from the pay to the benefits to the ability to learn and move into new careers - within Amazon or beyond," said Erica Bozeman, data center technician at Amazon.

If you want to find a new job, knowing current job search strategies can help, including updating your resume and conducting virtual interviews. Research career events that allow you to learn, network and even apply for positions of interest. Career coaching can help as well.

Bullard Center for Environmental and Climate Justice at TSU Receives $4 Million From Bezos Earth Fund

Tips for job seekers

for job seekers

To help supercharge your job search efforts, Luli shares these important tips: Explore the company website: One of the best ways to learn more about an organization is through their digital presence. Look at the website, including careers pages, news sections and any applicable departmental information. If you know where you want to work or what role you'd like to pursue, have that information ready when you apply or speak with a recruiter. Keep your resume short: Resumes should be compelling and concise. Think about skills you gained at previous jobs and how they apply to future positions. No matter how long you've been working or how many positions you've had, a resume should be no longer than two pages. Focus on the facts, communicate essential skills and highlight career achievements. When you interview, you can go into more detail.

Customize with keywords: Many companies use technology to discover and track the best candidates for open positions. These applicant tracking systems look for important words and phrases within a resume to filter candidates, so be sure to use keywords in your copy. The job description is a good source for potential keywords. If you need more ideas, look at resumes and profiles for other people who have a similar position.

Apply even if you're not 100% qualified: If you see a job post of interest, but hesitate to apply because you don't have all the qualifications, think again. Hiring managers know that oftentimes candidates may lack experience in a few areas. If you have the majority of the skills listed and a willingness to learn the ones you don't, apply anyway and then convey your enthusiasm about the opportunity during the interview.

Stay positive: Job searches take time and you may have to apply to many positions and interview numerous times before getting an offer. Don't be discouraged, because if one role doesn't pan out, there are plenty more opportunities to explore.

Source: BPT

By d-mars.com News Provider

Texas Southern University (TSU) has been awarded $4 million from the Bezos Earth Fund to support the Robert D. Bullard Center for Environmental and Climate Justice. The Fund’s grant will continue groundbreaking environmental justice initiatives led by Dr. Robert Bullard, a distinguished TSU professor known as the “father of environmental justice.”

“TSU is proud to have our Bullard Center included in this critical environmental justice work and we are grateful for such generous support from the Bezos Earth Fund. Congratulations to Dr. Bullard and all of those who have received grant awards,” said Texas Southern University President Lesia L. CrumptonYoung.

Launched in 2020, the Bezos Earth Fund is a $10 billion commitment to fund scientists, activists, NGOs, and private-sector entities that are taking critical action to combat the climate crisis, preserve and protect the natural world, and support climate justice.

“This grant will enhance the Bullard Center and our partners’ capacity to develop ‘roadmaps’ for directing much-needed Justice40 and infrastructure investments to disadvantaged communities that historically have been left behind,” said Dr. Bullard, founder of the Center for Environmental and Climate Justice. “It will also create a rapid response team of experts and professionals to perform ‘quick-strike’ support to our most vulnerable and marginalized communities where structural inequality and systemic racism pose equal access challenges to Justice40 benefits, funding and investments.”

The Bezos Earth Fund has recently announced that it will commit $150 million in 2021 to environmental justice organizations to support the historic Justice40 initiative led by the Biden administration. Justice40 is a federal effort to ensure that government agencies work with states and local communities to deliver at least 40 percent of the overall benefits from federal investments in climate and clean energy to disadvantaged communities.

For more information, please visit tsu.edu or tsu. edu/bullardcenter.

Source: Texas Southern University

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