Leveraging insights produced during the development of the Racial Wealth Equity Database, and with the generous support from Google.org, DataKind and the Black Wealth Data Center expanded their partnership to create a powerful tool that integrates key indicators and helps to facilitate access to funding for Black entrepreneurs.
At DataKind, we recognize the profound connection between the racial wealth gap and various disparities experienced among different racial groups. The journey towards achieving racial wealth equity is often identified as hinging on the empowerment of successful business ownership. However, the existing avenues of capital distribution, spanning federal, state, and local levels, often fall short of proportionately reaching Black-owned businesses, underscoring the need to bridge this crucial gap to foster economic equality.
Since 2019, DataKind has collaborated with the Black Wealth Data Center (BWDC) on a mission to leverage data science to provide data-driven insights to unveil opportunities for Black wealth across the US. Our first partnership resulted in the creation of a groundbreaking resource, the Racial Wealth Equity Database, an innovative tool that draws from a myriad of data sources and employs over 30 visualizations to transform raw data into actionable insights.
Leveraging insights produced during the development of the Racial Wealth Equity Database, and with the generous support from Google.org, DataKind and BWDC embarked on an innovative project to create a powerful tool designed to facilitate access to funding for Black entrepreneurs.
Our prototype tool, showcased through a dynamic Tableau Public dashboard, integrates key indicators, spanning business and commerce, community infrastructure, economic indicators, banking and finance, and population information. This comprehensive profile generates an index of communities poised for business capital investment, but who are historically underinvested.
By the end of 2024, the final version of this tool will be integrated into the BWDC website, ensuring stakeholders can easily engage with the full product and contribute to a more inclusive and equitable economic landscape. Stay tuned for updates on this exciting venture!
