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Minority Business Highlight: JB Art

Noral Parham
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Minority Business Highlight: JB Art

JB Art is a business focusing on creating high-quality, custom artwork for its clients. The company is led by Joshua Benedict who can create a wide variety of pieces, including drawings, paintings and more. JB Art also offers a variety of services such as the customization of wearables like tennis shoes and crocs.

“I have been doing art since I was like three or four years old,” Benedict said in an interview with the Indianapolis Recorder.

The company’s mission is to provide its clients with unique and beautiful artwork that will enhance their homes or businesses while invoking thoughts and discussions amongst viewers. JB Art is committed to using the highest quality materials and to providing its clients with excellent customer service.

Benedict got into vending art thanks to his mother, Blanche D. Bailey.

a photograph of one of Joshua’s pieces, titled ‘Happy Mothers Day.’ (Photo provided/Blanche Bailey via website)

“Sometimes, my mom would take me to meet and greets and stuff like that and people would think my art is so cool,” Benedict said. “They were like ‘maybe you could sell your art one day’ and I thought that was a good idea.”

The young artist said that owning a business has taught him a lot about finance and managing money.

“I learned about money management,” Benedict said. I took a finance class and I learned a lot from that. So I took a lot to the Fishers Farmer’s Market as a Biz Kidz and it was pretty good.”

When asked about running a business at such an early age, Benedict said that his shyness initially got the best of him.

a photograph of one of Joshua’s pieces, titled ‘Find the Numbers.’ (Photo provided/Blanche D. Bailey via website)
a photograph of one of Joshua’s pieces, titled ‘Find the Numbers.’ (Photo provided/Blanche D. Bailey via website)

“At first I was shy and nervous about selling my art, now, I am more confident in myself and my art,” Benedict said.

The young artist also shared some tidbits for those looking to sell their own art.

“People can contact their local arts council, go to art shows, socialize, and (exchange) business cards,” Benedict said.

The young artist is also searching for contributors and sponsors who can help take his visibility to the next level.

Benedict will have his work on display during the Juneteenth Fest at Conner Prairie on Jun 19. He also plans to donate some of the proceeds to Riley Children’s Hospital.

Joshua Benedict, artist and owner of JB's Art. (Photo provided/Blanche Bailey)
Joshua Benedict, artist and owner of JB Art. (Photo provided/Blanche D. Bailey)

If you are interested in learning more about JB Art, visit their website at aeorganizedsolutions.com/jbart.

Contact multi-media and senior sports reporter Noral Parham III at 317-762-7846 or via email at noralp@indyrecorder.com. Follow him on Twitter @3Noral. If you are interested in having your business highlighted by the Indiana Minority Business Magazine, click here.

Garrett Simms contributed to this report.

Black Hoosiers and the innovation economy

STAFF
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Black Hoosiers and the innovation economy

By SPECIAL TO THE RECORDER

Indiana’s innovation economy holds tremendous potential for wealth creation, and it is time to unlock the invisible talent of underrepresented groups, especially Blacks and Latinos, to drive inclusive competitiveness. By embracing the untapped potential of these communities, Indiana can lead the nation in building a more equitable and prosperous future for all.

The InnoPower Minority Business Week (IMBW) and Rally partnership is not just an event; it’s a collaborative movement. It’s a beacon of hope, igniting the Indiana innovation ecosystem and paving the way for greater participation and wealth creation among Black Indiana residents. This groundbreaking conference creates an ecosystem that nurtures talent, fosters collaboration, and opens doors to opportunities previously out of reach.

Imagine the transformative impact on Indiana’s economy and communities if we could bridge the wealth gap between white households and Black and Latino households. By connecting underrepresented groups’ entrepreneurial spirit and creativity to the thriving innovation economy, we can unleash a wave of prosperity that will uplift families, neighborhoods, and the entire state.

The conference serves as a rallying cry for inclusive competitiveness, bringing together diverse communities, professionals, students and entrepreneurs to celebrate their unique strengths and aspirations. IMBW and Rally create a platform for invisible talent to shine and contribute to Indiana’s economic growth by breaking down barriers and fostering collaboration.

As we embrace this opportunity to build a more inclusive innovation economy, we are not only investing in the success of underrepresented groups but also strengthening Indiana’s position as a leader in innovation and economic competitiveness. Together, we can create a future where every Hoosier, regardless of background, can participate, thrive and build wealth in the innovation economy.

Let us seize this moment to unlock the full potential of Indiana’s invisible talent and build a brighter, more prosperous future for all. The InnoPower Minority Business Week and Rally partnership is just the beginning of a transformative journey toward inclusive competitiveness and shared success.

Register now for the largest, most diverse cross-sector innovation conference in the World. Click to Register

Indianapolis Recorder Subscribers Receive a 90% discount. Scan the QR Code:

For more information on InnoPower, watch the videos below:

Opportunity: When they say entrepreneurialism for all, what they mean is people need to be able to pursue an idea, make their own money, be in control and be paid fairly. But do they really mean for all? The InnoPower Conference creates opportunities for Indiana’s minority business community. WATCH

Entrepreneurship: At the 2019 InnoPower Indy conference, entrepreneurs were given the right steps to success. WATCH

Social capital: InnoPower brings together people who are passionate about innovation and collaborating to help their businesses and communities succeed. WATCH

Access to capital: In 2023, 2.4% of venture capital dollars went to companies with all female founders. On average, female founders receive about a quarter of the funding they request, while male founders receive about half. WATCH

Talent: STEM education is the feedstock to the innovation economy and must be owned and cultivated within MVP communities as a pathway out of poverty. WATCH

Beat the acquisition competition

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Beat the acquisition competition

By JAMAR COBB DENNARD

Buying a business is the hot new investment move promoted in the media. Business acquisitions are simple but not easy. The hardest parts of acquisitions include identifying who other buyers are and beating them to the punch and finding the right company to purchase.

If you would like to beat the competition and find the best deals, follow the suggestions below to get started on the right foot.

Get Narrow

If you are looking for anything, you will find everything, which is not necessarily what you want to buy. Make your buy box as narrow as possible. A buy box includes the industry, size, location, management structure, and other qualifiers of the perfect acquisition. For example, instead of looking for anything, seek $1 million companies in the plastic manufacturing industry within a two-hour drive of Indianapolis. Having a tightly identified acquisition target market will help you find the business you are looking for and stay below the radar of competitors in the deal space. 

Identify Your Competitors

The deal space is competitive, and you must know who is going after the same deals that appeal to you. Strategic buyers, or competitors, of the acquisition targets are always on the hunt to purchase smaller players in the market. If you are searching for companies over $1M in profit, private equity firms and family offices are looking for the same deals.

To overcome competition, narrow your buy box, create an investor one-pager that lists your qualifications as a business buyer, execute a thorough sourcing strategy, and be financially prepared to act quickly.

Effectively Source Deals

Finding off-market companies for sale is not easy. Even though you can find businesses for sale online (which is a simple first step to find companies for sale), the best deals are actively found through an off-market sourcing strategy.

The masters at sourcing use direct mail, telemarketing, social media, trade journals, ads, and more to find companies who are open to a conversation about selling. Many acquirers leverage their CFO, accountant, attorney or business broker to find companies to purchase. Another idea is to search for brokers in the geography that you want to acquire in and scour their websites for the right business. If you are seeking larger businesses for sale ($1 million + profit), search for private equity firms that invest within your target industry and contact them to see if the private equity firm is exiting from deals in their portfolio.

Get Your Money Together

Start your search with your loan or investors committed. If you are financially prepared, once you find the right acquisition, you will be able to move quickly before a competing offer is made.

Begin talking to SBA lenders early in the process. Some local, most regional and nearly all national banks have an SBA loan department. A conversation with your current bank is a good starting point. Then, complete the SBA loan application which includes personal financial information, tax returns and credit scores, etc. When you find a target company, you can simply give the lender the company’s financials, and the bank can quickly return feedback on whether financing is feasible. Remember, you will need 10-20% cash down on a business that you purchase using an SBA loan. Seller-financed deals are few and far between. Do not expect to purchase a business with $0-down or without the use of bank or investor funds.

To solicit investor funds, prepare an acquisition plan and pitch it to friends, family and business associates. Ask for a specific amount of money for a specific buy box target. Once the investor has decided to support, have them sign a commitment letter. The letter simply states that the investor is committed to supporting an acquisition, lists the potential investment amount, and includes an expiration date for the commitment. The investor does not need to submit funds until it is time to actually close on the purchase of the business.

The business acquisition market is popular and crowded. There are more buyers than sellers, so demand is high, market prices are stable and competition to find deals is rampant. However, if you clearly identify your acquisition target market, know who your competitors are, source deals where others will not and have your money together, you will have success at overcoming the challenges of finding a business for sale.

Jamar Cobb-Dennard is a business broker and M&A attorney. To learn more about how to buy or sell a business, contact Jamar at jamar@jamarcobbdennard.com.

Minority Business Highlight: Afrikan Authentix

CHLOE McGOWAN
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Minority Business Highlight: Afrikan Authentix

Afrikan Authentix is an online clothing boutique specializing in authentic handmade African clothing and accessories.

Created by Laila A. Saahir, Afrikan Authentix aims to provide customers with clothing to help them express their identities and celebrate their heritages. Saahir moved to the U.S. from Cameroon 10 years ago and started the boutique as a side business to make a little extra money while being a stay-at-home-mom. However, her business quickly took off.

Each clothing item is made to blend modern fashion with traditional and authentic African culture. The shop offers a variety of clothing and shoes in addition to accessories, including beaded and African print bags, gold plated, African print and beaded jewelry and folding hand fans. 

Afrikan Authentix clothing and accessories are all “handcrafted by master artisans from all over the continent, who use traditional techniques and materials to create unique and beautiful pieces,” according to the website. Products are sourced from Africa, either through first-hand travel or by placing orders.

“We want our customers to feel empowered, proud and connected to their African roots when they interact with our brand,” the website states.

Afrikan Authentix currently operates online. However, Saahir can be found at festivals and special events around the city. For more information or to shop on the website, visit afrikanauthentix.com. To get in contact, email info@afrikanauthentix.com or call 240-883-2599.

This minority business highlight was composed by CHLOE McGOWAN at the Indianapolis Recorder, who can be reached at 317-762-7848 or via email at chloegm@indyrecorder.com. If you would like your business highlighted in the Indianapolis Minority Business Magazine, click here!

Indiana Partners with Elevate Ventures to Launch First $100M Growth Stage Fund 

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Indiana Partners with Elevate Ventures to Launch First $100M Growth Stage Fund 

INDIANAPOLIS – Governor Eric J. Holcomb, Indiana Secretary of Commerce David Rosenberg and CEO of Elevate Ventures Christopher Day today announced a new $100M fund focused on cross sector innovation driven growth stage companies with a $500M total addressable market (TAM) or greater. The fund will be anchored by a $25M commitment from the returns achieved by Elevate Ventures investments and Elevate plans to raise an additional $75M through the private market to continue fueling Indiana’s venture capital. The new growth fund will be called the Elevate Ventures Growth fund.

“Today’s launch of Indiana’s first Growth Stage fund adds to an already powerful toolkit putting the world’s capital to work including the $250M Next Level Fund we created in 2017,” Gov. Holcomb said. “This new $100M fund anchored by a $25M initial investment from Elevate Ventures will provide even more opportunities to invest and grow innovative businesses at the later stages of their development. I want to thank Toph Day and for his drive and vision to reach this point as well as Secretary Rosenberg and the IEDC board for putting it originally into motion.”

Indiana surpassed the $1 billion mark for venture activity in 2021 and 2022, with Elevate Ventures ranking no. 1 in the Great Lakes Region, no. 8 in the United States and no. 17 globally as the most active venture capital investor per Pitchbook 2024 Q1 League Tables. Investing state dollars from the 21st Century Research & Technology Fund and federal dollars from the State Small Business Credit Initiative, Elevate Ventures committed $21.7 million in capital to Indiana startups in 2023.

“We are the state that innovates. Our long relationship with the IEDC is an incredible example of one of the nation’s most successful public private partnerships. Having a growth equity fund headquartered here in Indiana, to participate with investors from across the globe, will help our innovation driven companies scale more efficiently and move from being acquirees to acquirors, helping to drive a more robust entrepreneurial ecosystem with high paying jobs. Indiana has the critical ingredients including infrastructure, talent, mission critical industries, technology, cost of living, lifestyle and regulatory environment to power the productivity boom,” said Christopher Day, CEO of Elevate Ventures Christopher Day.

Elevate Ventures is planning to commence fund formation in late Q2 and targeting to make first investments in 2025. In August of this year, innovators, entrepreneurs, and investors from across the world will gather in Indiana for the 2nd annual Rally, a global cross sector innovation festival and $5M pitch competition, one of the world’s largest. More details can be found here.

“In 2024, Forbes ranked Indiana as the second-best state to start a business. We have incredible momentum in Indiana with multiple billion-dollar investment announcements and a robust entrepreneurial ecosystem,” said Secretary of Commerce David Rosenberg who also leads the Indiana Economic Development Corporation. “The IEDC is constantly seeking the input of our innovation ecosystem and how we can better support entrepreneurship to drive more high paying jobs and prepare our workforce for the modern economy.”

Click to learn more the Indiana Economic Development Corporation and Elevate Ventures.

For more news courtesy of the Indiana Minority Business Magazine, visit our homepage.

Minority Business Highlight: Indy Community Pantry

Hanna Rauworth
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Minority Business Highlight: Indy Community Pantry

Starting in 2020 with the spark to create a change, DeAndrea Rayner established the Indy Community Pantry with the hope to help people struggling with food insecurity in her area.

Along with the five dry goods pantries, the refrigerators are take-and-leave, meaning you can take anything you’d like, and donations are free to be left if they are prepackaged and not expired.

While Rayner has been gaining traction on social media from her work in the community, she maintains that keeping the fridges stocked can be difficult.

“The food goes so fast,” Rayner said. “I can put it in there and it can be gone in an hour.”

With social media posts like the “fill the fridge Fridays,” Rayner works to encourage her social media following to donate goods and money to keep the organization up and running. Their “wish list” is linked on their page to help guide those looking to help.

If there are not enough donations, it’s up to Rayner to restock the community fridges and pantries. A task which, she explains, is difficult to do without the donations and support from the community.

“There’s not a lot of people doing stuff like this for us … There’s a lot of folks who could really use the food around here. Times are hard,” said David Gutierrez, a local who lives near a location of Indy Community Pantry on the Eastside.

While there may be some challenges to keeping up with the food stock, Rayner maintains that she will continue to support the people in the community because their stories inspire her to keep going.

“I draw inspiration from the community,” Rayner said. “The testimonials from the people keep me going.”

Aside from the current locations already in place, Rayner hopes to be able to put a free food fridge inside a school and to open her own free food grocery store one day. Both goals could not be accomplished without volunteers and community support.

“It’s just me and my volunteers. I continue to ask for support from everyone,” Rayner said.

The fridges are located at:

  • Christ Missionary Baptist Church, 1001 Eugene St.
  • Community Alliance of the Far Eastside (CAFE), 8902 E. 38th St.
  • Pentecostal Temple Church of God in Christ, 3009 Forest Manor Ave.

The pantries can be found at:

  • 29th St. and Martin Luther King Jr. St.
  • 27th St. and Harding St.
  • 10th St. and Denny St.
  • The Lakes at Crossbridge Apartments at 38th & Franklin
  • Downtown under the bridge by The Slippery Noodle

For more information about volunteering or to donate to support the cause, visit indycommunitypantry.net or @indycommunitypantry on social media.

Contact Staff Writer Hanna Rauworth at 317.762.7854 or follow her at @hanna.rauworth 

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Minority Business Highlight: Khalani’s Kitchen

Noral Parham
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Minority Business Highlight: Khalani’s Kitchen

Since the age of 14, Khalani Armstrong has been an entrepreneur. She found love in helping her mother craft mouthwatering cuisines for those in her neighborhood. Now in her adult life, Armstrong takes her culinary prowess to new heights with the opening of her own establishment, aptly titled Khalani’s Kitchen.

Armstrong, who is currently studying hospitality at Purdue University, believes there is no better time to open an eatery of her own than now.

“Why not start now?” Armstrong said. “I have been doing it for a while, so it just made sense.”

Armstrong officially opened earlier this week.

Specializing in comfort and soul food, Khalani’s Kitchen provides succulent, deliciously seasoned dishes like chicken and pasta and tasty sides like French fries, yams and macaroni and cheese.

A photo of some of the food provided by Khalani’s Kitchen. (Photo/Khalani Armstrong via Yelp)

The spicy garlic parmesan chicken wings are a fan favorite among the Indianapolis community. The desserts and beverages are also being received well by many, including the iced cinnamon bread eggrolls and refreshing blue raspberry lemonade.

Khalani’s Kitchen is located at 8329 N. Michigan Road. If the address looks familiar, then that is because Khalani’s Kitchen utilizes space at The Cooking Station, a shared commercial kitchen. Those interested in ordering food can do so via telephone at 317-749-3172. They can also check out the official website.

Contact multi-media and senior sports reporter Noral Parham III at 317-762-7846. Follow him on X @3Noral. If you would like your business highlighted by the Indiana Minority Business Magazine, click here.

Global Motivations: A Trusted Global Voice With Influence and Impact

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By Dr. Toby Malichi

May is World Trade Month

OECD, IMF, WTO predicts increase and growth for global trade in 2024

“A decline in inflation and a strong US economy will more than double global trade growth this year, international bodies say. The Organization for Economic Cooperation and Development forecasts that global trade in goods and services will increase 2.3% this year and 3.3% next year, compared with 1% last year. The International Monetary Fund predicts global trade growth of 3% this year. The World Trade Organization expects goods trade to increase 2.6% this year, after a 1.2% decrease last year.” (Source: Financial Times)

“No more humble Hoosier” as 1) Indiana’s Governor Eric Holcomb and the Indiana Economic Development Corporation will host a global economic summit later this month. 2) A Black software cyber security company in Northern Indiana will be the first Black business leader from Indiana to receive the prestigious Presidential “E” Award at the U.S. Department of Commerce in Washington, DC this week. 3) And yes, I will be doing my part as President Biden has invited me as a business leader to participate at The White House Business Leader Summit at the end of May.

It’s no global secret that of all my global goals, chief among them is to become a global business diplomat and world leader and to earn the Noble Laureate for Business for Peace — ever since I was 8 years old. I’m now 74 with an International Peace Medallion and pursing the Presidential Freedom Medal as well. Having said that. I have dedicated over half of my business life assisting, helping and representing multinational U.S. small-and-medium-sized enterprises around the globe, advocate, negotiate and execute U.S. Free Trade Agreements, trade-related policies and exporting.

I’ve always said, “The world is your oyster,” even amid unprecedented geopolitical tensions and economic uncertainty. The latest trade data suggests that doing business globally, global trade deals and exporting opportunities will increase bottom-lines and impact growth over the next couple of years. Currently, Indiana ranks ninth in exporting in the U.S. Malichi Group Worldwide LLC and its Global Chamber Indianapolis, and our highly capable city and state partners. Stands ready, willing & able to help more Indiana small-and-medium-sized enterprises, especially those who are interested in doing business with Africa, India, Dubai, South Korea, Japan and the U.S. to name a few countries.

A shoutout to Martin University for honoring me this May 18 with my third honorary doctorate degree. I am extremely humbled and honored.

Learn more: Contact Dr. Toby Malichi, The Global Godfather directly anytime day or night at 317.515.8866 or Dr.Toby@malichi.com

We doze but never close! Have a successful day and think globally!

Minority Business Highlight: Chef TLC Food Bus

CHLOE McGOWAN
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Minority Business Highlight: Chef TLC Food Bus

Chef TLC, also known as Tonya Lynn Coleman, grew up in a family of cooks and always loved to make food and serve others. 

With 35 years in the food industry, Coleman decided to take a leap of faith and turned her talent of cooking into a passion project as a street chef. In 2018, Coleman started converting an old church bus into a food truck — or rather, food bus. Once completed, the newly renovated bus named “Faith” hit the streets in 2019, which Coleman used to help feed the homeless during the pandemic.

Today, Coleman drives her food bus through the community alongside co-owner Reginald Coleman, or Big R, who also has 35 years in the food industry. Together, the pair serve fresh, made-to-order meals  during special events and through pop-ups, meal prep and catering. Their success has spread throughout the community, earning them the title of the 2022 Black Food Truck Battle Royale Champion at Melanin in May. 

READ MORE: Minority Business Highlight: Tastys by Tasha

Chef TLC and the Faith Food Bus menu includes a range of soul food with Coleman’s unique and trendy twists, including the Indy Steak N Cheese, the Big R Burger with jalapenos, chicken wraps and melts, pulled pork and fried zucchini and sweet treats such as funnel fries.

Chef TLC and the Faith Food Bus are based out of Fishers, Indiana, but can be found around Indy at special events and festivals, like Melanin in May. For more information, visit cheftlcfoodbus.com. To get in contact, call 317-902-5570 or email cheftlc65@gmail.com. 

This minority business highlight was composed by CHLOE McGOWAN at the Indianapolis Recorder, who can be reached at 317-762-7848 or via email at chloegm@indyrecorder.com. If you would like your business highlighted in the Indianapolis Minority Business Magazine, click here!

Minority Business Highlight: The Cavity Factory

Hanna Rauworth
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Minority Business Highlight: The Cavity Factory

With a buttery, flakey croissant base topped with a freshly baked chocolate chip cookie, the “crookie” is one of the Cavity Factory’s cookie creations that has drawn thousands of customers to wait in line for a taste.

Starting out in the coined “pink truck,” the travelling business drew long lines all around the city before it opened its brick-and-mortar on April 6.

Owned and operated by Destinee Smith, The Cavity Factory is in Fountain Square at 1354 Shelby St. and is currently open on Friday, Saturday and Sunday from 11:30 a.m. to 5 p.m. or until the product sells out.

The Cavity Factory boasts a rotating menu, which is posted to their Instagram page for customers.

Aside from the traditional cookie flavors like chocolate chip, cookies and cream, and M&M, the shop also offers flavors for more adventurous cookie enthusiasts as well. From Cinnamon Toast Crunch to caramel apple lollipop, to seasonal flavors such as Butterbeer for Harry Potter week, The Cavity Factory has a wide range of options.

Smith hopes to expand her business online and to add gluten-free, sugar-free and breakfast options to her menu as time goes on.

For those who were able to get their hands on a cookie, Smith recommends storing them in an air-tight container for up to four days at room temperature or in the freezer for up to a month.

For information about The Cavity Factory, visit cavityfactory.com or follow them on socials @thecavityfactory.

Contact Staff Writer Hanna Rauworth at 317.762.7854 or follow her at @hanna.rauworth 

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