Promoting Black entrepreneurship and success
U of T Chancellor Wes Hall hosted the event at his WeShall Investments office. During his remarks, Hall emphasized the value of community support along the entrepreneurial journey. “Nobody launches a successful business alone. You can be the most determined, talented and hard-working person in the world, but you also need smart advice, good connections and strategic investment,” he said.
Hall highlighted the network’s strength in connecting founders with peers who understand the unique realities faced by Black entrepreneurs. This resonated deeply with Kareem Abdur-Rashid: “At pharmaceutical conferences, we often stand out – we’re usually the only Black people there,” he said. “The network gives you a community that helps you navigate these spaces and ensures you’re not alone.”
If it weren’t for the guidance of the Black Founders Network, I would never have considered creating a startup – I simply wouldn’t have known where to begin.
Ajagunna echoed this sentiment, emphasizing how critical it is to receive advice tailored specifically to Black founders. “What works for someone else might not work as easily for us because of hidden barriers,” she explained. “The network helped me refocus and find new ways to overcome those obstacles.”
If it weren’t for the guidance of the Black Founders Network, I would never have considered creating a startup – I simply wouldn’t have known where to begin.
Under the leadership of its dynamic founder, U of T Scarborough alumnus Efosa Obano, the Black Founders Network has supported more than 15,000 community members since its creation in 2021. Companies founded by network participants have collectively attracted over $50 million in funding and generated more than $45 million in revenues. Obano and the network have also earned prestigious accolades, including the provincial Minister’s Award of Excellence, U of T’s Inclusive Excellence Award and the Globe and Mail’s Changemakers Award.
Another of the network’s standout successes is Olugbenga Olubanjo, founder of Reeddi, a startup recognized internationally for its innovative and sustainable solution to chronic electricity outages in developing countries. Reeddi (pronounced “ready”) offers portable energy capsules, rechargeable via solar energy, which customers can purchase or rent affordably. Olubanjo displayed his products during the panel discussion.
Now with thousands of customers, Reeddi has generated millions of dollars in value and attracted international attention and accolades, including a feature piece on Bloomberg TV, inclusion as one of Time Magazine’s best inventions for 2021, and reaching the final round of the prestigious Earthshot Prize, founded by Prince William.
Olubanjo credits the network with elevating founders’ ambitions as well as providing practical support. “It’s remarkable how expansive your vision becomes when surrounded by others thinking big,” he says. “That level of exposure and encouragement opened our minds to possibilities far beyond our initial ideas.”
The Black Founders Network is one of twelve accelerators across U of T’s three campuses that make up the broader U of T Entrepreneurship community, supporting more than 1,300 entrepreneurial teams annually.
