Black business leaders are trying to figure out why Vice President Kamala Harris lost the presidential race, and how to approach the coming administration of President-elect Donald Trump.
“It certainly means change. That’s what the voters wanted, and that’s what they thought President Trump represents,” said Charles Phillips, co-chair of the Black Economic Alliance and co-founder of Recognize.
“What contributed to Trump’s win is people are tired of the cultural battles … people are more interested in kitchen table and economic issues,” he told CNBC in an interview.
According to NBC News, Trump’s economic policies were a key reason he gained support from Black voters in battleground states such as North Carolina and Wisconsin.
But Ryan Wilson, co-founder and CEO of the Gathering Spot, believes Harris’ race and gender were the primary reasons for her loss.
“I don’t know another way to have the discussion but to point to America’s old enemies, racism and sexism. We have to continue to fight that,” Wilson said to CNBC.
Democratic presidential nominee U.S. Vice President Kamala Harris and Jennifer Lopez attend a campaign rally in North Las Vegas, Nevada, U.S., October 31, 2024.
David Swanson | Reuters
Some Black business leaders turned to social media to respond to the election results.
Blavity co-founder Morgan DeBaun wrote on X that she had concerns for women and minority-owned businesses. “We are about to enter a political climate in which where any of the [diversity, equity and inclusion] funds, things that were allocated just for Black people or just for women may be at risk.”
Overall, there was a dramatic shift from the emphatic support for Harris and the possibilities of her administration that were being expressed online in the days before the election.
Global Black Economic Forum CEO Alphonso David said he is disappointed in the results, but encouraged by the Black voter turnout.
“As the dust settles, we — the advocates for economic equality — will continue to do the hard work to realize a nation reflects its written principles of fairness, justice and equality,” David said to CNBC.
Morgan DeBaun, co-founder and chief executive officer of Blavity Inc., speaks during the Twitter Inc. #HereWeAre Women In Tech event at the 2018 Consumer Electronics Show (CES) in Las Vegas, Nevada, U.S., on Wednesday, Jan. 10, 2018.
Patrick T. Fallon | Bloomberg | Getty Images
But Black business leaders are not monolithic, and there are some who see Trump’s second term as an opportunity.
The National Alliance for Black Businesses issued a statement on Thursday saying it has mobilized 100 Black organizations to support the president-elect’s economic agenda.
“Based on previous experience, [Trump] has a successful track record working with and supporting Black business owners,” said Dr. Kenneth Harris, CEO of National Business League, a member of NABB. Harris says the NABB is nonpartisan, but cited “momentum” under the first Trump administration.
“We had tremendous success in terms of federal contracting opportunities … we were able to work very closely with the United States Small Business Administration and the Executive Office of the White House to support Black businesses.”
Economics over emotions. That is the message John Hope Bryant, founder and CEO of Operation Hope is sending to members of the Black business community.
“We have to be about the bottom line. Social justice through an economic lens,” Bryant said to CNBC.
“The color now is green. It’s really, really green. It’s not black or white or red or blue.”
That’s the message Angelina Darrisaw, founder and CEO of C-Suite Coach, plans to give to her clients.
“To make this a crisis really is not going to serve the business. Instead, focus on upskilling, focus on improving services. The fear is present, I feel it myself. But it won’t move us forward.”