Juneteenth and economic freedom: The impact of Black entrepreneurship

WILMINGTON, NC (WWAY) — As Juneteenth celebrations ring out across the country, many are reminded of what freedom means—not just socially—but also economically.  

“For me and for a lot of us entrepreneurs here locally, it’s a source of inspiration, it’s a source of redemption,” Girard Newkirk said. 

Newkirk is the founder and CEO of Genesis Block, a networking organization focused on connecting and uplifting local entrepreneurs. 

Newkirk says Wilmington serves as a prime example of what economic freedom means.  

He notes before the Massacre of 1898—in which Black businesses were burned to the ground, and Black residents exiled from their home—Wilmington was once a thriving hub of Black business.  

“Wilmington was, it was going to be what Atlanta is today, because of the shipping, because of the lumber industry,” he said. “Because of the unfortunate events of 1898 that didn’t happen. What we’re using Juneteenth for now is kind of a mechanism to revitalize entrepreneurs.”  

Though even today, Nerkirk notes, one of the biggest challenges Black entrepreneurs face when starting up is a lack of outside investment and generational wealth.  

“I think not having that capital base, or that capital base that you can turn as far as making decisions in the business modeling and business development process still hurts some minority businesses,” he explained. 

“When we started, we started from the bottom. All the way from the bottom, and we just had to scrape our way up,” Corey Scott said. 

Scott is the owner of On Thyme Restaurant on Castle Street, and Brunch Thyme on Fourth Street.  

A native of Wilmington’s south side, Scott started On Thyme out of a food truck in 2019.  

He found success during the pandemic by parking his food truck outside of grocery stores. 

In 2022, Scott opened his first brick & mortar location.

He says he was inspired to open his own restaurant by Black entrepreneurs who paved the way before him.  

“I grew up looking at Keith Rhodes. I knew that he could do it, then I knew that I could do it. When Keith did his part, he’s given me hope,” he said.  

Scott now hoping to pay it forward.  

“I’m doing my part, but I want the next person to see and give me hope,” he said. 

The impact of generational wealth is also reflected in demographics. According to Pew Research, in 2022 only around 4% of businesses in the US reported to be Black or African American owned, despite the community making up 14 % of the population.