A transformative opportunity has been announced for black British entrepreneurs to showcase their businesses through television advertising.
Channel 4’s new initiative offers selected companies a chance to create a commercial worth £150,000, along with six months of marketing and business mentorship.
Channel 4 has launched a significant initiative aimed at empowering black-owned businesses across the UK. The scheme offers four selected companies the opportunity to create a television commercial worth £150,000.
As part of the ‘Black in Business’ initiative, these firms will also receive six months of comprehensive marketing and business mentorship to support their growth.
The ‘Black in Business’ initiative materialised from research led by Channel 4 Sales, highlighting financial disparities faced by black-owned businesses. The research indicated that while 56% of black-owned businesses receive funding only after success, their white counterparts are less restricted.
This programme aims to address such inequalities by offering a platform to these enterprises. At least 50% of the founding team of applicant companies must identify as black, ensuring that the initiative remains true to its purpose.
To be eligible for the scheme, companies must have generated a turnover of at least £250,000 in their last financial year. Additionally, they must not have invested in television advertising before.
Application criteria ensure that the scheme targets businesses ready for the next growth stage but have yet to access the medium of television advertising.
The inaugural scheme witnessed over 1,000 applications, with the TV adverts reaching an audience of 21.5 million people. Success stories from last year include The Turmeric Co, a nutrition brand created by former footballer Thomas Hal Robson-Kanu.
The Turmeric Co, launched in 2018, specialises in health drinks designed for athletic recovery. It stands as a prime example of how impactful television advertising can be for small businesses.
Thomas Hal Robson-Kanu expressed the importance of inclusivity and diversity, noting that less than 1% of supermarket brands have black or multi-ethnic founders. He praised the initiative for creating such platforms.
Similarly, Jamelia Donaldson, founder and CEO of TreasureTress, emphasised the importance of visibility. She believes that mainstream brands can learn about the significant opportunities within the black-owned business community through this exposure.
By the end of its two-year cycle, more than £1 million worth of TV advertising will have been allocated to black-owned businesses through this initiative. This substantial investment underscores the commitment to fostering a more equitable business landscape.
Channel 4’s Ewan Douglas highlighted the transformative power of TV advertising to support business growth. Elyn Corfield from Lloyds added that such initiatives inspire the next generation of entrepreneurs.
Applications for the ‘Black in Business’ initiative are open until October 28. Interested businesses can find further details and submit their applications through the Channel 4 website.
The ‘Black in Business’ initiative represents a significant step toward promoting equity in the business world.
By offering critical advertising opportunities and mentorship, it paves the way for black-owned companies to achieve greater visibility and success.
