One Venture Group’s co-founder breaks down the silver tsunami and what Black founders should do next
Steve Canal has made a career out of spotting what others overlook. The brand architect, co-founder of One Venture Group and No. 1 Amazon best-selling author of The Mind of a Winner built his name working with brands like Procter and Gamble, Foot Locker and Major League Soccer. Now, he is turning his attention to a shift already reshaping the American economy, and he believes Black entrepreneurs are standing at the front of a rare opening.
The silver tsunami and what it means for Black entrepreneurs
Canal describes the silver tsunami as a defining moment. “When you think about the access that it provides for our economy, being that we have those who are coming into retirement and have sustainable businesses that don’t have a succession plan,” he said, “it’s an opportunity for us, especially within an underserved community, to buy into something that has value, that has structure, and an opportunity to build a sustainable business.”
With millions of baby boomers exiting their businesses, Canal says the path forward is straightforward. Find a business in your community that already works, talk to the owner, learn what made it successful and figure out how today’s technology can help it grow further.
The capital problem Black founders still face
Getting to that point, however, is rarely simple. Canal is direct about the biggest obstacle. “Capital is the most important piece that we struggle with,” he said. “We can start a business, but working capital and actually getting funding that can support the business… I’m talking about payroll, I’m talking about client partners that have 60 to 90 day invoice payments.”
That gap is exactly what drew Canal to the Famous Amos Ingredients for Success program, a national initiative he judges each year that awards up to $150,000 in working capital to early-stage Black business owners. Three businesses are selected annually and each receives $50,000. The program runs in partnership with the U.S. Black Chamber and was launched in 2020 in honor of Wally Amos, the entrepreneur behind the Famous Amos brand.
What the program looks for in applicants
Past winners have ranged from a Black culture card game created by Elizabeth Rene, which was covered by Blavity and featured on Fox in Atlanta, to a podcast development company. This year, two former winners are joining Canal on the judging panel, Nancey and Tracy, the CEO and COO of luxury eyewear brand Vontélle, a detail Canal says speaks to how far alumni of the program have come.
Applications for this year’s cycle opened March 31st and close at 11:59 p.m. Pacific Standard Time on June 1st. Eligible businesses must be at least 90% Black-owned, operating for five years or fewer, headquartered in the United States and led by founders who are 21 or older.
When it comes to what he is looking for, Canal keeps it personal. “I’m looking for somebody who can tell the story of their business,” he said. “Why did you get into business? Make me believe this is something you’re truly passionate about and that you want to make an impact within the community.” He also expects applicants to show proof of concept and explain how their work connects to the legacy of Wally Amos.
How to find Steve Canal and apply
Canal encourages interested entrepreneurs to follow Famous Amos on Instagram, where links to the Ingredients for Success application and program details are regularly updated. He can be found across all social media platforms at @stevecanal.