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I’m a young Black millennial entrepreneur and I’m working to build a healthier, wealthier Detroit, my hometown. I’m using technology and equity crowdfunding to acquire a large convenience store in my city to convert into a community owned, fresh, affordable, tech-driven grocery store named Neighborhood Grocery.

Detroit is the blackest big city in America. It’s also the poorest big city, one of the unhealthiest, segregated and more gentrified cities as well. This project looks to address these many issues through healthy food, equity crowdfunding, technology and inclusiveness. This grocery store will be a project built by us, for us.

I must acknowledge the late, great Nipsey Hussle as my inspiration on this project. I saw Nipsey investing in his hood. I saw him bring advanced technology to the hood. I saw him bring a development to the hood, something that you would see in Downtown LA. It’s right on Crenshaw. I want to do the same for the neighborhoods in Detroit because we all deserve it. We’ve been through so much and are going through so much. It’s time to build something in our community that we can all be a part of. Something we can be proud of.

I’m taking advantage of President Barack Obama’s JOBS Act, which allows small businesses the ability to raise startup funds from both non-accredited investors (common citizens) and accredited investors (rich citizens) in channels like crowdfunding. Different from donation-based crowdfunds like GoFundMe, equity crowdfunding companies offer pieces of equity to contributors in exchange for a financial return. Neighborhood Grocery is proposing to share a portion of its profits, product discounts and limited voting rights in exchange for investments.

During the planning of this venture, I’ve received support from many organizations, schools and groups, including GoFundMe Charity, The Michigan Ross School of Business, Wayne State University, The Detroit Economic Growth Corporation and the Fair Food Network.

In three weeks, the company has raised almost $15,000 from local investors that has contributed an average of $100. Why do you need a bank when you have people power? They [banks and investors] are always looking at poor Black creators like we are the exception to the rules they have. I’m working to disrupt that model with equity crowdfunding. Since grocery is a low profiting industry with extremely high overheads, lenders are reluctant to finance these types of projects that have had health and wealth consequences.

The reason why there’s more fast food spots in America’s inner cities than grocery stores is because of institutional lending and profit sharks looking to make a lot of money. That has had extreme health consequences because we all eat fake food all day. Also, these franchises killed the community business anchor like a grocery store. You can’t build communities around McDonald’s. We need grocery stores — period.

If you are a resident of Michigan, you can invest in Neighborhood Grocery on its website.

Detroit, stand up and help me “make the hood great again.” This project is bigger than Detroit. Let’s start these movements all across the nation!

rafawright

Writing since February 2022 · 1 story contributed