Wray & Nephew, the Jamaican rum owned by Italian liquor brand Campari has launched a new grant program to support Black business owners living in the UK.
In the past several months, diversity and inclusion has been a hot topic in the UK’s beverage industry. Wray & Nephew has created a new funding initiative, which was added to Wray Forward, the brand’s professional development assistance effort, according to The Drinks Business. The program was founded in partnership with Foundervine, a company that believes in “backing Black business” by making resources that are fundamental to any start-up enterprise accessible to entrepreneurs of color living in underprivileged communities.
“Black founders face numerous limitations, including restricted access to capital, networks and opportunities,” Izzy Obeng, co-founder of Foundervine, said in an interview with The Drinsk Business. “In 2024, we’re aiming to help more Black founders and entrepreneurs by breaking down these barriers and providing tailored support and resources. We’re delighted to be working with Wray & Nephew to equip Black founders with the tools and knowledge needed to navigate the entrepreneurial landscape successfully.”
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There will be three pricing tiers for winners with the highest amount offered to be $3198, the second-highest $1,599 and the final grant being $532. Small business owners will have the opportunity to win these grants through an evening series Wray Forward will host called “Pitch Nights,” where founders have the chance to network and collaborate to scale their organizations.
In addition to finding an inclusive community of like-minded people, grant and program participants can attend the nine “Building Business Workshops” of their choice that have experts sharing information in the areas of personal branding, securing partnerships, having a law-abiding business and more.
According to data discovered by done by the Greater London Authority, Black-owned businesses only make up 4% of businesses in the UK even though they employ over 70,000 citizens per Foundervine. Furthermore, Wray & Nephew did research that concluded 68% of Black founders feel there aren’t many resources extended to them on their independent practice journey, and that 1:5 entrepreneurs of color have uphill battles when it comes to fundraising reported The Drinks Business.
The Drinks Trust, the Wine & Spirit Education Trust and the Wine and Spirit Trade Association are teaming up with the Equity Diversity & Inclusion sector in the drink industry to ensure advancements are being made.
To learn more about the work Way Forward is doing, visit the website.
