SHOPPE BLACK

L’esprit Cruises: Launching The First Black Owned Fleet of Eco-Friendly Super Yachts

6 mins read

Fueled by a lifelong passion for yachting and over 28 years of expertise in the cruise and tours industries, Gordon Merritt, co-founder of L’esprit Cruises, is setting out to redefine luxury experiences and make them more accessible.

Inspired by the comfort and customization of private yacht charters, L’esprit is developing a unique alternative to traditional cruises. This innovative concept reimagines the day cruise, allowing guests to explore the Caribbean coastline in style and comfort, all while enjoying the unparalleled amenities of a superyacht.

Currently seeking investors to fuel their growth and bring this unique experience to life, L’esprit Cruises aims to fill a gap in the travel industry, offering a more accessible and personalized option for luxury travel enthusiasts.

In this interview, Gordon Merritt shares his inspiration, the gap L’esprit aims to fill, and the unique offerings that set the company apart. Additionally, we’ll explore L’esprit’s commitment to sustainable practices and their vision for the future.

L'Esprit cruises

What is the inspiration behind L’esprit Cruises? 

Ever since I cruised on my first private yacht, I’ve been in love with the possibility of owning one myself. After I bought my first 36ft cabin cruiser, I wanted to learn everything I could about passenger boats and what I would have to do to become rich in the passenger cruise industry.

To learn the cruise industry in detail, I decided that the only way to do it was to start my own Travel Company. Debbi and I spent the next 27 years creating an award-winning company booking customers on the most reputable cruise lines, charter yachts, and arranging luxury Excursions and Tours all over the world.

We discovered that Charter Yachts gave the highest level of cruising pleasure than any other passenger ship. Chartering a yacht just for you and your guests to enjoy is very different from a cruise ship vacation, as it is tailored just for your preferences along with your itinerary, your excursions, your chef, a staff that waits on you hand and foot, and the ability to stay in one place longer if you like or leave early if a destination disappoints.

The problem is, chartering a yacht is expensive and, because of that, very few people will have the opportunity to experience it. BUT WHAT IF……Super Yachts were introduced into the Tours and Activities market? The answer to that question is what created the L’esprit  Superyacht Day Cruise concept.

What insights can you share about the Tours and Activities segment of the Travel Industry?

The Tours and Activities market is defined as the amount of money travelers spend on destinations while traveling – including tours, attractions, events, activities (not including dining and shopping), and transportation.

The global market for Tours and Activities bookings was $157 billion in 2022 and is projected to reach a revised size of $264.4 billion by 2030. In comparison, the cruise industry worldwide generated $13.6 billion in revenue in 2022, with the U.S. being the largest contributor in terms of paying passengers.

Many resellers of Tours & Activities have launched and online travel’s biggest brands (including Expedia, Airbnb, and TripAdvisor) have moved into this space. All are fueling astonishing sector growth and travel activities are positioned to reach $183 billion by 2020.

Vacationers want to experience something new and are tired of the same old tours and activities. The truth is, that the tours and activities space is undergoing a radical reinvention of what exactly it means to experience something new on vacation.

L'Esprit cruises

What specific details, services, or amenities set L’Esprit apart, especially for those seeking a refined travel experience?

L’esprit plans to offer an exclusive experience tailored for refined travelers. Picture indulging in the coastal charm of an island destination from the opulent confines of a super yacht, accommodating 300-500 passengers. With flexible boarding and disembarking via water taxis, guests can tailor their experience.

During the daytime cruise, guests can enjoy sightseeing, dining, entertainment, spa services, swimming, and sunbathing. As twilight descends, the Sunset Cruise will continue the enchanting journey along the shoreline, promising unparalleled luxury and leisure.

What environmental initiatives are in place or planned to promote sustainable operations?

To promote sustainable operations, L’esprit Yacht will implement state-of-the-art and eco-friendly measures. For example, each ship will feature hybrid electric main engines. Additionally, they will utilize Wingsail propulsion known as Oceanwings®, eliminating the need to activate main engines for propulsion.

Pod Propeller Systems and Bow Thrusters will enable the use of Dynamic Positioning Systems instead of anchors, preserving seabeds and coral reefs. Furthermore, a desalination plant will convert salt water into fresh water, and pump-out stations on land will be utilized instead of waste dumping into the sea.

What are your future plans for the company?

The big picture of L’esprit Superyacht Day Cruises is to build into the largest, and most profitable Day Cruise line in the world.

L’espirit Cruises Business Summary

Leveraging Leverage: How the Rich Use SBLOCs to Build Generational Wealth

4 mins read

In the world of finance, the adage “it takes money to make money” often rings true. For the ultra-wealthy, one of the most powerful tools in their arsenal is the Securities-Based Line of Credit (SBLOC).

While this financial instrument might sound complex, its premise is simple: using one’s investment portfolio as collateral to access low-cost liquidity.

In essence, SBLOCs empower affluent individuals to unlock the value of their investments without the need to liquidate them, offering flexibility and strategic advantages in wealth management.

Understanding Securities-Based Lines of Credit (SBLOCs)

SBLOCs operate on a straightforward principle: leveraging securities held in an investment portfolio to secure a line of credit from a financial institution. These securities can include stocks, bonds, mutual funds, or other marketable assets. The lender evaluates the portfolio’s value and the borrower’s creditworthiness to determine the credit line’s size and terms.

One of the primary attractions of SBLOCs is their favorable interest rates compared to traditional loans or credit cards. Because the loan is collateralized by the investment portfolio, lenders perceive it as less risky, resulting in lower interest rates for borrowers. This aspect makes SBLOCs an attractive option for affluent individuals seeking liquidity while maintaining their investment positions.

The Strategic Use of SBLOCs

The affluent leverage SBLOCs for various strategic purposes, including:

Liquidity Management: SBLOCs provide immediate access to funds without triggering taxable events associated with selling securities. This liquidity can be invaluable for seizing investment opportunities, funding large purchases, or covering unexpected expenses.

Tax Efficiency: By avoiding the sale of appreciated assets, individuals can defer capital gains taxes, potentially reducing their overall tax burden. Additionally, the interest paid on SBLOCs may be tax-deductible in certain situations, further enhancing their appeal from a tax planning perspective.

Wealth Transfer and Estate Planning: SBLOCs can facilitate intergenerational wealth transfer strategies. Borrowers can use the funds to gift money to heirs, finance trust structures, or equalize inheritances without diminishing their investment portfolio’s value.

Risk Management: For individuals with concentrated stock positions, SBLOCs offer a means to diversify their holdings without triggering immediate capital gains taxes. By accessing liquidity through SBLOCs, investors can gradually reduce their exposure to specific securities while maintaining portfolio stability.

Risks and Considerations

While SBLOCs offer numerous benefits, they are not without risks. Borrowers must carefully assess their ability to repay the loan, as defaulting could result in the forced liquidation of their investment portfolio. Additionally, market volatility and fluctuations in the value of collateralized securities can impact the available credit line, potentially leading to margin calls or increased interest rates.

Remember, building generational wealth is a marathon, not a sprint. Responsible use of SBLOCs, alongside other wealth-building strategies, can be a valuable tool on your journey, but only if approached with knowledge, discipline, and a healthy dose of caution.

Disclaimer: This article is for informational purposes only and should not be considered financial advice. Before making any financial decisions, it is crucial to consult with a qualified financial advisor who can assess your specific needs and risk tolerance.

 

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National Business League Program Surpasses $100M in Secured Contracts for Black Businesses

5 mins read

The National Business League (NBL) is the first and largest non-profit trade association for Black-owned businesses and professionals in the United States.

Founded in 1900 by the iconic and legendary Booker T. Washington, it has a long and rich history of advocating for and supporting Black economic empowerment towards its 125th quincentennial anniversary.

In a significant milestone for racial equity and economic empowerment, the National Black Supplier Development Program (NBSDP), run by the National Business League, has announced that participating Black-owned businesses have secured over $100 million in purchasing contracts in the past three year pilot years, with its founding partners Stellantis, General Motors, Ford, Toyota, Comerica Bank, Lear, Magna International, Cummins and DTE Energy.

This achievement underscores the program’s success in fostering connections and opportunities for Black suppliers across various industries nationally and what can be accomplished with intention.

Launched in 2021, as a response to the COVID-19 pandemic’s economic shutdowns and the racial unrest ignited by the unjust killing of George Floyd, the National Black Business’s National Black Supplier Development Program (NBSDP) aims to promote racial equity and address the unique economic challenges and circumstances faced by Black businesses.

By offering targeted support, the program seeks to assist Black-owned businesses impacted during the pandemic and empower a new generation of vetting, validated and certified entrepreneurs for long-term success.

  1. Connecting Black-owned businesses with corporate partners: The program facilitates introductions and builds relationships between qualified Black suppliers and major corporations seeking diverse vendor networks and pipeline to Black-owned businesses nationally.
  2. Business development resources: Participants receive training, mentorship, and guidance on navigating the complexities of the public, private, corporate, and federal government contracting and procurement processes.
  3. Advocacy for equitable contracting practices: The NBL takes an active role in advocating for policies and initiatives that promote fairness and equity for Black businesses in contracting and procurement. To achieve this, they have introduced the nation’s first combined Black Business Enterprise (BBE) certification and scorecard, initiated, and overseen by a national Black business organization.

The $100 million milestone represents a tangible outcome of these efforts. Participating businesses have secured contracts in diverse sectors, ranging from manufacturing and technology to healthcare and professional services, while providing significant impact to communities, helping to boost the local economy, as Black businesses become the number employer of Black people, once described as the Booker T. Washington Model.

Dr. Ken L. Harris, President/CEO of the NBL, emphasizes the significance of this achievement: “We have progressed far beyond empty promises, staged press conferences and check the minority box announcements,” he states. “The NBSDP is fostering commerce-driven initiatives and matched contracting and procurement opportunities that produce results and receipts, transforming collaborative partnerships into real economic power for Black businesses. We got receipts now.”

The positive impact extends beyond the immediate financial gains. The program fosters confidence and opens doors for future growth, allowing Black businesses to scale their operations and create employment opportunities within their communities with the goal of becoming self-sustaining through entrepreneurship, enterprise ownership and development.

Looking ahead, the NBL remains committed to expanding the reach and impact of the NBSDP. They are actively waiting list new public, private corporate and government partners and welcoming applications from qualified Black-owned businesses seeking to participate in the program.

This milestone serves as a beacon of hope and signifies the potential for impactful change through targeted initiatives that bridge the gap between Black businesses and corporate contracting procurement opportunities. As Dr. Forrest Carter, NBSDP National Director, envisions, “Our goal is to support the development of more than 3.6 million Black businesses nationwide, providing them with opportunities within the federal government, as well as the public and private sectors.”

by Tony O. Lawson

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CurlMix Launches Crowdfunding Campaign After Achieving $32M in Revenue

4 mins read

CurlMix specializes in products for curly, kinky, and coily hair. The brand produces a variety of shampoos, conditioners, gels, and styling creams that are designed to hydrate, define, and hold curls.

With an impressive track record of success, including a recent expansion into 460 Ulta Beauty stores and a substantial increase in revenue from $13 million to $32 million in just two years, CurlMix is setting new standards for innovation and inclusivity.

Now, as the brand gears up for further growth, they’ve announced a crowdfunding campaign, showcasing their dedication to democratizing investment opportunities and empowering their community.

In this interview, we delve deeper into the brand’s journey with CEO and Co-Founder Kim Lewis, exploring the inspiration behind CurlMix, its unique offerings, and its vision for the future of the beauty industry.

curlmix

What inspired you to create CurlMix?

Creating CurlMix was born out of my personal frustration with the lack of clean, natural hair care products specifically tailored to curly hair. I wanted something that not only addressed the unique needs of textured hair but also upheld high standards in terms of ingredients. This frustration led me to experiment with creating my own formulations, and that’s how CurlMix came to life. I wanted to know EXACTLY what was in my products.

How has the brand evolved since its appearance on Shark Tank? What milestones have been particularly significant?

CurlMix has reached new heights in terms of availability and manufacturing capabilities. We’re excited to announce that CurlMix is now available in 460 Ulta Beauty doors, bringing our clean and natural hair care products to even more individuals seeking high-quality solutions for their curly hair.

Furthermore, our commitment to excellence extends to our own 30,000 sqft manufacturing facility. This facility not only ensures the production of top-notch products but also allows us to maintain strict quality control standards, reinforcing our dedication to clean beauty.

Looking ahead, CurlMix is set to push the boundaries of innovation in the hair care industry. We have ambitious plans to explore the biotech haircare space, leveraging cutting-edge advancements to revolutionize the way we approach hair care. Our commitment to staying at the forefront of industry trends includes venturing into color innovation, offering our customers exciting and groundbreaking options for expressing themselves through their curls.

Where do you envision your business in the next few years, both in terms of products and its role within the beauty industry?

This expansion into Ulta Beauty’s doors, coupled with our state-of-the-art manufacturing facility and ventures into biotech and color innovation, solidify CurlMix as a trailblazer in the beauty industry. We are not only meeting the needs of our community but also setting the stage for the future of clean and innovative hair care.

Looking back, is there anything you wish you’d known before starting CurlMix that might be valuable for others venturing into a similar space?

It’s okay to grow slowly. It’s that simple.

Infrastructure Investing 101: Building Wealth for the Future

4 mins read

From the Bipartisan Infrastructure Law to major industry deals like Blackrock’s $12.5 billion acquisition of infrastructure investment firm Global Infrastructure Partners, several catalysts are propelling infrastructure investing into the spotlight.

This asset class has garnered attention for its ability to deliver stable returns, diversify portfolios, and contribute to societal progress, making it an increasingly attractive option for investors seeking a meaningful impact.

What is Infrastructure Investing?

Infrastructure investing involves allocating capital towards the development, maintenance, and operation of essential physical structures and systems that support society’s functioning and economic activity. These assets can span various sectors, including transportation (roads, bridges, airports), energy (power plants, pipelines), utilities (water, sewage, telecommunications), and social infrastructure (schools, hospitals).

Key Characteristics of Infrastructure Investments:

  1. Long-term Revenue Streams: Infrastructure assets often generate stable and predictable cash flows over extended periods. This stability is attributed to factors like long-term contracts, regulated pricing mechanisms, or essential service provision, reducing revenue volatility compared to other investments.
  2. Inflation Hedge: Many infrastructure investments offer protection against inflation. Contracts often include provisions for periodic price adjustments, ensuring that revenue streams keep pace with inflationary pressures, thus preserving real returns for investors.
  3. Diversification Benefits: Infrastructure investments typically exhibit low correlation with traditional asset classes like stocks and bonds. Adding infrastructure to an investment portfolio can enhance diversification and reduce overall portfolio risk.
  4. Economic Growth Catalyst: Infrastructure development is closely linked to economic growth. By investing in infrastructure projects, investors not only stand to benefit from potential financial returns but also contribute to societal progress, job creation, and improved living standards.

Benefits of Infrastructure Investing:

  1. Stable and Predictable Returns: Infrastructure assets often generate steady income streams, providing investors with reliable cash flows over the long term.
  2. Inflation Protection: Infrastructure investments can act as a hedge against inflation, as they often have built-in mechanisms to adjust prices in line with inflationary pressures.
  3. Diversification: Infrastructure assets have historically shown low correlation with traditional financial markets, making them an attractive addition to diversified investment portfolios.
  4. Potential for Economic Growth: Investing in infrastructure can drive economic development by improving productivity, enhancing connectivity, and fostering innovation.

Getting Involved in Infrastructure Investing:

Investors can access infrastructure investments through various avenues, including:

Direct Investments: Investing directly in infrastructure projects or assets, either independently or through partnerships, allows investors to have more control over their investments but may require substantial capital and expertise.

Infrastructure Funds: Investing in infrastructure-focused funds managed by professional asset managers provides diversification across a range of infrastructure assets and sectors. These funds offer access to infrastructure investments with lower minimum investment requirements and professional management expertise.

Publicly Traded Infrastructure Companies: Investing in publicly listed infrastructure companies, such as utilities, transportation companies, or infrastructure REITs (Real Estate Investment Trusts), allows investors to gain exposure to infrastructure assets through publicly traded securities.

 

Disclaimer: The information in this article is for informational purposes only and should not be considered as financial advice. Investing in infrastructure carries risks, including market fluctuations and regulatory changes. Readers should conduct their own research and consult a qualified financial advisor before making investment decisions.

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Black Owned Businesses in Las Vegas to Support During the Super Bowl (and Beyond)

1 min read

The energy is electric in Las Vegas as it gears up for Super Bowl LVIII. Over 450,000 people are predicted to attend.

While the action on the field promises to be thrilling, there’s another exciting game to play: discovering the vibrant community of Black Owned Businesses in Las Vegas.

Whether you’re a resident or a visiting fan, here’s a chance to celebrate the Super Bowl and uplift the community by supporting these incredible enterprises.

Black Owned Businesses in Las Vegas

FOOD & DRINK

House Of Dutch Pot

House of Dutch Pot - Las Vegas Weekly

The Coffee Class

No photo description available.

DW Bistro

DW Bistro Restaurant - Las Vegas, NV | OpenTable

Mr. Fries Man

Servings of bacon ranch chicken, plus steak and shrimp fries at L.A.’s Mr Fries Man.

Buldogis Gourmet Hot Dogs

Buldogis Gourmet Hot Dogs Las Vegas, NV on Instagram: “Line of scrimmage is looking SAVAGE 😋🤣 ~~~~~~~~~~~~~~~ 📍: @bul… | Gourmet hot dogs, Food, Hot dog recipes

Tasty T’s Cheesecakes

Twice Baked

Twice Baked - Craig and Jones, Las Vegas, NV

Yourway Breakfast & Lunch

Order Yourway Breakfast + Lunch Menu Delivery【Menu & Prices】| Las Vegas | Uber Eats

Mountain West Eatery

Mountain West Eatery Delivery Menu | Order Online | 5110 Blue Diamond Rd Las Vegas | Grubhub

Zenaida’s Cafe

Classic Jewel

Classic Jewel LV (@ClassicJewelLV) / X

Mixxie Mixologist

Philly Freeze Me

CHILL

SEVEN:45

SEVEN:45 Restaurant - Las Vegas, NV | OpenTable

JaRose Hookah Lounge

JaRose Hookah Lounge Restaurant - Las Vegas, NV | OpenTable

Cork and Thorn

Cork and Thorn Restaurant - Las Vegas, NV | OpenTable

Speakeasy Candle

No photo description available.

ACTIVITIES

Sin City Smash

Las Vegas rage rooms: Smash stuff for stress relief on your next trip | CNN

Vibes DIY

No photo description available.

Atomic Scooters

Atomic Scooters Rentals and Tours - All You Need to Know BEFORE You Go (with Photos)

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Nile Swim Club: The First Private Black Owned Swim Club

3 mins read

Nestled in the heart of Yeadon, Pennsylvania lies a hidden gem of historical significance and cultural heritage: Nile Swim Club (NSC). Far more than just a place to cool off on a hot summer’s day, the Nile Swim Club stands as a testament to resilience, community, and the fight for equality in America.

Established in 1959, Nile Swim Club was born out of necessity during a time of deep racial segregation. African Americans in the region faced limited access to public pools and recreational facilities due to discriminatory policies and practices. Denied entry to white-owned establishments, they were left with few options for leisure and relaxation.

In response to this injustice, a group of African American entrepreneurs and community leaders came together to create a space where their families could gather, swim, and socialize without fear of discrimination or prejudice. Thus, the Nile Swim Club was founded, providing a sanctuary where African American families could escape the oppressive realities of segregation and enjoy the simple pleasures of summertime.

The significance of NSC extends far beyond its role as a recreational facility. It served as a focal point for the local African American community, fostering a sense of belonging and pride in the face of adversity. For many, the club became a second home, a place where lifelong friendships were formed, and cherished memories were made.

Moreover, the Nile Swim Club played a vital role in the broader struggle for civil rights and equality. At a time when racial tensions ran high, the club stood as a beacon of hope and progress, challenging the status quo and paving the way for greater inclusivity and diversity in public spaces.

Throughout the years, the club has weathered its fair share of challenges, including financial difficulties and changing demographics. Yet, despite these obstacles, the club has remained steadfast in its commitment to preserving its rich history and heritage.

Today, Nile Swim Club continues to thrive as a beloved community institution, welcoming visitors of all backgrounds to experience its unique blend of history, culture, and camaraderie. From its sparkling swimming pools to its lush green grounds, the club remains a testament to the enduring power of unity and resilience.

 

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Demystifying The Corporate Transparency Act (CTA): Separating Fact from Fiction

3 mins read

The Corporate Transparency Act (CTA), passed in 2020, has stirred up significant discussion and some confusion regarding its implications for business owners, particularly those operating under Limited Liability Companies (LLCs).

Amidst the flurry of information, certain myths have surfaced, causing unnecessary anxiety and misunderstanding. Let’s debunk some of these misconceptions and shed light on the realities of the CTA.

Myth 1: You can be sent to jail for non-compliance with the CTA.

Fact: While penalties for non-compliance exist, jail time is not currently part of the equation. Failing to file the required beneficial ownership report under the CTA can result in civil penalties of up to $500 per day, not criminal charges. However, it’s important to take compliance seriously, as these fines can quickly add up.

Myth 2: The CTA applies to all LLCs.

Fact: The CTA targets specific types of LLCs. Generally, it applies to newly formed LLCs (after January 1, 2024) and some pre-existing LLCs that acquire new beneficial owners (individuals with substantial control or ownership). Exemptions exist for certain entities like publicly traded companies and some financial institutions.

Myth 3: The CTA reporting process is overly complicated.

Fact: While navigating new regulations can feel daunting, the CTA reporting process aims to be streamlined. FinCEN, the responsible agency, is still finalizing specific requirements, but early indications suggest a web-based filing system with clear instructions.

Myth 4: The CTA information will be publicly available.

Fact: The beneficial ownership information collected under the CTA will not be publicly accessible. It will be restricted to authorized law enforcement, national security, and intelligence agencies for investigating potential financial crimes.

So, what should you do as an LLC owner?

  1. Stay informed: Regularly check for updates and guidance from FinCEN as they finalize the CTA regulations.
  2. Determine your applicability: Assess whether your LLC falls under the CTA’s requirements based on its formation date and ownership structure.
  3. Seek professional guidance: If unsure, consult with an attorney or accountant specializing in corporate compliance.
  4. Prepare for filing: Once the specific requirements are clear, gather the necessary information for your beneficial ownership report.

Remember, complying with the CTA is not just about avoiding fines; it’s about contributing to a more transparent financial system and deterring criminal activity. By staying informed and taking proactive steps, you can ensure your LLC remains compliant and avoids unnecessary stress.

Additional Resources:

Disclaimer: This article is for informational purposes only and does not constitute legal advice. Please consult with a qualified legal professional for advice specific to your situation.

StatusPRO Raises $20M to Fuel Virtual Reality Sports Growth

2 mins read

StatusPRO,  a sports technology company that combines data with augmented, mixed, and virtual reality to provide training and gaming products has secured a $20 million Series A funding round.

This investment, one the largest Series A investments for a VR gaming entity thus far, marks a pivotal moment for the company, positioning it as a frontrunner in the VR gaming sphere.

Led by Google Ventures and backed by Dream Sports, alongside notable celebrity investors like LeBron James and Drake, this funding underscores StatusPro’s aggressive strides toward dominating the VR landscape.

statuspro

“No matter if it’s virtual reality or spatial computing, our vision at StatusPRO is to define first-person sports and deliver experiences that truly embody the emotion, competition, and sense of community that comes with being a professional athlete,” said Troy Jones, co-founder and Chief Executive Officer of StatusPRO.

NFL Pro Era, the company’s immersive NFL training and gaming platform, has already racked up over 1 million users, boasting an average playtime double the industry standard. This engagement highlights the strong demand for VR experiences that blur the lines between training and entertainment.

But StatusPro’s ambitions extend beyond the gridiron. The Series A funding will fuel the development of new VR experiences across various sports, potentially creating a diverse VR sports ecosystem that caters to a wider audience.

The investor lineup adds another layer of excitement to StatusPRO’s story. Google Ventures’ backing signifies the tech giant’s confidence in VR’s potential to reshape the sports landscape. Sports tech leader Dream Sports brings valuable industry expertise, while celebrity investors like LeBron James and Drake lend star power and cultural relevance.

This strategic blend of financial muscle, industry knowledge, and star power positions StatusPro for an exciting future. The company is poised to capitalize on the surging VR market, estimated to reach $20.9 billion by 2025.

With its innovative approach, passionate team, and now, ample resources, StatusPRO is well on its way to becoming a leading force in the VR sports revolution.

by Tony O. Lawson

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Brolly: Transforming African Auto Insurance with AI and Affordability

6 mins read

Brolly, founded by Bernard Baah, is an insurtech startup on a mission to revolutionize Africa’s auto insurance landscape.

Baah’s vision is simple yet profound: to empower Africans with accessible and affordable insurance solutions tailored to their needs. With the use of AI and a pioneering pay-as-you-go model, Brolly is transforming how drivers access and manage insurance.

In this interview, Baah shares insights into the challenges faced, the strategic vision driving Brolly’s success, and ambitious plans for expansion across the continent.

brolly

What inspired you to establish Brolly?

Fundamentally, I believe Africans have to be at the forefront of building solutions to African problems. Our best bet is to have our most qualified and experienced people going at the hardest problems whose solutions have the potential to impact millions of lives.

Insurance remains one of the most powerful human inventions to help people build economic resilience. But Africans are yet to enjoy the full benefits of insurance. After almost two decades of working at various levels in the insurance industry, Brolly is my life’s work to leverage my connections, deep market understanding, and vast knowledge and experience to help Africans benefit from insurance. 

How does Brolly leverage technology to make car insurance more affordable and accessible?

At the heart of everything we do at Brolly is the human experience. We aim to make insurance easy to buy and hassle-free to claim.

We are transforming how people buy insurance by layering AI and automation to deliver insurance coverage on platforms that people find easy to use. Then we’re using machine learning algorithms to build alternative credit scoring so that we can give coverage and allow customers to pay in affordable installments.

When you ask a ride-share driver who earns daily or weekly income to pay annual auto insurance premiums upfront, you put him in a situation where he has to make difficult choices between feeding his family and paying insurance premiums. Our algorithm helps us to offer payment flexibility by using our customers’ income patterns and other proprietary data. 

What challenges have you encountered while building Brolly, and how are you navigating market-related obstacles, particularly in the context of the Ghanaian insurance landscape?

The main challenges have been with the state of technology infrastructure, lack of data, and regulation.

We’ve had to take many steps back in most cases to lay the very rails on which our software needs to run. That slows you down a bit. There’s no data on the credit history of the initial market segments we’re focused on. So we have had to figure that out. And then you have the classic scenario of regulation staying behind innovation, so you run into roadblocks.

As I noted earlier, I have been privileged to work at very high levels in the Ghana insurance industry. Therefore, I usually know who to speak to when I run into regulatory obstacles. Secondly, we have adopted market transformation rather than a disruptive approach to developing our business. This enables us to build partnerships and alliances quickly.

How is Brolly differentiating itself in the insurtech space and building a strong competitive advantage?

Firstly, we are grounded on our purpose as a company “to keep drivers moving”. In that light, we’re going hard at saving our customers money and developing value-adding services on top of affordable auto insurance.

Secondly, our product and service design are natively focused on the peculiarities of our market. For example, our pay-as-you-go model is what we call “pay small-small’ and this is because the typical app-based as pay-as-you-go in Europe or America was bound to fail.

Thirdly, we have chosen a specific market segment to build for and dominate before going for other segments. This thinking is reflected in our multi-country growth plans as well.

In terms of our competitive advantages, we started with our founding team’s relevant competence and experiences as well as market understanding and connections. We are quickly building moats through key partnerships with carriers and ride-share platforms. Then, we’re providing free software tools to carriers to enable them to interface seamlessly with our platform and that enables us to build strong lock-in.

In terms of our offering to our customers as well, we’re developing additional services that deliver value on top of auto insurance. These are aimed at increasing customer lifetimes and shared value. 

What are your future goals and expansion plans?

2024 is primarily focused on growing our sales and customer base in Ghana. We aim to achieve critical mass so we can fully unlock our model’s network effects to power accelerated growth. While we do that, we’re also sowing the seeds for take-off in other African countries.

We have our eyes on seven African countries over the next 3 years.

by Tony O. Lawson

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