=Space | Culture

As the founder of EqualSpace, I believe it’s vital to recognize the role Black innovation has played throughout history. From the invention of the light switch to Uncle Nearest’s whiskey legacy, Black people have always created out of scarcity. What’s truly driven us, though, is our collective momentum, built through coalition and collaboration. That’s what Newark Tech Week, powered by EqualSpace and Newark Symphony Hall’s Black Creative Economy, is all about.

When I spoke with Talia Young, CEO of Newark Symphony Hall, we agreed that our community’s progress relies on gathering, quantifying our power, and identifying gaps in support. By formalizing a Think Tank format, we can bring together the invaluable experiences of tech innovators and amplify the voices that matter most. And this year, Newark Tech Week reached new heights with an incredible keynote from Felecia Hatcher, CEO of Pharrell Williams’ Black Ambition Prize. She is blazing a trail that amplifies our collective brilliance and opens doors for others to follow.

The Black Creative Economy and Think Tank Black challenge the misconception that we aren’t advancing despite systemic disinvestment. As the refounder of Newark Tech Week, I believe now is the time to share our journeys—highlighting the struggles, the victories, and the progress we’ve made together. It’s about creating real, collective change in Newark and beyond.

Black communities have always been at the forefront of innovation—from George Washington Carver’s agricultural revolution to Mark Dean’s role in inventing the personal computer. Today, organizations like EqualSpace continue to build on that legacy, providing a platform for Black entrepreneurs and tech innovators to thrive.

By working alongside Newark Symphony Hall and Think Tank Black, we’re ensuring Black innovators in Newark are not only recognized but given the space and resources to lead. Together, we can continue shaping a future rooted in creativity, equity, and tech-driven social change. Let’s keep showing up and building the spaces where Black brilliance can shine.

By Citi Medina

In recent years, corporate America has proudly waved the banner of diversity, equity, and inclusion (DEI), touting it as a pillar of progress and a competitive advantage. Yet, as political and social pressures mount, we are witnessing a troubling shift—a retreat from DEI under the guise of rebranding or restructuring. While some companies have stood firm in their commitments, others are quietly dismantling programs that have been instrumental in fostering more equitable workplaces. This moment calls for clarity: DEI is not a trend to be abandoned when the political climate shifts; it is an economic and ethical imperative that businesses must uphold.

The Corporate DEI Rollback: A Dangerous Retreat
Recent headlines have shown a disturbing pattern of corporations pulling back from DEI initiatives. Paramount Global, for example, recently dissolved key DEI leadership positions, despite its prior commitments to equity-driven programming. This decision follows a broader corporate trend of quietly sidelining diversity initiatives in response to external political and financial pressures.

By camouflaging their DEI language or quietly dissolving initiatives, corporations risk alienating the very communities that drive their success. The backtracking of commitments signals that these efforts were never about genuine progress but rather about appeasing social trends. Such a move does not go unnoticed—consumers and employees alike are increasingly holding brands accountable for where they place their values, including how they respond to political pressures.

Target, once a leader in inclusive marketing, has also faced backlash for its DEI commitments. Its attempt to distance itself from such programs has not shielded it from financial consequences—the company reported billions in losses, in part due to consumer disengagement and reputational damage.

Meanwhile, other companies recognize that investing in diversity is not just the right thing to do—it’s good business. Costco has maintained its DEI initiatives, understanding that a diverse workforce fosters innovation, enhances customer loyalty, and drives long-term profitability. Companies that stand by their DEI commitments reap the benefits of attracting top talent, expanding their consumer base, and building resilience in an increasingly diverse market.

The Economic Reality of DEI
Beyond the moral argument, the financial case for DEI is undeniable. Studies have repeatedly shown that diverse teams outperform homogeneous ones, yielding higher revenues and greater innovation. McKinsey & Company’s 2023 report reaffirmed that companies with higher diversity in leadership are 36% more likely to outperform their peers in profitability. Moreover, consumers are voting with their dollars—brands that authentically engage with diverse communities see stronger brand loyalty and sustained financial growth.

For companies, diversity is not just a social responsibility—it is a business strategy. Black, Latinx, and other underrepresented communities contribute billions in consumer spending power annually. A 2021 Nielsen report highlighted that Black consumers alone wield over $1.6 trillion in spending power, while the Hispanic community contributes $2.8 trillion to the U.S. economy (Nielsen, 2021). These are not just numbers; they represent communities that expect reciprocity—investment in their well-being, workforce development, and representation at all levels of decision-making.

Public and institutional investors are also paying attention. Major funds and stakeholders are increasingly evaluating corporate DEI commitments as part of their investment strategies. Abandoning these initiatives not only risks alienating consumers but also invites scrutiny from investors who see diversity as a key indicator of corporate health and sustainability.

A Call to Action: Stand by Your Commitments
As a founder, I urge companies to navigate these shifts with integrity rather than retreat. The communities that drive your revenue and fuel your talent pipeline deserve more than performative gestures; they deserve unwavering support. Companies must resist the pressure to dilute their DEI efforts in response to short-term challenges.

Listen, I understand the complexities of navigating today’s business landscape. The tension between social responsibility and political pressures is real. However, I challenge corporate leaders to ask themselves: What side of history do you want to be on? The path forward is not to quietly dismantle DEI initiatives but to boldly reaffirm them, ensuring that both internal and external stakeholders recognize that diversity is not a fleeting trend—it is the foundation of a thriving, innovative economy. Now is a time, that leaders should double down, recognizing that true leadership is demonstrated in moments of adversity.

Now is the time for businesses to reaffirm their commitments—not just in words, but in action. Whether through equitable hiring practices, supplier diversity programs, or sustained community investment, the companies that stand firm will be the ones that thrive. Those that choose to abandon DEI may find themselves on the wrong side of history, facing both economic and reputational losses.

The best of corporate America has always been about forward progress, innovation, and inclusivity. Let’s ensure that remains true, now more than ever.

Sources:

The Hollywood Reporter (2024) – Paramount’s DEI Adjustments Raise Concerns
McKinsey & Company (2023) – The Business Case for Diversity
Nielsen (2021) – The Economic Power of Black and Hispanic Consumers
Fortune (2023) – Business Leaders on Racial Equity and Corporate Responsibility

=SPACE FOUNDER STORY

In the heart of our journey at @EqualSpaceCo lies a celebration—a jubilation of innovation, dedication, and a spirit deeply entrenched in community values. As we stand at the threshold of a new chapter, our Co-founder @Medina invites you to join us in revisiting the inspiring narrative that encapsulates our evolution. This is more than a blog; it’s a chronicle of dreams turning into reality, a testimony to the transformative power of hard work, and a commitment to prioritizing community needs.

The Governor’s Excellence in Housing and Economic Development Award:
The pinnacle of our recent achievements is the honor bestowed upon us—the Governor’s Excellence in Housing and Economic Development Award. This recognition is not merely a feather in our cap; it is a profound affirmation of our team’s unwavering dedication to placing the community at the forefront of our mission. It speaks to the resilience born out of hard work, the transformative potential of dreams, and our steadfast commitment to uplifting the very community we serve.

=SPACE: A Sanctuary for Innovation:
For over 8 years, =SPACE has been more than just a physical space—it’s a sanctuary. A safe haven meticulously crafted for entrepreneurs, creatives, techies, and innovators to thrive. Unlike traditional coworking spaces, =SPACE is not about filling seats; it’s about fostering success and creating an environment where each individual feels seen, heard, and empowered.

A ‘Sharespace,’ Not Just a Workspace:
What sets =SPACE apart is our ethos of being a ‘sharespace.’ It goes beyond the conventional concept of a coworking space, embodying a community where success is celebrated collectively, and challenges are faced together. In a world where ‘no’ is often the prevailing response, =SPACE stands as a resounding ‘yes,’ ensuring that no one has to navigate their journey alone.

Uplifting Through Struggles:
Our commitment extends beyond the celebration of success—it involves uplifting those navigating through challenges. =SPACE stands by the side of brilliant minds, offering support and encouragement as they carve paths in industries less explored. It’s a testament to our belief that true success lies in collective growth and shared experiences.

A Heartfelt Thank You:
As we reflect on this incredible milestone, we extend our deepest gratitude to Governor Leslie Anderson and NJRA for their unwavering support. Their belief in our vision propels us forward, and we are eager to continue making a positive impact on the community we cherish.

This blog post is not just a reflection; it’s an invitation to join us in celebrating a decade of innovation, dedication, and community building. As we navigate through this journey, we invite you to be inspired and consider how you, too, can make a positive impact on your own path. Thank you for being a part of our story! 🚀 #EqualSpaceCo #CommunityFirst #InnovationJourney

A premium sharespace created with multicultural business owners in mind, =SPACE provides resources for startups, coaching for tech companies, and access to minority business owners. We believe that access + resources = SPACE & Opportunities.

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