5 Major Takeaways From the Inaugural Mighty Dream Forum

In a tent next to Norfolk, Va.'s MacArthur Center, brands, financial experts, marketing leaders, entrepreneurs and students gathered to recognize and conceptualize an inclusive, much more equitable future for business and creativity. From Nov. 1-3, programming consisted of panels, pitch workshops, culinary experiences, a block party supporting local vendors and live shows from Grammy-winning artists Thundercat and Kaytranada. Pusha T, Hannibal Burress, SpringHill Company co-founder Maverick Carter and a recorded talk with Lewis Hamilton also added to the forum's star power. The audience absorbs information from some of the top business and creative figures in the world. The goal of the organizers was to link today's biggest names in business with tomorrow's founders and industry stars, all sharing a focus on advancing and celebrating the entrepreneurial contributions of marginalized communities. "This is an entire movement," said Sarah Fetter, executive producer of programming for Mighty Dream Forum, to Adweek. "Pharrell sits at the intersection of so many brands, geographies and political ideologies. Mighty Dream is this embodiment of Pharrell sitting at [these intersections]." While the forum begot countless insights, here are five major takeaways from the week. How Pharrell Williams Transposed His Musical Fame Into an Entrepreneurial Empire Big brands are buying in Fetter notes that at last year's Elephant in the Room event, participating brand leaders represented $13 trillion in assets. This year's forum convened top leaders from Boeing, LVMH, H&M Group, Richemont, BNY Mellon, Loop Capital, Netflix, Walton Family Foundation and many more, all partnering with and audibly supporting Mighty Dream's mission for a more equitable route to entrepreneurship. BNY Mellon CEO of Treasury Services Jennifer Barker and CEO of Loop Capital Jim Reynolds speak onstage during the Mighty Dream Forum. Overall, Fetter estimated that the dollar amount of represented assets more than quadrupled this year, reaching "north of $56 trillion." Some of these participating brands, like Chanel, Cisco and the Rockefeller Foundation, are already active partners of Williams' other non-profit organizations Yellow and Black Ambition. But not every brand in attendance had a previous tie to the movement, according to the producer. "A number of these brands are new [to Mighty Dream]," she said. "I would say probably half of the brands onstage this year are brand new to the movement and just showed incredible enthusiasm to be involved." View this post on Instagram A post shared by MIGHTY DREAM FORUM (@mightydream.co) Local is as important as global From health and financial equity to DEI, international industry experts flew into Norfolk to offer a global perspective on how to advance conversations surrounding equity and inclusion. Figures like The Emergence Network founder Bayo Akomolafe and Annie Wu, H&M Group's chief diversity officer and global head of inclusion and diversity, arrived from India and Stockholm, respectively, to offer unique perspectives through keynote speeches that placed a more universal understanding of diversity at the center. Wu later joined LVMH's head of diversity and inclusion for North America, Corey Smith, and Doug Melville, Richemont's global head of DEI, for a discussion about how businesses can confidently prepare for an industry that is becoming more culturally inclusive at a rapid pace. But whether the attendees were taking a break to enjoy catering by Three Ships Coffee and Sonny's Heart Bakery, or witnessing Williams announce the surprise 2023 return of Virginia Beach's Something in the Water festival alongside city officials, there was still a distinct prioritization of Virginia's local economy. A view of the Business Block Party. Recruitment is getting revamped In a Day 2 fireside chat between ICONIQ partner Michael Anders and Recognize co-founder and managing partner Charles Phillips, recruitment was a big talking point. Phillips offered a number of suggestions for companies with serious intentions of diversifying their pool of hires, from looking beyond limiting college degree requirements to getting specific with the hiring data instead of making the mistake of lumping all diverse hires as "anyone who isn't white." Later, during a session featuring the Google initiative Tech Equity Collective, panelists were careful to inform an audience full of college-aged students that a professional path in tech does not necessarily require creating actual technology. Those interested in marketing, communications, writing and other disciplines not typically associated with tech can still find their place in it. We can't forget the old tools While advising young professionals to be active on a site that calls itself "the world’s largest professional network" might not immediately register as revolutionary, it was still a popular suggestion among panelists aiming to direct those in search of their dream position or mentorship. Melville, Smith, The Martin Agency's Danny Robertson and Nataki Williams of the event's media partner The Guardian were among the many that pointed to the platform as both an effective recruiting tool and a way to make important connections. Another platform that came up as a potentially unexpected tool for equity: Yelp. In a panel titled "Buying Black: Where Does the Movement Go Next," panelist and Yelp's vp of community expansion and trends Tara Lewis encouraged the audience to guide Black entrepreneurs to Yelp, where they will have access to organic marketing tools and users eager to patronize Black-owned businesses. The potential for a new wave of support is substantial: according to Lewis, Yelp reflected a 160% jump in searches for Black-owned businesses. Mighty Dream invests in the future—literally Over the course of the three-day forum, Black Ambition—which aims to address the wealth gap by investing in Black and Latinx entrepreneurship—awarded $2.5 million to 31 business founders, including a $1 million grand prize to Pound Cake Cosmetics. “I am so honored to stand here as the CEO of Black Ambition.” said Felecia Hatcher at the initiative’s Dinner with a Purpose event. “In the two years of Black Ambition, this will mark us at $6 million dollars that we’ve invested in Black, Latinx and HBCU [entrepreneurs].” "For the first time in this entire journey, I have finally felt seen and heard,” said Pound Cake founder Camille Bell in a statement. “And that's thanks to everyone at Black Ambition. I don't know any other programs that are out there like this one—that truly take the time and care to fully support in all facets, black and brown entrepreneurs." Other recipients included SkiiMoo Tech, which received $250,000, and social app The Move, which won the HBCU grand prize of $200,000.