Black entrepreneurs are already deeply embedded in U.S. healthcare. This is a strategic advantage. More than 1 in 4 Black-owned employer firms operate in health care and social assistance, the single most common sector for Black businesses, according to the U.S. Census Bureau’s latest release, about 25.6% or approximately 49,872 firms.
In the workforce, Black talent is especially concentrated in healthcare support roles: 27% of all workers in “healthcare support occupations” are Black; 32% of home health aides, 29% of personal care aides, and 36% of nursing assistants are Black (2024 CPS annual averages). That lived expertise, combined with glaring health gaps such as Black maternal mortality, creates both an urgent need and a powerful business opportunity for solutions led by Black founders.
In addition, the market tailwinds are strong. According to Bureau of Labor statistics, healthcare and social assistance are projected to account for about half of net U.S. job growth through 2033, which tends to pull through demand for new services, tech and care models—exactly where small businesses can thrive.
Opportunities in the areas with maternal health include doula networks, doula wellness centers and remote monitoring for hypertension and other pregnancy related conditions. In mental health, there is still a great need for culturally centered teletherapy and group care in addition to growing our business presence in the home and community based care by creating staffing platforms, training academies and workforce enabled tools.
As we build out these new approaches and take advantage of the opportunities that can be implemented through technology, Black business must do it differently. We must bundle our products or offerings in trust. This means that we reach and interact with community. Co-design with Black patients and clinicians. Measure cultural competence and patient reported outcomes and publish the results. We must own the research that will cure our own community.
Funding is key. Non-dilutive and mission-driven capital is critical. Especially early on, founders in this space often can’t compete with tech startups, so grants, awards and mission funds can be a more realistic path to traction, validation and risk mitigation. For instance, foundations tend to prefer pilot or proof-of-concept interventions, models with strong community engagement and measurable equity outcomes. Fortunately, despite the attack on everything related to the Black community, there are still funds available but we will have to look harder or come up with creative ways to raise funds. The Robert Wood Johnson Foundation and others have active opportunities for funding health equity.
Lastly, as we develop the products, technology and therapies that will heal us, our innovators will have to fund these new endeavors. In these interesting times, when funding can seem elusive, our Black business will have to align their offerings to metrics that matter to funders and potential investors such as reduced ER visits, readmissions, no-show rates or depression scores.
Black founders and professionals already power the care economy. Combine that frontline expertise with evidence-based models, supplier-diversity pathways, and non-dilutive funding and you have a clear route to companies that save lives and build wealth.
