“Shark Tank” star Daymond John is poised to support Black business owners for the fourth consecutive year through his Black Entrepreneurs Day initiative.

The FUBU CEO’s Black Entrepreneurs Day, celebrated as a significant event for Black business, will return on November 1. This year's event will feature a lineup of celebrity guests such as Whoopi Goldberg and Shaquille O’Neal, alongside insights from top Black business leaders.

Eight winners of a $25,000 entrepreneurship grant will have the opportunity to appear alongside John during the event. The event will take place at the Apollo Theater in Manhattan and will also be broadcast online via livestream.

This marks the fourth year of Black Entrepreneurs Day, which was created in part to address “frustration over injustice” following the murder of George Floyd in 2020. The event was launched later that year to “celebrate” Black business owners amidst a national focus on systemic racism and economic inequities. Reflecting on past events of racial injustice, John told CNBC, “I remember when Rodney King happened. I did not go and burn businesses — I built one.”

Since 2020, Black Entrepreneurs Day has attracted major corporate sponsors, including JPMorgan Chase’s Chase for Business and Shopify. However, as the event enters its fourth year, corporate enthusiasm has waned compared to the initial launch period, which was marked by the Covid-19 pandemic and widespread Black Lives Matter protests advocating for racial equity. “It was very easy [to get corporations on board] the first year,” John said. “I said, ‘Will you stand by me and say that you are on the right side of this discussion?’”

Several companies have launched initiatives to support the Black community. Chase committed $30 billion towards racial equity in 2020, utilizing these funds to deploy 15,000 small business loans, among other initiatives. However, John emphasizes the need for continued support from companies beyond initial commitments. “If you don’t have people in your organization that look like the ones you are serving, then you’re going to chase what’s shinier every day,” John said. “You may think that the systemic issues were solved” by a one-time donation.

John commends brands like Chase, T-Mobile, The General Insurance, and Shopify for their continued dedication to the Black community. These companies not only provide financial support but also invest extra effort into community development.

This year’s Black Entrepreneurs Day will feature a star-studded guest list, including Goldberg, O’Neal, Cedric the Entertainer, Anthony Anderson, and Rick Ross, who will share their experiences as Black entertainers and entrepreneurs. “People want to know what they did at their lowest point and how they got out of circumstances that many of us have been in or are currently in,” John said.

The event will partner with the NAACP to distribute eight $25,000 grants through the NAACP Powershift Entrepreneur Grant. Winning entrepreneurs will receive mentorship from John and join him during the event broadcast. John highlighted the grant's popularity, noting that it receives tens of thousands of applications, even surpassing the entries submitted to “Shark Tank.”

The Shopify Pitch Competition will also return to this year’s Black Entrepreneurs Day. Current Shopify merchants will have the chance to pitch to three judges live during the broadcast. Winners will be awarded $25,000 and receive mentorship from John.

Black-owned businesses faced significant challenges during the Covid-19 pandemic. When federal assistance became available, Black business owners received a smaller share of the aid compared to their white counterparts. John noted that many Black farmers and African American businesses were slow to receive Paycheck Protection Program loans, which largely failed to reach areas with high concentrations of Black-owned businesses.

Despite these challenges, several businesses have flourished with the financial support and mentorship provided by Black Entrepreneurs Day grants. John mentioned that some business owners have managed to keep their businesses open, thanks in part to the grant funds.