Why Black entrepreneurs flock to Martha’s Vineyard every August

Martha’s Vineyard has long been a summer vacation destination for Black families, but August within the Massachusetts beach community is becoming a crucial hub for Black entrepreneurs, investors and financial firms, too.

“I might say the magic of it is de facto about introducing your network to another person’s network,” said Calvin L. Butts Jr., founding father of East Chop Capital, a personal equity firm named after a neighborhood on the island. “We found great success raising capital there, we have had our portfolio corporations speak as well, we have done very, thoroughly with deal flow.”

A big selection of corporations including Disney, Cisco, Goldman Sachs, McDonald’s, Google, Ford, Mckinsey and CNBC parent company Comcast are hosting or sponsoring business-focused events on the Vineyard this month.

The Black Economic Alliance is hosting an event called “The Gathering,” bringing together corporate leaders to debate ways to assist increase the opportunities for Black employees and corporations.

“The Vineyard is a spot to capture an audience who desires to have an mental and financial conversation about how one can uplift Black culture,” said Melissa Bradley, general partner of the BEA Enterprise Fund.

Martha’s Vineyard became a well-liked vacation destination for Black families over a century ago with the opening of the primary hotel that allowed Black visitors, Shearer Cottage, in 1912.

Since then, Black families have bought homes and created a community centered across the town of Oak Bluffs and Inkwell Beach, a reputation that may be a nod to the segregation on the island up to now.

This 12 months, clothing brand Ralph Lauren released its Oak Bluffs collection seeking to recognize and capitalize on the history and prestige of the island that hosts visitors like Michelle and Barack Obama, Oprah Winfrey and Spike Lee.

Eden Bridgeman Sklenar, CEO of EBONY Magazine, is hosting an event with the founders of Black-owned spirit brand Uncle Nearest and said she sees the Vineyard as a strategy to bring the history and the longer term of the magazine to life for its audience.

“For EBONY, being present on the Vineyard in August is each strategic and private,” Sklenar said in a press release. “It’s a chance to attach with a strong cross-section of our community, deepen meaningful relationships, and position the brand not only as a cultural icon, but as a contemporary business driving impact, visibility, and growth.”

Donae Burston, founding father of La Fête du Rosé, said he also sees tapping into the culture of the Martha’s Vineyard community as an organic strategy to grow sales amongst a consumer base that aligns along with his marketing as a luxury brand.

“For us it could mean a lot to have the acceptance of individuals in Martha’s Vineyard,” said Burston. “Having the ability to go to Martha’s Vineyard and deal with [high-net-worth] individuals from all around the world who appreciate wine — It’s visibility, it’s helping them grow to be evangelists to return home and spread the gospel.”

For 4 generations, Erin Goldson and her family have spent summers in Martha’s Vineyard. This 12 months she is launching a brand new event called the “Vineyard Icon Awards,” sponsored by Diageo and Estee Lauder. The honorees are business and political leaders who’re helping to shape August on Martha’s Vineyard as a spot where culture and commerce meet.