By Lorcan Stokes

On Wednesday, January 25, a three-person panel hosted by United Way of King County highlighted the importance of local BIPOC (Black, Indigenous, and People of Color) businesses in the community. The panelists, all active in supporting local BIPOC businesses, included former Seahawk wide receiver Doug Baldwin. Baldwin, since he retired from the NFL, has been the CEO of Ventryk, a company combining technology and physical fitness, and the CEO of investment firm Vault89. Joining him was Laura Clise, founder and CEO of the Intentionalist, a platform that directs users to local businesses owned by women, veterans, members of the LGTBQ community, and people of color, and Efrem Fesaha, CEO and founder of Boon Boona Coffee, a business and coffee chain that provides a safe space and equitable opportunities for coffee farmers in East Africa.

Starting off the conversation, Baldwin explained how he got into investing and how Vault89 stands out from others.

“One of my first investments, it did really well. It took five years for us to see it get to fruition and then seven years to see the dividends come back. I really enjoyed the process, but it felt like it was only accessible to folks who had the money or the connections,” Baldwin said. “I didn’t like that. So Vault89 ventures is basically this investment vehicle for investing in people. It's not necessarily the product or the idea; it's the people.”

Vault89’s portfolio backs up this way of thinking, with Intentionalist and Boon Boona coffee both being on it. Each organization has done its own work in making BIPOC businesses thrive in King County. 

“Every big decision about where we eat, drink, and shop are an opportunity to put our collective thumb on the scales of economic justice,” Clise said. “I founded Intentionalist to close the gap between our good intentions to support the diverse small businesses at the heart of our communities and our ability to easily take action.”

Clise’s platform gives a spotlight to small local BIPOC businesses that may be overlooked in favor of bigger chains. Clise highlights how support from a single community member who may have a network can lead to a magnitude of opportunities for local business owners who may not have the knowledge on how to access bigger opportunities for themselves. Clise cited an example of what this community building looks like when she helped a local business from Rainier Valley get multiple contracts with Lumen field when the Seahawks asked her about potential caterers. 

“Anecdotally speaking, I met an awesome woman-owned, family-operated BBQ business on Rainier called Emma’s BBQ. I walked through the door, and the first thing that struck me was, ‘woah, this family is all about the seahawks,’” Clise said. “Fast forward a few months, and the Seahawks reached out. They were hosting an event and asked for some recommendations on potential food vendors, and I thought, ‘Tess and her family love the seahawks, and they make some damn good BBQ.’”

That recommendation led the family to get their initial invitation extended for the rest of the season as well as the Sounders season. 

Without those opportunities from the community, local businesses, specifically BIPOC, can struggle. While Clise has seen businesses preserve, support is necessary. 

“Necessity is the mother of convention. If you don’t have a lot, you find a way with what you got. I think that resourcefulness and that creativity is something that has been really inspiring to witness as I’ve gotten to know so many incredible BIPOC-owned small businesses throughout the greater Seattle area and beyond,” Clise said. “But I do think that when it comes to being underestimated, I  think there are things we all can do to expand our imagination a little bit and create a more generative environment in general.”

Fesaha brought up the difficulty it was in getting loans from banks in the process of setting up his business. 

“I remember the first time I ever pitched the idea in 2011 about Boon Boona. What we have in Renton is what I had proposed then,” Efraim said. “But trying to get a local, even a small local bank who you know, ‘their a community advocate,’ . . . The reality is not there because I remember having a conversation with them and telling them this is what I‘m thinking about [and] this is how I plan on doing it; ‘Yes, I think our margins are going to be lower because we are going to be paying a higher cost for our coffee’. They were like, ‘No, how are you going to compete? How are you going beat Starbucks.’”

Now Boon Boona, a business Efraim was inspired to create after spending time in East Africa, is thriving and giving back. His business uses equitable trade with a focus on woman-owned growers, and his collaborations with other businesses have raised funds to give back to the community. Based in Renton, the coffee store and chain is a place for people to come together and is often where Baldwin hosts meetings for Vault89. 

“If any of you have ever been to the Renton Boon Boona, you know the atmosphere that Efraim has created there,” Baldwin said. “It's a beautiful, brilliant place, and there's a lot of work that can be done. You go there and meet people from all walks of life. It's an amazing space to be in, and we’re fortunate to share that space together.” 

Baldwin, who has operated out of Renton for many years and was one of the key people in building the Family First community center, explained why Renton is the center of much of his work. 

“Renton has just always fallen into our lap. It's been an incredible experience to see the city grow and be part of it,” Baldwin said. “Renton just always felt right.”

As for how Baldwin conducts his investments, it comes back to one central belief. 

“What I know from being on team sports all my life is that in order to succeed and in order to be successful and in order to be a championship-winning organization and team, it requires sacrifice,” Baldwin said. 

A lack of sacrifice is something Baldwin highlights as being an issue in why local communities aren’t being uplifted.

“If you’re the gatekeeper to funds and access to capital, you have to open those doors. That may mean you don’t get the return on investment that you're hoping for or traditionally thinking of because that's not how we got here,” Baldwin said. 

Baldwin acknowledged that it's going to take years to change the systems in place and that it comes down to being intentional with what people are working and interacting with communities. For Baldwin, he’s started by investing in what matters most to him.

“I’m investing in you, the human being, the person that has been surviving and living paycheck to paycheck. Now, you have this idea not only to increase the wealth of your family but your community,” Balwin said. “I need to get behind that and not just financially. I also need to put my resources and my network into that, and if we do that, you're going to help the next person. But you have to invest in that person.”