WASHINGTON, D.C. — The National Association of Black Owned Broadcasters (NABOB) is the first recipient of the General Motors Diverse Owned Incubator Fund.
As part of General Motors “Road to Equity” efforts to become the most inclusive company in the world, the $50 million Diverse Owned Incubator Fund is an investment allocated over the next 10 years to support and scale diverse media and marketing companies.
Blacks make up 13% of the American population, yet own fewer than 247 of 12,374 commercial radio and television stations in the U.S., 2%. The 2022 Black Owned Radio Stations Ownership & Revenue Report concluded that of the 168 stations researched, 121 (72.0%) gross less than one million dollars per year in advertising revenues, and average just 2.8% of Local Commercial Share.
NABOB President/CEO Jim Winston and Tarshena Armstrong, General Motors’ Director of Diversity Marketing & Development, discussed the mission of the diverse-owned incubator fund, key pillars, partnership goals, and newly developed resources created as a result of the fund during an armchair conversation at the recent 2022 NABOB By Black Conference.
Within a brief incubator video overview, which highlighted NABOB’s award announcement, Armstrong also educated audiences on the fund’s key pillars: Business Development, Analytical Capability, and Innovative and Creative Marketing.
“During the first year, the Incubator Fund plans to issue awards to three organizations with the long term goal to seek additional opportunities that reinforce our strategic pillars in a scalable way,” Armstrong said.
The General Motors Diverse Incubator Grant is designed to achieve three key goals for NABOB:
- Increase the number of Black owned broadcasters by providing audiences with access to resources and basic knowledge needed to buy a commercial broadcast station.
- Provide additional resources and education for NABOB members to develop digital sales operations and increase digital sales revenue.
- Increase access for black and minority talent within media sales through the NABOB Telecommunications Education & Management Foundation (NABOB Foundation) in partnership with the Media Sales Institute (MSI).
To achieve these goals, NABOB announced the creation of two original video and audio podcast series scheduled to launch in 2023. General Motors will also partner with the NABOB Foundation at the 2023 Media Sales Institute (MSI).
First year incubator fund recipients were announced during General Motors 2nd Annual Diverse Owned Media Summit and include NABOB, the Black Owned Media Equity and Sustainability Institute (BOMESI), and the National Minority Supplier Development Council.
