While most corporations are scuffling for ways to stay afloat during this economic climate, some risk takers are actually expanding. Hip-hop moguls Jay-Z, otherwise known as Shawn Carter, along with longtime colleague and business exec Steve Stoute recently formed Translation Advertising, a New York City firm that helps corporate America advertise with a multicultural sensibility, according to BusinessWeek.com. Translation Advertising grew out of Translation Consultation & Brand Imaging late last year. Stoute and Carter own 51 percent of the new agency, which currently employs 50 people. Despite the bleak recession, Translation has a strong foundation, built on its connection to one of the most lucrative demographics in the U.S.: educated, urban youth with earning potential. African-American buying power hovers at $1 trillion, according to the University of Georgia’s Selig Center for Economic Growth. —BB
You may like
Get The Essence Newsletter and Special Offers delivered to your inbox!