In July 2020, ReserveBar launched its Spirited Change Initiative (SCI), which provides consumer and trade exposure for Black, minority and women-owned and operated businesses in the beverage alcohol industry. The spirits industry has historically been devoid of significant ownership and representation of diverse communities. SCI was created to unlock opportunity and level the playing field through actionable steps that help uplift diverse communities and business owners, the company says.
The reason behind the launch is in the numbers:
Less than 5% of brands are owned by BIPOC or womenLess than 1% of wine brands are Black owned
Since its inception, ReserveBar has onboarded 107 Spirited Change brands to its platform. This includes helping to launch and scale brands through e-commerce solutions and marketing services, providing access to capital and educational resources, and direct mentorship opportunities from SCI advisory board members. Additionally, ReserveBar will support the growth of its SCI brands with distribution consultation from its distributor and retailer partners. ReserveBar reports that it has invested over $1 million in Spirited Change brands.
The Spirited Change Initiative is composed of investors including Mary J. Blige, Sean “Diddy” Combs, Kevin Durant, and more. The advisory board includes Rich Kleiman, CEO & Co-Founder of 35 Ventures, Emmet Dennis, CEO & Founder of Black Drive Ventures, and Dia Simms, CEO of Los Lobos 1707.The post ReserveBar Supports Minority-owned Businesses With Spirited Change Initiative first appeared on Beverage Dynamics.
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Author: Jaden Stafford