Promoting Black entrepreneurship and success

Jun 18, 2025

A Black Founders Network event, hosted by Chancellor Wes Hall and Defy Gravity Campaign Co-Chair Som Seif, showcased dynamic young Black entrepreneurs and their startups.

*Left to right: panel moderator Faizah Balogun, program coordinator at the Black Founders Network*, *with panellists Abdel Ali, founder and CEO of Kiwi Charge and IG Ajagunna, founder of CompCrafter.*

“If it weren’t for the guidance of the Black Founders Network, I would never have considered creating a startup – I simply wouldn’t have known where to begin,” says entrepreneur IG Ajagunna. “Sometimes, your upbringing, surroundings and life experiences put you in a certain box and make it difficult to see beyond.”

Ajagunna’s experience highlights the critical role of the Black Founders Network, which supports aspiring Black entrepreneurs through mentorship, networking opportunities, practical advice, seed funding and moral support, among other vital services.

On May 7, the network held a panel discussion showcasing successful innovators who have thrived within its supportive community. Among those on the panel was Ajagunna, whose AI-based startup CompCrafter helps employees understand and optimize their workplace benefits.

Kareem Abdur-Rashid is another notable beneficiary of the network’s support. Together with his father, Dr. Kamaluddin Abdur-Rashid, he co-founded Kare, a pharmaceutical technology company that has developed an efficient method to convert orange peels into synthetic cannabidiol (CBD), used for treating severe epilepsy and other medical conditions.

Kareem says the network’s supportive culture makes a huge difference for founders. “The network has a lot of good people, with a really strong focus on helping each other,” he says. “With the help of the community, we were able to find a lead investor and raise about $300,000 for our startup.”

An initiative with impact

At the event, longtime U of T supporter Som Seif, co-chair of the Defy Gravity campaign, announced he is pledging $1 million to match donations made in support of the network. “I think we’re all feeling excited about what we’ve heard about the network and its potential as an engine for prosperity in the Black community,” said Seif during his concluding remarks. “I hope others will also feel inspired to join me in supporting this impactful initiative.”

At the May event, hosted at Chancellor Wes Hall’s WeShall Investment offices in Toronto, Defy Gravity campaign co-chair Som Seif *(third from the right)* announced he is pledging $1 million to match donations made in support of the Black Founders Network.

David Palmer, U of T’s vice-president of advancement, thanked Seif for his generosity. “This gift is a powerful endorsement of the network and its track record of success in promoting Black entrepreneurism,” said Palmer. “We’re grateful to Som for this very significant contribution that will amplify the giving of all those who wish to follow his example and support Black founders.”

To learn more about this exciting opportunity to access matching funds for gifts in support of the Black Founders Network, contact Glenn Best, Executive Director of Major Gifts, at 416-978-2540 or glenn.best@utoronto.ca.

Building community

U of T Chancellor Wes Hall hosted the event at his WeShall Investments office. During his remarks, Hall emphasized the value of community support along the entrepreneurial journey. “Nobody launches a successful business alone. You can be the most determined, talented and hard-working person in the world, but you also need smart advice, good connections and strategic investment,” he said.

Hall highlighted the network’s strength in connecting founders with peers who understand the unique realities faced by Black entrepreneurs. This resonated deeply with Kareem Abdur-Rashid: “At pharmaceutical conferences, we often stand out – we’re usually the only Black people there,” he said. “The network gives you a community that helps you navigate these spaces and ensures you’re not alone.”

If it weren’t for the guidance of the Black Founders Network, I would never have considered creating a startup – I simply wouldn’t have known where to begin.

Ajagunna echoed this sentiment, emphasizing how critical it is to receive advice tailored specifically to Black founders. “What works for someone else might not work as easily for us because of hidden barriers,” she explained. “The network helped me refocus and find new ways to overcome those obstacles.”

If it weren’t for the guidance of the Black Founders Network, I would never have considered creating a startup – I simply wouldn’t have known where to begin.

Under the leadership of its dynamic founder, U of T Scarborough alumnus Efosa Obano, the Black Founders Network has supported more than 15,000 community members since its creation in 2021. Companies founded by network participants have collectively attracted over $50 million in funding and generated more than $45 million in revenues. Obano and the network have also earned prestigious accolades, including the provincial Minister’s Award of Excellence, U of T’s Inclusive Excellence Award and the Globe and Mail’s Changemakers Award.

Elevated ambitions, practical support

Another of the network’s standout successes is Olugbenga Olubanjo, founder of Reeddi, a startup recognized internationally for its innovative and sustainable solution to chronic electricity outages in developing countries. Reeddi (pronounced “ready”) offers portable energy capsules, rechargeable via solar energy, which customers can purchase or rent affordably. Olubanjo displayed his products during the panel discussion.

Now with thousands of customers, Reeddi has generated millions of dollars in value and attracted international attention and accolades, including a feature piece on Bloomberg TV, inclusion as one of Time Magazine’s best inventions for 2021, and reaching the final round of the prestigious Earthshot Prize, founded by Prince William.

Olubanjo credits the network with elevating founders’ ambitions as well as providing practical support. “It’s remarkable how expansive your vision becomes when surrounded by others thinking big,” he says. “That level of exposure and encouragement opened our minds to possibilities far beyond our initial ideas.”

The Black Founders Network is one of twelve accelerators across U of T’s three campuses that make up the broader U of T Entrepreneurship community, supporting more than 1,300 entrepreneurial teams annually.