Letter from our Founders
Alexander Sinora
It has been officially one year since the creation of the Black Wealth Club.
When I think about its inception, I recall the civil unrest of 2020. We were in the middle of a global pandemic, experiencing record unemployment and social isolation. Throughout all that mess, a man named George Floyd was murdered and captivated the world. People of all colors, genders, and socio-economic backgrounds banded together and decided it was time to do better. Many took the time to learn more about systemic racism and why the black community struggled in many different dimensions, including a lack of financial access, systemic racism, and more.
While many individuals and corporations were posting supportive statements on social media, few were actually committing time and capital to the community to create tangible change.
It was during this time that I met Paul Desmarais III through a common friend.
Our first discussion was fascinating. Having the chance to talk with someone who is actively building one of the most interesting businesses in Canada doesn’t happen everyday. We had an instant connection and realized we shared the same values and agreed on what making a real impact looks like. In the middle of the discussion, Paul asked me what he could do to help our community. I told him that access to information, network, and capital is a big challenge for us. As first or second-generation immigrants, we might not have a network or connection to Black leaders in the private sector with whom we can connect with to create opportunities.
A few minutes later, on that same call, the idea for the Black Wealth Club emerged.
The Black Wealth Club was established to help the black community in Canada build wealth and reinvest it in their environment. By bringing together emerging black leaders with inspiring speakers and industry professionals, the BWC aims to help black leaders enhance their leadership skills, network, and business acumen.
- Creating wealth: The Black Wealth Club considers wealth as a multi-dimensional concept; social, economic, and physical. Every month, we feature black leaders and organizations such as Wealthsimple, McKinsey and EgonZender. Our sessions help build interpersonal and professional skills and intergenerational wealth, and we get advice on career strategy and how to create connections. We also facilitate the development of our members’ networks by providing first-class mentorship opportunities. Paul has also offered unfettered access to his network. Anyone in the club can contact someone within Paul’s network to find opportunities or learn more about a given industry.
- Reinvesting: The club has four sub-committees: University Outreach, Financing, Mentorship, and Philanthropy. Each member can choose which committee they want to support and give back to their community. They can become mentors, provide consulting to diverse non for profit, donate and more.
After one year, our team is incredibly proud of the results. We built a strong and connected pan-Canadian cohort of 50 young business leaders who have helped each other by sharing jobs, speaking engagements, and board of directors opportunities. We provided financing connections to members for their entrepreneurial endeavours, and we helped members connect with job opportunities at top firms. In January 2022, we will be launching our second cohort; we will continue to break boundaries and become a major Canadian organization that brings wealth and opportunities to the community.
My favourite moment with the BWC
I have experienced many incredible moments at the BWC, so it is hard for me to select my favourite. One of the significant initiatives within the cohort is the opportunity for 1:1 sessions, where members take time to connect with each other every week. I truly cherish those moments because they give me the chance to learn more personally about the members and the opportunities they have had because of the club, whether it is a new career path, investors in their businesses, or simply new connections.
Paul Desmarais III
The Black Wealth Club has been an incredible learning journey that began in the aftermath of George Floyd’s murder. I remember feeling perplexed, inadequate, and unprepared to meet the moment.
The Black Lives Matter movement prompted me, and many like me, to examine my own privilege in the mirror. Questions started flowing in. Did Black people have a place in the organization that I lead? Was my circle of friends diverse? Did I share and extend my privilege?
Was I a part of the solution or a part of the problem?
I read several works, among which Stony the Road and Wes Hall’s piece in the Globe and Mail, which were eye-opening.
But reflecting, reading, and “not being racist” is insufficient.
Action was needed. The best way I knew how to act, which is also how I have built my business, was by forging relationships. I wanted to create a new network. A different network. One that would not stop at the edges of my circles but instead, would build new bridges.
I reached out to the few Black people in my network at the time. Wes Hall, Nicholas Johnson, Djiffa Dogbe, and Edgar Brown were among the generous men who helped me understand, although never quite fully, what it felt like to be a Black person in Canada. I learned about the barriers that they face, which were invisible to me. I started to see a bigger picture, that of systemic racism in Canada, within which I lived, undisturbed, my entire life.
These conversations led me to Alexander Sinora. In my discussions with Alex and many others, it became clear that the people in the Black community in Montreal and Canada are denied the fundamental resources they need to pursue professional business careers.
We believe that we can catalyze change by carving out space for young black leaders in the business world, allowing them to shine, accumulate capital, and reinvest it in their community and families.
This is the simple thesis behind the Black Wealth Club, and the story of how Alex kindly accepted to be my partner in launching it one year ago.
We set out to find an elite group of 50 young people who 1) demonstrated excellence, 2) had overcome hardship, and 3) had a proven history of giving back to their community.
Some might feel that my approach is elitist. The most powerful assets I have to offer are my network and business acumen. Sharing these assets, opening doors, providing access, are the ways in which I can make a personal contribution.
Over the past year, it has given me incredible joy to spend hours with our 50 members and learn about their cultures, aspirations, fears, and wonderments. We have created a safe, trusted space for sharing, listening, learning and unlearning. We have laid a few bricks in building up a new generation in Canadian business.
I am thrilled to continue this journey. We are opening the BWC to our next cohort of 50 and growing our membership to 100. I cannot wait to work with Alex and the entire planning committee to grow the BWC community, drive meaningful acceleration in the careers of its members, and change the face of the business landscape in Canada.
My favourite moment with the BWC
My favourite moments are the debrief sessions after the keynote speakers at our events. This is a special moment, during which the group exchanges on their thoughts and impressions of the themes covered by the speaker. These have gone on for hours on end, and the conversation is often fascinating as we get to truly know each other on a personal basis, let our guard down, and share our truth. The level of authenticity that members have shown in these sessions has been truly energizing.
To keep up to date with The BWC, follow us on LinkedIn!
Applications for the 2022 cohort are open until November 14th, 11:59pm EST. If you want to join us, apply HERE.
