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Wemimo Abbey, co-founder and co-CEO of Esusu, has described black people as the most innovative people on earth. He said this at Morehouse College in Atlanta, Georgia, during a panel session at the third annual ForbesBLK Summit, hosted by Forbes. He explained that true empowerment lies in ownership rather than labor. “There is a part of capital and there’s labor. You can go work for someone and that’s all well and good, but capital and labor, labor will never outrun capital,” Abbey stated. As the discussion intensified, he underscored the significance of innovation and ownership within the Black community, stating, “Never. I don’t care how much you make,” referring to entrepreneurship. “We were able to build a billion-dollar company in six years. If you work 40 years, you’re probably not gonna get there. Black people are the most innovative people on the surface of the earth, not only in this country. Wrong stories have been told about us, but we gotta be on the side of ownership, not labor.” Speaking on initiatives to boost financial stability, Abbey emphasised the importance of collective progress. “There is an African saying that if you want to go fast, you can go alone. Each and every one of us on this stage we walk together in one shape or form. But if you want to go far, we gotta go together as well,” he said. “There is a fundamental difference in America. As an immigrant coming to this country, I stand on the shoulders of so many Black people that have paved the way for me.” Abbey, who grew up in Lagos, Nigeria, drew inspiration from his mother’s struggle to secure a loan without a credit score. That experience led him and his co-founder, Samir, to create Esusu, a platform that helps renters build credit through rent payments, provides property management analytics, and offers rental assistance to enhance financial stability. The company recently reached a $1 billion valuation after raising $130 million in a Series B funding round. Reflecting on the long-term power of ownership, Abbey added, “You’re gonna work, my mother always says, you’re gonna work till you die, but when you own, it multiplies and it’s exponential. Compound interest is the eighth wonder of the world. Warren Buffett said that. And AI, is the ninth wonder of the world.” The summit, which was a gathering of Black changemakers, innovators, and leaders shaping the future of business and culture, was themed: “Today’s Challenges, Tomorrow’s Opportunity: A New Path to Economic Prosperity.” Opening the event, Ayisha Mendez, Community Manager of ForbesBLK, told the audience that the summit was more than just an exchange of ideas. “As we dive in today, just remember the Summit isn’t just about exchanging ideas. It’s about creating real and meaningful connections,” she said, adding, “It’s about sharing those ideas and making sure we push forward as a collective in a time where collaboration and innovation are more important than ever.” ALSO READ TOP STORIES FROM NIGERIAN TRIBUNE
