RUNWAY and Standard & Strange Engineer Partnership in Right Relationship
At RUNWAY, we employ a combination of artistry, activism, expertise and entrepreneurship to offer the global financial system a decolonized alternative to identifying and developing viable business ideas. We are reimagining “The American Dream“ in accordance with initiatives and ideals that model a restorative financial system that loves Black people instead of legislating against them.
Leading with a holistic examination of existing financial systems, we are empowered to midwife a regenerative economy that prioritizes the health of the planet and its inhabitants through daily implementation of progressive lifestyle and business practices. With the development and implementation of proprietary financial, investment and internal governance practices, we as well as our partners, are actively shifting norms to close the racial wealth gap for good.
In the spirit of this commitment to transforming the lives and ventures of Black entrepreneurs, we are pleased to announce a groundbreaking brand partnership with Oakland menswear company Standard & Strange.
Prioritizing “transformational relationships over transactional exchange,” RUNWAY and Standard & Strange have engineered a partnership model designed to heal, repair and connect Black businesses and communities. Through this agreement, Standard & Strange will donate 1% of their annual revenue to RUNWAY in perpetuity, contributing to the growth and sustainability of Black entrepreneurs nationwide.
As partners, we seek to disrupt patriarchal funding models that reinforce investor power dynamics through a positive funding relationship. Our brand relationship with Standard & Strange utilizes trust-based, multi-year philanthropy to eliminate restrictive funding and make way for a community controlled ecosystem of social capital that counters the individualism of capitalist culture while also encouraging innovation and permanent systemic change.
A component of ongoing expansion efforts at RUNWAY, the partnership created to build Black community wealth is inspired by our singular mission to bridge the racial wealth gap in the United States and Standard & Strange’s commitment to donate 2% of their annual revenue to social equity.
Their top line contribution model is designed to disrupt the traditional proceeds-based model of philanthropic giving. By giving in perpetuity, Standard & Strange increase the effectiveness of their potential economic impact on commerce in Black communities. They simultaneously commit to a lifelong relationship with RUNWAY that is designed to acknowledge and repair entrenched economic injustice for Black entrepreneurs.
Standard & Strange, who “do their damndest” to make consumers from all walks of life feel welcome at their Oakland storefront, are using their investment capital to scale that approach to commerce by creating an economy that is inclusive of and welcoming to Black business owners in their community and beyond.
Starting in 2020, we began a program to donate 2% of our revenue to social equity and other charitable causes throughout the year, on a monthly basis. Over the course of 2020 we were able to donate nearly $100,000 - which is broken out on our Giving page. However, we wanted to find a way to have an even greater impact. The requirements that we defined were simple: the money had to go to benefit BIPOC-owned businesses, and it had to be tied to entrepreneurship. - S&S Founders
This mission-aligned, equitable partnership designed to fill a historic gap in start-up funding for Black businesses also creates a pathway to generational wealth for Black entrepreneurs and their communities nationwide. The 1% of Standard & Strange’s annual revenue represents half of their annual giving commitment. The other 1% will continue to be donated to charities and other causes.
“The first requirement is to fill a historic gap in start-up funding for Black business (“Believe in you” money). For us, getting that “believe in you money” was not difficult. As we built our business, we never faced racial discrimination or were affected by systemic inequities. We had (limited) wealth to tap of our own, the ability to get well-compensated part-time and contract jobs when needed, and eventually, the credibility to get bank loans easily.” - S&S Founders
Further, the partnership with Standard & Strange aligns with our brand ethos and coincides with (1) our nationwide marketing request for partnerships with creative agencies in support of our businesses at RUNWAY and (2) the collaborative community launch of the REAL People’s Fund. The REAL People’s Fund is a community capital fund offering equitable access to finance for small businesses in San Francisco’s East Bay. Like our partnership with Standard & Strange, their goal is to build economic power and expand opportunity for everyday people through restorative action.
The announcement of our partnership with Standard & Strange follows a nationwide call for restorative justice and support of BIPOC businesses prompted by the murder of George Floyd in 2020. The subsequent Black Lives Matter protests shed light on a number of systemic disparities including discrimination in financing and mentorship, which disproportionately affect the path to ownership and longevity for Black entrepreneurs. While these events have been eye-opening to adjacent communities, our work has been based on this knowledge for many years.
As we continue to innovate in the financial space, we are cultivating a growing movement of funders and investors standing up for Black businesses, Black entrepreneurs and Black-led organizations. As we commemorate the 100th year anniversary of the Tulsa, Oklahoma massacres and the recent Juneteenth celebrations centering Black joy, resilience and liberation - we are applauding donors, business owners and everyday people who choose to be swift, generous and razor focused on helping Black entrepreneurs.
Today we celebrate the beginning of a new, lasting partnership in supporting Black entrepreneurs because we know at the end of the day - we all win.
