Runway & Standard and Strange Announce Partnership
FINANCIAL INNOVATION FIRM RUNWAY ANNOUNCES LIFETIME PARTNERSHIP WITH OAKLAND-BASED MENSWEAR RETAILER, STANDARD & STRANGE
Oakland-based organizations collaborate to support long-term success of BIPOC entrepreneurs
Oakland, CA – RUNWAY, a financial innovation firm committed to Black liberation, and Standard & Strange, a high-end menswear shop, both rooted in Oakland, have launched a groundbreaking partnership to help build Black community wealth. Inspired by RUNWAY’s singular mission to bridge the racial wealth gap, Standard & Strange will donate 1% of their revenue to RUNWAY every year in perpetuity, contributing to the growth and sustainability of Black entrepreneurs and their communities.
Standard & Strange’s revenue-based contribution over a proceeds-based contribution sets them apart from others in the business community where philanthropic gifts tend to be based in the latter model. The perpetuitous nature of the gift significantly increases the effectiveness of their contribution’s impact.
“RUNWAY focuses on funding dozens of Black entrepreneurs. Long-term, unrestricted donations allow us to make a much larger difference through friends and family-style funding, coaching services and a thriving business network,” said founder Jessica Norwood. “We value transformational relationships over transactional ones and believe that capital gained through mission-aligned, equitable partnerships can be used to heal, repair and connect Black businesses and the communities surrounding them.”
Founded in 2016, RUNWAY’s approach to building Black wealth is centered on “the four R’s” of Re-Imagination, Resilience, Restoration and Repair which is achieved through early-stage funding, holistic business support, innovative financial products and equitable partnerships.
In efforts to disrupt patriarchal, top-down, authoritative funding models that reinforce investor power dynamics, the 100% Black and Brown-women-led firm advances equity-centered practices within financial and philanthropic institutions looking to contribute to black entrepreneurs and black led-organizations.
“We see the way our personal privilege has shown up on our own entrepreneurial journey, and we felt a calling to support others on their journey--particularly understanding that the cards are stacked against Black and Brown entrepreneurs in ways that we all need to bring attention to, and address” said Neil Berrett and Jeremy Smith, owners of Standard & Strange. “We are consciously donating a portion of our revenue to RUNWAY because we want to make a truly meaningful contribution to growing businesses led by entrepreneurs of color.”
The new partnership with Standard & Strange is a part of RUNWAY’s ongoing expansion efforts which also include national pro bono partnerships with leading marketing agencies in support of RUNWAY businesses and the collaborative community launch of the Real People’s Fund, a capital fund offering equitable access to finance for small businesses in the historically disinvested communities of the San Francisco East Bay.
For more information about RUNWAY and their vision for a reimagined economy rooted in equity and justice, please visit runway.family.
ABOUT RUNWAY
Founded in 2016, RUNWAY is a financial innovation firm committed to advancing Black resiliency for Black businesses and the communities they serve by building emergent financial practices and infrastructure that closes the racial wealth gap for good.
Led exclusively by Black and Brown women, RUNWAY’s approach to building Black wealth is centered on “the four R’s” of Re-Imagination, Resilience, Restoration and Repair which is achieved through early-stage funding, holistic business support, innovative financial products and partnerships.
The RUNWAY Family is made up of visionaries, activists, entrepreneurs, innovators, investors, and grassroots organizers who believe in economic prosperity for Black people and thrive on collaboration, collectivism, and connection.
Read more about this partnership in our blog post.
ABOUT STANDARD & STRANGE
Founded in 2012 in Oakland, CA, Standard & Strange is a relationship-driven shop specializing in the best leather, boots, and denim in the world. Their focus is on providing a warm, inclusive shopping experience with excellent customer service. Starting in 2020, they began to donate 2% of their topline revenue to social equality and other causes, augmented with other fund-raising efforts.