Stacey Abrams, a multi-talented trailblazer, is not just a force to be reckoned with in Georgia politics and voting rights activism, but also a successful entrepreneur. Born on December 9, 1973, in Madison, Wisconsin1, Abrams has built an impressive resume that spans the worlds of politics, business, and social impact.
Beyond her groundbreaking achievements as the first Black woman to win a major party’s gubernatorial nomination in the United States in 20181, Abrams has also co-founded multiple nonprofit organizations and successful companies. Her entrepreneurial ventures include the financial services firm NOWaccount Corp., the energy and infrastructure consulting firm Insomnia Consulting, and the media company Sage Works Productions, Inc., where she serves as the CEO2.
Abrams’ entrepreneurial spirit is further reflected in her authorship of the guidebook “Level Up,” which she published to share her insights and strategies for aspiring entrepreneurs2. Her diverse portfolio also includes bestselling non-fiction, fiction, and children’s books, including “Our Time is Now,” “Lead from the Outside,” “While Justice Sleeps,” and “Rogue Justice.”2
Stacey Abrams: A Trailblazer in Politics and Entrepreneurship
Stacey Abrams has carved an impressive path as both a trailblazer in Georgia politics and a successful entrepreneur. Her journey as a voting rights activist, Democratic Party leader, and gubernatorial candidate has solidified her reputation as a pioneering figure in the realm of political campaigns and voting rights3.
Stacey Abrams’ Political Journey and Achievements
As the first Black woman to be the gubernatorial nominee for a major party in the United States, Abrams has broken new ground for women in politics. Her tenure as Minority Leader in the Georgia House of Representatives further demonstrates her influential role in Georgia politics3.
Stacey Abrams’ Entrepreneurial Ventures and Impact
Beyond her political accomplishments, Abrams has also made a mark as an accomplished entrepreneur. She co-founded several successful companies, including a financial services firm, an energy and infrastructure consulting firm, and a media company. Abrams’ entrepreneurial ventures have had a significant impact on Georgia’s economy, showcasing her versatility as a leader3.
Stacey Abrams’ remarkable achievements, both in politics and entrepreneurship, have cemented her status as an influential figure. Her trailblazing efforts to address voter suppression and champion voting rights through her nonprofit, Fair Fight Action, have earned her recognition as a leading voting rights activist3.
“Stacey Abrams is a true trailblazer, breaking down barriers in both the political and entrepreneurial realms. Her unwavering commitment to addressing critical issues like voting rights and economic development makes her an inspiring figure for women and people of color across the country.”
Abrams’ remarkable journey serves as a testament to the power of perseverance, leadership, and a steadfast dedication to making a positive impact on society3.
Raising Her First Million: Stacey Abrams’ Campaign Financing Lessons
Stacey Abrams, a trailblazer in both politics and entrepreneurship, has faced numerous challenges when it comes to fundraising and campaign financing. Abrams spoke about her experience raising her first million dollars for a campaign at the Forbes Black, emphasizing the importance of perseverance and the need to convince people that the problem she was trying to solve could be addressed4.
As a Democrat who gained national attention when she ran unsuccessfully for Georgia governor in 2018 and 20224, Abrams has had to navigate the complexities of campaign financing in the political landscape. Her determination and innovative approach to fundraising have provided valuable lessons for other political leaders seeking to build a strong financial foundation for their campaigns4.
Abrams’ experiences in securing funding for her campaigns have shed light on the challenges faced by candidates, especially those from marginalized communities, in the world of political campaigns and fundraising. Her insights have the potential to inspire and guide future Democratic Party leaders in Georgia politics and beyond4.
“Stacey Abrams’ experience in raising her first million dollars for a campaign is a testament to the perseverance and innovative thinking required to succeed in the complex world of political financing.”
Abrams’ journey in securing funding for her campaigns underscores the critical role that campaign financing plays in the success of political aspirations. Her lessons learned can serve as a valuable resource for those seeking to navigate the often-daunting task of fundraising in the political arena4.
As Stacey Abrams continues to be a prominent figure in Georgia politics and beyond, her experiences in political campaigns and fundraising will undoubtedly shape the strategies and approaches of future leaders seeking to make a lasting impact456.
The Birth of NowAccount: Solving the Small Business Payment Dilemma
In 2010, Stacey Abrams and her business partner, Lara Hodgson, co-founded NowAccount, a novel business-to-business financing solution that helps small business owners get paid for invoices right away. They had encountered the problem of delayed payments and cash flow challenges when their company, Nourish, received a large order from Whole Foods, but faced a 3-4 month payment timeline.
The Problem: Delayed Payments and Cashflow Challenges
Frustrated by the lack of accessible solutions, Abrams and Hodgson created NowAccount, which pays small businesses the full invoice amount upfront, minus a flat fee, and then gets reimbursed when the buyer pays. The average net 30 invoice pays in 54 days, according to Hodgson.7
The Solution: NowAccount’s Innovative Payment Acceleration Model
NowAccount has fast-tracked almost $1 billion in payments for nearly 1,000 businesses since its inception in 20107. In the past two years, NowAccount has more than doubled in growth7. The annual membership fee for NowAccount clients is $7507, and the company charges a flat fee based on the payment terms, ranging from 3% for a net 15 invoice to 8% for a net 120 invoice7. NowAccount absorbs the risk of every invoice it accepts, acting as insurance for their clients7. Before NowAccount, small business owners had limited options such as bank loans or invoice factoring, which could be inaccessible or predatory, further complicating the funding process for entrepreneurs7.
A potential transaction via NowAccount could involve a small business receiving $50,000 immediately for an order with 90-day payment terms (minus a 7% fee for a net 90 invoice), with Now subsequently being reimbursed when the payment is made, typically within a few days78.
Stacey Abrams: A Pioneer in Voting Rights and Democracy Protection
Alongside her entrepreneurial and political endeavors, Stacey Abrams has emerged as a pioneering figure in the fight for voting rights and the preservation of democratic processes. In 2018, she founded the nonprofit organization Fair Fight Action, which has been instrumental in addressing voter suppression and strengthening democratic participation, particularly in her home state of Georgia9.
Abrams’ unwavering commitment to ensuring fair and accessible voting systems has resonated across the nation. Under her leadership, Fair Fight Action has raised over $100 million in its first two years, empowering the organization to spearhead crucial initiatives aimed at protecting the integrity of elections9. Abrams’ advocacy has been further amplified by her active engagement with the younger generation, as evidenced by the over 500 students, faculty, and staff who attended the “Election 2024 featuring Stacey Abrams” event at Burns Back Court9.
Abrams’ impact extends beyond Georgia, as her leadership and vision have been instrumental in the Democratic Party’s resurgence in the state. In 2020, Georgia elected President Joe Biden and sent Jon Ossoff and Raphael Warnock to the U.S. Senate, a historic feat often attributed to Abrams’ tireless efforts9. Recognizing the vital role of the Gen Z demographic in shaping the political landscape, Abrams has consistently emphasized the importance of voting, urging young people to exercise their civic duty not just for themselves but also for those who are unable to vote9.
Fair Fight Action: Abrams’ Nonprofit for Voting Rights
Through Fair Fight Action, Abrams has emerged as a pioneering voice in the fight for voting rights and the preservation of democracy. The organization’s mission is to address voter suppression tactics and ensure fair and accessible electoral processes, particularly in underserved communities. Abrams’ leadership in this domain has been widely recognized, with her being the first Black woman to secure a major-party nomination for a governor’s race in the United States9.
As the nation grapples with increasing challenges to the democratic system, Abrams’ advocacy has become even more vital. She has cautioned against the growing threat of chaos in the 2024 election, stemming from delays in ballot counting and the certification process10. Abrams has also highlighted the additional stress and duress faced by election officials due to new laws, making it more difficult for them to protect the integrity of the electoral process10.
Source Links
- https://www.britannica.com/biography/Stacey-Abrams – Stacey Abrams | Voter Rights, Education, Campaign, Books, & Facts | Britannica
- https://newsroom.lmu.edu/community/an-evening-with-stacey-abrams-on-oct-1/ – An Evening with Stacey Abrams on Oct. 1 – Loyola Marymount University Newsroom
- https://worth.com/groundbreaking-women-2023/ – Groundbreaking Women 2023 | Worth
- https://journalnow.com/news/local/stacey-abrams-bookmarks-festival/article_e1969536-7dc5-11ef-8ca8-4f523202170d.html – Balancing politics and prose, Stacey Abrams shares story behind the stories at Bookmarks Festival
- https://blog.libro.fm/libro-fm-podcast-episode-24-interview-with-stacey-abrams/ – Libro.fm Podcast – Episode 24: “Interview with Stacey Abrams”
- https://www.wabe.org/georgia-democrats-sue-to-overturn-law-allowing-unlimited-campaign-cash-saying-gop-unfairly-benefits/ – Georgia Democrats sue to overturn law allowing unlimited campaign cash, saying GOP unfairly benefits
- https://www.entrepreneur.com/growing-a-business/these-founders-help-small-suppliers-get-paid-quicker-from/470341 – These Founders Help Small Suppliers Get Paid Quicker from Big Businesses | Entrepreneur
- https://en.wikipedia.org/wiki/Social_media – Social media
- https://www.laloyolan.com/news/stacey-abrams-talks-the-power-of-the-youth-vote-at-election-2024-event/article_06aa505c-8077-11ef-a951-a3a598eb0438.html – Stacey Abrams talks the power of the youth vote at Election 2024 event
- https://www.nprillinois.org/2024-08-21/stacey-abrams-on-the-state-of-the-dnc – Stacey Abrams on the state of the DNC