Abena Boamah-Acheampong, the Ghanaian American founder and CEO of Hanahana Beauty, has been recognized for her sustainable beauty brand as the recipient of the Fifteen Percent Pledge $200,000 achievement grant. The Fifteen Percent Pledge is an initiative that encourages retailers to commit to buying 15% of their products from Black-owned businesses.
With less than 1% of capital allocated to Black startup founders, initiatives like this are crucial in creating new economic opportunities and fostering greater equity for Black businesses. The Fifteen Percent Pledge Achievement Award is designed to support Black entrepreneurs who face systemic barriers in accessing funding to grow their businesses.
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In a post, Abena Boamah-Acheampong says: "Last night was beyond! I’m still beaming off of attending the 15 Percent Pledge gala with my mom + winning the 15 Percent Pledge Achievement Award!"
Hanahana Beauty, known for its approach to ethical transparency challenges traditional beauty standards, while empowering women. Abena's dedication as a creative entrepreneur and sustainable fair trade advocate has propelled the brand to new heights. Her commitment to sustainability and providing quality skincare solutions has resonated with consumers and industry experts alike.
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The award process is rigorous, involving public voting and a review committee that selects semi-finalists before announcing the winner at the gala event. Abena Boamah-Acheampong, the Ghanaian American CEO and founder of Hanahana Beauty, has been instrumental in driving the brand's mission forward. Under her leadership, the company has become a consciously clean skincare and wellness brand, aiming to disrupt the global beauty industry with increased accessibility, transparency, and sustainability.
The company's dedication to ethical sourcing is evident as they pay twice the fair trade rate for their shea butter, ensuring that the producers, specifically the women from the Katariga Women's Shea Cooperative in Tamale, Ghana, are compensated fairly. This practice not only supports local communities but also celebrates a traditional African beauty staple that is often overlooked by mainstream brands.
Fairtrade standards require producers to enhance environmental stewardship, which includes better soil and water quality management, pest control without harmful chemicals, waste management, reduction of greenhouse gas emissions, and protection of biodiversity.
What does winning the fifteen percent pledge achievement award mean to you?
Winning the fifteen percent pledge achievement award means so much for Hanahana Beauty to not only get 200k in nondilutive funding but also receive support for the 15% pledge through consulting and brand awareness means so much for our growth! I started Hanahana Beauty 7 years ago and this is the largest grant we have ever received!
How do you plan to use the 200K funds from the fifteen percent pledge grant?
This grant is going toward growth for Hanahana Beauty, first being able to launch new products, which is very important! Second, marketing as we have not utilized paid marketing up until this point so this helps us start to put money towards that and strategic marketing tools. Especially because we launched in Ulta Beauty last year, this will help propel reach and new customer acquisition. Third helps position us in a space to hire more people to join the team.
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Will you be provided any additional guidance from the grant?
Yes, The Fifteen Percent Pledge will be giving guidance! I will be able to work with their team on strategy and building connections. I think alot of the time as a founder, especially a Black beauty founder, its about the connections and how you can be introduced to other people, especially because you want your product to reach new customers. The fifteen percent pledge team has so many different connections, so I'm excited!
How important is it for companies to support Black-Owned businesses through grants in the retail space?
At the end of the day when you think about consumer goods especially within beauty where I am at, Black people are spending the most money, we are also at the beginning of production. Black women are rising, they are the fastest growing business founders in the U.S., however they receive the least amount of funding, I think it's around less than 1% of institutional funding that goes to us. It's important that companies who have access to capital and creating grants, especially in retail because we know retail is extremely expensive.
Lastly, anything exciting planned this year for Hanahana Beauty
For us, there is so many exiting things. We are currently doing out Wefunder community raise and that goes towards the three things that I talked about, growth of the brand, around product and hiring. We are really looking forward to expanding the product line this year, which includes allows us to launch a wash, as well as a limited launch we have coming up March 2024 in collaboration with another brand.
We are really exited to celebrate 7 years at Hanahana beauty and the whole theme of this year is elevation, and how we can continue to create completion in our product line and we want to focus on daily-se products so thats what we are going to do. In addition to focusing on our community initiatives to activate and grow our Hanahana beauty comunity.
