WATCH: Alfonso David Explains the Significance of DEI

essencemagazine

Richelieu Dennis and Alfonso David joins Reverend Al Sharpton for a conversation about economics and the principle of business.

Transcript

00:00 The fight to eliminate, eradicate, or wipe out DEI,

00:05 diversity, equity, and inclusion,

00:12 is something that we in NAN take seriously.

00:15 We've been for 13 weeks now marching on Bill Ackman,

00:18 which is the activist side, you have the legal side,

00:20 they're different fronts.

00:21 We all have different roles we play.

00:24 But explain, Alfonso, the significance of DEI

00:29 to the grassroots people that are members

00:32 of our chapters around the country,

00:34 and members of our churches, members of our sorority.

00:37 Why should they care about DEI?

00:39 'Cause a lot of people have the misconception

00:42 this is for black middle class

00:44 or upper class business people.

00:46 Explain the significance of DEI

00:48 to the average person they lead.

00:50 - So, think about in the 1950s and '60s

00:55 when the Civil Rights Act was passed, right?

00:58 Martin Luther King is killed,

01:00 Lyndon Johnson says, along with many others,

01:03 we have to pass this statute that prohibits discrimination

01:06 against people based on race.

01:09 In employment, public accommodation, credit,

01:12 education, housing, all of the categories.

01:15 So you can prohibit discrimination against people of color,

01:21 but how do you enforce it?

01:25 How do you make sure that you're not discriminated against

01:28 when you try to apply for a job?

01:31 How do you make sure that you're not discriminated against

01:35 when you try to purchase a home, or buy a car?

01:38 So the concept of DEI was really an implementation tool.

01:44 How do we hold corporate entities

01:48 and all institutions accountable

01:50 for integrating their workspaces

01:52 and their marketplaces and their institutions?

01:56 So think about it that way.

01:57 If you think DEI doesn't apply to you, it applies to you.

02:01 Because essentially what DEI is,

02:04 is requiring every entity out there,

02:07 or encouraging them, because keep in mind,

02:10 that in some cases in the corporate space is voluntary.

02:13 It's entirely voluntary.

02:16 So it's encouraging or requiring institutions to integrate,

02:20 to be inclusive.

02:22 We work in spaces, walk into spaces all the time.

02:25 Why is it that every single senior manager is a white man?

02:28 But there's a law that says

02:31 you can't discriminate against race.

02:33 How does that work?

02:35 That's what DEI is.

02:37 To make sure that we're diversifying the boardrooms,

02:40 to make sure that we're diversifying the C-suite,

02:43 to make sure that we're diversifying every single space.

02:47 So all of you need to care about DEI.

02:50 It's not just about Claudine Gay.

02:52 Right, it's about every single one of us

02:56 that want to operate in spaces that are inclusive.

02:59 - And if we don't operate, they will not come get us.

03:04 We cannot depend on the same people

03:06 that excluded us to include us.

03:09 Which is why we must have these places in place.

03:14 Rich Lou, for the benefit of those that don't know,

03:18 what inspired you and yours to purchase Essence?

03:23 I mean, you were doing great with Sundial.

03:26 You were already in the, not seven figures, eight figures.

03:31 And what made you say, I want to make this investment?

03:36 - Yeah, you know, it's threefold.

03:44 One is, very important that we own our culture.

03:49 Right?

03:52 Because, I mean, you know, we are creators,

04:00 we are inventors, and we have built this country.

04:08 Right?

04:11 But we don't own it.

04:14 And so, the message that goes out,

04:19 the second point is, the message that goes out

04:23 is that we're just not good enough.

04:25 Right?

04:27 That's how they're able to say,

04:28 hey, we can't find anybody to be a manager,

04:31 so all the managers are white men.

04:34 Right?

04:35 And so, the second part of this is,

04:39 we've gotta have the vehicles through which

04:44 we don't just manage the narrative,

04:48 but that we create the accurate narrative.

04:51 And so, Essence, again, is a point where

04:56 we can not just create that narrative,

04:58 we can distribute that narrative,

05:00 and we can put that narrative, that accurate narrative,

05:04 in front of our own communities,

05:06 and then broaden it out beyond that.

05:08 Because the media shapes how we think about things.

05:13 Right?

05:13 And if we don't own it,

05:15 somebody else is shaping how we think about things.

05:20 Right?

05:20 So that's the second reason.

05:23 And then, the third reason, Rev, is,

05:27 as my cousin Emmett would say,

05:31 the revolution must be financed.

05:32 (audience cheers)

05:34 So, you gotta make money.

05:38 Right?

05:39 These things don't pay for themselves.

05:40 And if you're not able to pay for it,

05:43 then you're at the behest of somebody else paying for it.

05:46 And when you're at the behest of somebody else paying for it,

05:49 then you have to follow what it is

05:52 that they wanna see happen with their investments.

05:55 So you then become compromised, to some extent,

05:58 on what you can put out.

05:59 So our objective is to continuously be building businesses

06:04 that allow us to take the money from those businesses

06:07 and reinvest them in organizations like this.

06:11 Right?

06:12 Telling our truths and showing the world

06:14 who we are and how we are.

06:16 But we're not going to be able to do it

06:18 if we're always reliant upon somebody else

06:21 providing us those opportunities.

06:23 So, you know, those three reasons made it for us.

06:28 And we continue to grow in this space

06:32 and to find other places to be able to distribute,

06:36 to create the narrative and distribute it.

06:38 But the thing that we must always be thinking about,

06:41 like I said, you know, it's how we come together

06:44 as a community is gonna determine

06:45 how strong we're going to be, right?

06:47 It's gonna determine what our kids can look forward to

06:51 when they grow up.

06:52 Having economic assets that can reinvest into our schools,

06:57 that can reinvest into our healthcare systems,

07:00 that can reinvest into our political processes,

07:04 allow us to maintain the freedom

07:06 that we fight so hard for.

07:08 - Now, your CEO, Sister Wenger, is being honored tonight.

07:13 She has a business model that emerged out of this.

07:17 Explain a little of that so people understand.

07:20 'Cause it's very, very serious

07:23 what you've been able to structure with her.

07:25 - Yeah, she's an incredible leader

07:28 and you guys will get to meet her tonight.

07:31 But she's, you know, she's down there,

07:35 quadrupled that business since we acquired it.

07:37 So you think about that type of growth

07:41 in this type of environment,

07:43 and it's extremely impressive.

07:45 But, you know, my philosophy on this,

07:48 and this is where, you know, as I said,

07:52 the revolution must be finance.

07:54 To finance the revolution, you gotta have a healthy P&L.

07:58 And that's our business model, right?

08:00 Is we look at that P&L every day

08:03 and we drive against that P&L

08:05 so that we're able to make the amounts,

08:08 the profits that are necessary,

08:09 not just to sustain the business,

08:11 but to then invest back in our community.

08:14 And she's been an extraordinary partner in that.

08:17 I'm excited that you guys get to see her this evening.

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