Wemimo Abbey, co-founder and co-CEO of Esusu, has described blacks as the most innovative people in the world.
He said this at Morehouse College in Atlanta, Georgia, during a panel session at the third annual ForbesBLK Summit, hosted by Forbes.
He explained that true empowerment lies in ownership and not in work. “There’s a part of capital and there’s a part of labor. You can go work for someone and that’s all well and good, but capital and labor, labor, will never outweigh capital,” Abbey said.
As the discussion intensified, he stressed the importance of innovation and ownership within the black community, stating, “Never. I don’t care how much you make,” referring to entrepreneurship. “We were able to build a billion-dollar company in six years. If you work 40 years, you probably won’t get there. Black people are the most innovative people on the face of the earth, not just in this country. The wrong stories have been told about us, but we should be on the side of ownership, not the side of workers.”
When discussing initiatives to drive financial stability, Abbey emphasized the importance of collective progress. “There is an African saying that if you want to go fast, you can go alone. Each and every one of us on this stage walk together in some shape or form. But if you want to go far, we have to go together too,” he said. “There is a fundamental difference in America. As an immigrant coming to this country, I stand on the shoulders of so many black people who have paved the way for me.”
Abbey, who grew up in Lagos, Nigeria, drew inspiration of her mother’s struggle to get a loan without a credit score. That experience led him and his co-founder, Samir, to create Esusu, a platform that helps tenants build credit through rent payments, provides property management analytics, and offers rental assistance to improve financial stability. The company recently reached a $1 billion valuation after raising $130 million in a Series B funding round.
Reflecting on the long-term power of ownership, Abbey added: “My mother always says, you’re going to work, you’re going to work until you die, but when you own it, it multiplies and it’s exponential. Compound interest is the eighth wonder of the world. Warren Buffett said that. And AI is the ninth wonder of the world.”
The summit, which was a gathering of Black changemakers, innovators and leaders shaping the future of business and culture, had as its theme: “Today’s Challenges, Tomorrow’s Opportunities: A New Path to Economic Prosperity.”
Opening the event, Ayisha Méndez, Community Manager at ForbesBLK, told the audience that the summit was more than just an exchange of ideas.
“As we dive in today, remember that the Summit isn’t just about exchanging ideas. It’s about creating real, meaningful connections,” he said, adding, “It’s about sharing those ideas and making sure we move forward as a collective in a time when collaboration and innovation are more important than ever.”
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