---First study of minority venture capital industry---
The Kauffman Foundation recently released a pioneering report, MINORITIES AND VENTURE CAPITAL: A New Wave in American Business, the first profile of venture capital funds that make significant equity investments in minority business enterprises (MBEs).The report, based on a study by Dr. Timothy Bates of Wayne State University and Dr. William Bradford of the University of Washington, finds investments in MBEs resulted in healthy returns equal to, if not slightly higher than, traditional investments by mainstream venture capitalists. Recent studies, including the Kauffman Foundation's The Entrepreneur Next Door, reveal that minorities, especially African-Americans, are 50 percent more likely than any other demographic group to engage in business start-up activities. The report, which is an analysis of venture capital funds operated by members of the National Association of Investment Companies (NAIC) -- a group of investment companies that share an interest in financing MBEs -- is the first to explore the approaches to financing MBEs and calculate the rates of return of minority-oriented VC funds. "We set out to find out if minority-oriented venture capital investing was solid," said study co-author Dr. Timothy Bates, distinguished professor at Wayne State University. "We found strong, preliminary evidence of a robust minority venture capital industry." Minority enterprise venture capital investing is quite profitable. The average investment per firm was $562,000; the average gross yield per firm was $1,623,900, generating an average net return of $1,061,500. In the early 1990s, only several million dollars in venture capital had been invested in MBEs. According to Bates and Bradford, the minority venture capital sector now has well over $1 billion in capital under management, with $2 billion within reach. "This report dispels the most insidious myth about investing in minority-owned businesses," said Amy Domini, founder and CEO of Domini Social Investments LLC, creator of the Domini Index. "It signals to investors, analysts and scholars, that if you overlooked this niche, fearing low returns, it's time to take a second look."

---First African-American President of the American Bar Association---
American Bar Association President-elect Dennis W. Archer's "passing of the gavel" ceremony and speech, in preparation for his appointment as the Association's first African-American president, will take place on Monday, Aug. 11 at 3 p.m. The event will be held during the meeting of the ABA House of Delegates.

---Native Americans' civil rights---
The nation's independent agency charged with monitoring federal civil rights enforcement released a new report on federal programs intended to assist Native Americans. The report uncovers vast unmet needs in Indian Country, including health care, education, public safety, housing, and rural and economic development. In exchange for land, mining, hunting and fishing rights, and other secessions, the government promised to support and protect its indigenous peoples. However, federal funding has neither been sufficient to operate programs associated with those promises nor to support tribal independence and self-sufficiency. "Throughout history, Native peoples have endured injustice at the hands of the U.S. government," declared Commission Chairperson Mary Frances Berry. "From forced removal from ancestral lands and confiscation of natural resources to segregation and forced acculturation, federal policies toward Native Americans have resulted in large-scale violations of their civil rights." According to the report, Native Americans rank at or near the bottom of virtually every social, health, and economic indicator. They experience poverty and unemployment rates that are more than twice the national average, have a lower life expectancy than any other group, and are twice as likely as other Americans to experience hunger. "Federal programs fail to provide the services and funding equal to that which other groups receive, denying equal opportunity to Native Americans," said Berry. "The government must act immediately to reverse this shameful and unjust treatment."

---Little Rock lawsuit ---
Cracker Barrel Old Country Store, Inc. rejected the false allegations in a lawsuit filed in Little Rock, Arkansas this week and said a number of the claims against the restaurant chain stemmed from previous unsuccessful legal actions in Georgia. "We are a large and successful company with a diverse range of customers. These customers have voted us the best family restaurant chain for 13 years," said Cracker Barrel President and Chief Operating Officer Donald M. Turner. "Furthermore, we are committed to providing strong opportunities in our work force for African-Americans and other minorities. They are a source of strength for us." The lawsuit, filed by attorneys that include a plaintiff's firm that unsuccessfully sought two class action certifications last year in the Northern District of Georgia, claimed two Cracker Barrel restaurants in the Little Rock area treated African-American customers unfairly. Nine incidents were alleged. In seven of the incidents, the plaintiffs are associated with the unsuccessful legal actions in Georgia, Turner said. "The plaintiff's attorneys involved in the Georgia legal action threatened additional lawsuits if we didn't settle. We didn't settle because we believe the allegations in all of these legal actions are false - they are the opposite of what we stand for as a company and the opposite of what has made us successful," Turner said. He also noted that pay raises, increases in fringe benefits and advancement for hourly employees at Cracker Barrel are all tied to treating customers well. Furthermore, about 23 percent of Cracker Barrel's more than 50,000 employees are minorities, he said. For more information, contact Julie Davis: (615) 443-9266.

---National Minority AIDS Council announces 2003 U.S. Conference On AIDS---The National Minority AIDS Council (NMAC) announced its partners and program sessions for the 2003 U.S. Conference on AIDS (USCA), to be held in New Orleans, Louisiana, September 18th through the 21st. NMAC is the largest national organization dedicated to addressing the challenges of HIV/AIDS within the minority community. In 2004, NMAC is recommitting itself to fighting AIDS at home through programs that educate minority populations about how not to spread AIDS. HIV infection rates in the U.S. are rising exponentially among minority communities; in 2001 a Hispanic person was almost four times as likely as a Caucasian person to be diagnosed with AIDS, and an AIDS diagnosis was nine times more likely for an African-American person than for a Caucasian person. African-Americans made up only 12.5 percent of the U.S. population in that year, but accounted for 42 percent of cases of those living with AIDS.

---Randall W. Maxey, M.D., new president of the National Medical Association---The National Medical Association (NMA) installed Randall W. Maxey, M.D., Ph.D. of Los Angeles, California as its 104th president at its Annual Convention and Scientific Assembly in Philadelphia, Pennsylvania. In his address to the convention's delegates, Maxey told the group "we are in a crisis-a crisis that impacts not only our patients but also our doctors. The economic plight of Black physicians and our patients is a major concern. "Maxey said, "The loss of practicing physicians in the African American community also negatively impacts patients. Patients may have to seek physicians outside of their communities; they may have to find a physician willing to take on new patients or one who has the interest or cultural competence to understand and address their special needs".

---Russell Simmons in Atlanta, "Tour for Success", August 20 ----
Entrepreneur Russell Simmons, CEO of Rush Communications - the 2002 BLACK ENTERPRISE Company of the Year - has joined forces with Global Diversity Group, Inc. and Volvo Cars of North America to bring the "Global Diversity Group Business Exchange: 2003 Tour for Success" to emerging minority entrepreneurs and small business owners across the country. Now in its second year, the ten-city tour will come to Atlanta on August 20, 2003 from 9:00 a.m. - 10:00 p.m. at the Atlanta Hyatt Regency. 265 Peachtree Street NE. Atlanta, GA 30303. Last year's event featured Earvin "Magic" Johnson. Global Diversity Group will be hosting free interactive seminars from 9:00 a.m. - 6:15 p.m., focusing on key business issues and trends. Keynote speaker Mr. Tony Brown, President & CEO of Tony Brown Productions, Inc. and the host of PBS's "Tony Brown's Journal," will be speaking at the 12:00 p.m. - 2:00 p.m. Partnership for Progress Luncheon. The highlight of the day will be "Success Stories" featuring Mr. Russell Simmons from 6:30 p.m. - 8:00 p.m., which is free to the public. A VIP reception from 8:00 p.m. - 10:00 p.m. will conclude the event with live music, terrific food, great networking opportunities. For more information or to attend, contact Zona Roulhac at 1.888.265.6480.

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