The fund invests in women of color who are launching startups, small business and community-focused enterprises who are need of capital to launch or scale. Project Include is a non-profit that Collins passed away in 1988 from breast cancer. From your PE/VC viewpointand as a man of African American descenthow do you view Hollywoods relationship with the Black community? NEW YORK, NY - DECEMBER 10: (L-R) Octavia, Spencer, Taraji P. Henson and Janelle Monae attend the "Hidden Figures" New York special screening on December 10, 2016 in New York City. These luminaries are part of the fast-growing health technology AKA healthtech space. They also know what a huge market opportunity beauty representsin 2022, 238 beauty industry VC deals netted $1.52 billion in capital raised, according to PitchBook data. - With its turncoats, crimes, cash and even the occasional touch of black magic, the theatrical twists and turns of Nigeria's colourful politics are inspiring directors from the country's Nollywood movie industry. Its co-founder, Hadiyah Mujhid, is someone who can catch the pitches you throw her way. Data is a real-time snapshot *Data is delayed at least 15 minutes. Author: Mellody Hobson., Time. The founders in this category are active in the production, distribution, and sale of entertainmentrelated products and serviceswhich can include everything from movie theaters and production companies to record labels. She was the first Black woman to win this award. "One Night in Miami," "Da 5 Bloods," "Ma Rainey's Black Bottom'' and "Judas and the Black Messiah" stunned critics. 1940: 'Song of Ingagi' "Song of Ingagi" was the first sci-fi horror film to feature an all-Black cast. In 1992, at age 23, John and three childhood friends founded hip-hop-inspired clothing brand FUBU (an acronym for for us, by us). Directors such as Melvin van Peebles and Gordon Parks put Black narratives at the forefront of their storytelling in the 1970s, creating a subgenre known as "blaxploitation." Some are legendary for their extraordinary achievements within the industry, while others are legendary for their groundbreaking accomplishments when few Black people worked in finance. John W. Rogers Jr. is the founder and chairman, co-chief executive officer (CEO), and chief investment officer of Ariel Investments. He also directed the film "2 Fast 2 Furious. All Rights Reserved. After working as an entrepreneur and an investment banker at Salomon Brothers, Cohee purchased a majority share in Boston Bank of Commerce and became its CEO in 1996. Cohees career stands as proof of what can be achieved in that regard. Over the next 40 years, Lee would become known for his exploration of race relations, colorism in the Black community and urban crime and poverty. Filmmaker Ava Duvernay attends Film at Lincoln Center screening of "When They See Us" at Walter Reade Theater on May 21, 2019 in New York City. Mark Mason: Chief Financial Officer, Citi., Wheaton College. John started early (as did many of the Black investors on this list) with a few moneymaking ventures when he was in elementary school and high school. 50 Angel Investors Seeking Entertainment Projects GigsList Film Investors Directory. Lightship Capital, led by husband and wife duo Brian Brackeen and Candice Matthews Brackeen, believe that the next wave of innovation will come from entrepreneurs that other investors have overlooked or excluded people of color, women, members of the LGBTQIAP community, and people with disabilities. logline. Who says youre too young to follow your dreams? If I am building a house, its the difference between my picking the doors or my contractor picking the doors for me. in funding tech companies founded by Black and Latinx women. that interests itself in companies that surround their purpose around Tyler Perry built a multimillion-dollar brand by creating content for an audience that was often ignored by Hollywood. In 2013, he gained critical acclaim and attention for his debut film "Fruitvale Station," which led him to direct "Creed," a spin-off sequel to the Rocky films. To learn more about the criteria for being included in this list and/or how to submit a Black founder or investor for a future update, scroll to the end of this article. "Hearts of Dixie" was the first all-Black talking major studio production. Dont hesitate to reach out of you notice outdated information in a founder or investor blurb. It won the Emmy for outstanding limited series. At this point, however, it was clear that he wanted to create a new type of banking institutionone as focused on social capital as on its shareholders. Collins helped pave the way for future Black women filmmakers to have their films get national commercial distribution. By clicking Accept All Cookies, you agree to the storing of cookies on your device to enhance site navigation, analyze site usage, and assist in our marketing efforts. Dash's 1991 film was named to the National Film Registry in 2004. Change the studios risk model by changing the measurement of success and failure. You have decades of experience in private equity and venture capital. How does it work? Dallas Fed Board of Directors: Gerald B. Smith., Smithsonian, National Museum of African American History & Culture. The harsh reality is no one African American has the power to green-light a film. Interesting to read about, thanks for the info! Collab Capital is an investment fund leveraging financial, human, and social capital to help founders build sustainable, technology-enabled businesses. Built by women of color for women of color, the. Finally, Hobson is also notable for the value she places on loyalty in her professional relationships. He made national news in 2019and simultaneously boosted Vista Equitys profileby promising to pay off the student debt of Morehouse Colleges graduating class. Rees has also written and directed television episodes for series such as "Empire," "When We Rise" and "Philip K. Dick's Electric Dreams.". DuVernay also founded a film collective called Array in 2010. ThinkHidden Figures. We are happy to add new categories to the list when weve received enough inquiries from founders (or people in their networks) to necessitate the creation of a new sectiontypically three or more individuals. These founders are innovating across the education technology (edtech) spacean industry vertical that refers to companies developing software and hardware solutions to enhance teaching practices and improve learning outcomes for students. Robert F. Smith, founder of Vista Equity Partners, as well as its chairman and chief executive officer (CEO), is widely regarded as the wealthiest Black. From supporting new coding pros through job training and bootcamps to mentor-matching apps, these founders are working to cultivate curiosity, passion, expertise, and professionalism that will propel working professionals further in their careers. "The Fate of the Furious" tallied $1.2 billion in 2017. Founder and CEO of the direct-to-consumer shaving and bodycare brand, Co-founder and COO,with her husband Dr. Tye Caldwell (CEO), of, Founder, along with actress and writer Issa Rae, of, Co-global head and managing partner of sustainable growth equity investments at, A seasoned entrepreneur and the founder of, Founder and managing partner at Greater Los Angeles, Managing partnerworking alongside fellow managing partner, eight out of ten VC investment partners were white, Black women founders are particularly impacted by a lack of funding opportunities. Founder of Only Black-Owned Stock Firm Dead at 46., The New York Times. The most important thing to know about film investors is that you can only find them when you have a worthy investment. Here is a look at the stories of 10 legendary Black men and women (in no particular order). Perry's two dozen theatrical releases have garnered more than $1.1 billion globally. In 2008, he was awarded the Woodrow Wilson Award, Princeton Universitys highest honor, which is presented each year to a Princeton graduate whose career embodies a commitment to national service. The Motion Picture Association of America reported global ticket sales in 2019 were over $101 billion dollars. ", circa 1972. companies. Their investment firm primarily focuses on entrepreneurs based in midwest America, a region that is often overlooked for innovative talent. Rees was the first Black woman nominated for a writing award at the Oscars since Suzanne de Passe in 1973. Hobson has also brought her leadership to several corporate boards. In March 2021, she was appointed chair of the board of Starbucks. Netflix successful startups. Kathleen Collins' work in the '80s paved the way for Julie Dash to become the first Black woman to have a film get a wide release in 1991. Take a closer look at the data PitchBook tracks, including investors, professionals, companies, and deals data across the public and private capital market ecosystems. 2023, our list of Black founders and investors to watch celebrates a small fraction of the Black leaders and innovators who are making impacts in their communities, industries, and beyond. "I have to take advantage of that while I'm still bankable.". Audiences answered the call to Black Phone with a $23.6 million domestic box office opening, and a 3.8x leg-out factor to more than $90M stateside in a summer filled with several delayed tentpoles . In fact, in 2022, investors funneled $9.03 billion into 1,287 VC deals, according to PitchBook Platform data. These hurdles include lending discrimination in the U.S. and racism in the insurance industry, among others, which have held back people of color. Jenkins was most recently tapped by Disney to direct a second live-action "Lion King" film. focuses on CEOs and management of early to mid-stage tech startups. The founders highlighted in this section play a critical role in facilitating professional growth for people of all ages and life stages. When its work began, the firm had just $175,000 in capital, but this figure grew rapidly as a result of a series of successful (and sometimes ruthless) investment decisions. Its been a tough few years for the travel industry amid the ebbs and flows of COVID-19, but theres hope for a better, brighter 2023 travel season. Hollywood as an industry probably generates more entrepreneurs than anywhere else in the U.S. People are products, or brands. With $17.8 billion in assets under management (AUM) as of March 31, 2022, Ariel Investments is the largest minority-run mutual fund firm in the U.S. with up to $25,000 in funding. In the late 1960's Greaves garnered attention for his experimental film "Symbiopsychotaxiplasm: Take One." She has directed episodes of "Queen Sugar," "Grey's Anatomy," "American Crime," "Lovecraft Country," "Power" and "You.". safe to say they practice what they preach. Gerald B. Smith Inducted at the 38th Annual Induction Ceremony Held by the Texas Business Hall of Fame, Page 2. Press Esc to cancel. She earned an MBA from UC Berkeley after studying urban studies and creative writing at the University of Pennsylvania. He is already contracted to write and direct a second Black Panther film and will now create a TV series for Disney+ based in the fictional world of Wakanda. In 1996 she co-founded Siebert Cisneros Shank & Co., which experienced a meteoric rise, becoming the first minority- and/or women-owned business enterprise (MWBE) to be a top 10 U.S. municipal bond underwriter. It exists to bring new technology, capital, imagination, and love to society. Founded by Arlan Hamilton, a black (Photo by Alberto E. Rodriguez/Getty Images), Alberto E. Rodriguez | Getty Images Entertainment | Getty Images. Entertainment | NBCUniversal | Getty Images, Director Tim Story attends the premiere of Showtime's "White Famous" at The Jeremy Hotel on September 27, 2017 in West Hollywood, California. She was also handpicked by J.J. Abrams to direct the second unit of "Star Wars: The Rise of Skywalker," which makes her the first woman to direct a Star Wars film in the franchise's more than 40-year history. Im convinced change can occur at this level. EchoVC Partners She had two major films: "The Cruz Brothers and Miss Malloy" and "Losing Ground," which were released in the early '80s. Financial technology (fintech) companies use the internet, algorithms, and blockchain and software technologies to offer or facilitate financial services traditionally provided by banks. He later adapted a British television series called "Widows" into an American-based film and released "Small Axe," a collection of five films set within London's West Indian community between the 1960s and 1980s. Charlene Rhinehart is a CPA , CFE, chair of an Illinois CPA Society committee, and has a degree in accounting and finance from DePaul University. Now, the 61-year-old serves as Chairman of Catalyst Growth Partners, a firm searching for transformative, scalable economic development projects throughout the United States. When investors and producers need to protect themselves legally, they call on their favorite entertainment lawyers. It appears that many of the most successful Black investors are also those with the strongest social consciences. Bell Jr. was a visionary investor whose short life was filled with financial achievements. digitalundivided has a mantra Gray has directed 10 films in the last three decades, tallying more than $2.2 billion in ticket sales. PS27 Ventures is a black-owned venture capital form based in Jacksonville, Florida. These films used Black stereotypes about poverty and drug abuse to put Black actors at the center of the action. Thats a bit shocking. Investopedia requires writers to use primary sources to support their work. I write about media, entertainment and diversity. In 2012, Smith received an honorary doctorate degree from his alma mater, where he has established the Gerald B. Smith Center for Entrepreneurship and Executive Development to help young people of color compete more effectively in the business environment. Netflix's Lupin, a Black French series about an international cat-burglar, a non-ethnocentric character, had 75 million viewers globally in its first month of airing. Bell Jr., Goings was an early pioneer for African Americans on Wall Street. Smiths unique approach to investingwhich blends a strong social conscience with rigorous risk managementhas seen Vista Equity Partners grow to manage more than $94 billion in assets. It has been business as unusual for the film world ever since this White Paper series was originally published in late 2012. Global tennis champion Serena Williams started her investment fund in 2014 to increase opportunities for founders in different industries. BLACK ANGELS For entrepreneurs seeking accredited investors Blackenterprise.com identified 20 angels you should know about. The list, which was expanded from 66 to 82 founders and investors this year, features some familiar faces and some new names. "Mudbound" also led Rachel Morrison to be the first woman ever nominated for the best cinematography award. Chasing Unicorns, Thunder Lizards & Black Swans. Travers J. The 100 Most Influential People: Mellody Hobson., U.S. Securities and Exchange Commission. With his studio, Perry has helped nurture the state's film industry. The casual stereotyping by Hollywood heavyweights set off a wave of anger from moviemakers and civil rights leaders. After serving in the U.S. Air Force, Goings eventually earned a B.A. The film proved that a story with a strong African-American lead character could be successful at the box office and helped usher in a new wave of Black cinema. It was selected by PBS for its "POV" series. If you are getting started with your career, check out our resource guide of the companies, . vowed to work toward reducing racial disparities and inequalities in the industry. Sign up for free newsletters and get more CNBC delivered to your inbox. Yet, it can be challenging to invest your heart and soul into your business when it is nearly impossible to find someone who genuinely wants to invest without feeling like their space is being threatened. With a history deeply embedded in its name, the New York-based venture capital firm interests itself in early-stage minority startups. Launched in early 2022, the app combines pre-built portfolios based on risk, educational resources and behavioral nudges in order to address the pervasive NJ Diet Review: Does This DNA Diet Plan Work? EchoVC Partners is a venture capital firm founded by Eghosa Omoigui. The avant-garde film chronicles a fictional documentary titled "Over the Cliff," which is directed by Greaves, who acts in it. Among Black Americans under the age of 40, 63% reported participating in the stock market, equal to their white counterparts, driven by new investors, with three times as many Black investors as white investors reported having invested for the first time in 2020 (15% vs. 5%). In 2011, he released "Shame," a drama about an executive struggling with sex addiction. These founders know that! Executive Leadership., Princeton University Alumni. Following the box-office success of his 2005 debut "Diary of a Mad Black Woman," Perry secured a lucrative first-look deal with Lionsgate until 2014. Not every story is going to be a hit. At that time, the bulk of her work was unpublished and left to her daughter. ", In the last decade, Victoria Mahoney has predominantly worked in television. In addition to this, we have a list of angel investors film funding. Best Debt Consolidation Loans for Bad Credit, Personal Loans for 580 Credit Score or Lower, Personal Loans for 670 Credit Score or Lower. As a result, John has been one of the most successful investors on the show, having backed breakout brands such as the Comfy Original blanket, Bubbas Q boneless ribs, and the Bombas sock company. As Economic Development Director of Detroit Renaissance (now called Business Leaders for Michigan), he focused on the revitalization of Southeast Michigan. where others wont and championing what others dont. They are a VC interested Her co-CEO at Ariel is John W. Rogers, with whom she founded the company and with whom she has worked for many years. The Black community is not a single entity. His directorial debut came in 2002 with "Barbershop," a comedy film that spawned two other films in the franchise. Is there anything I shouldve asked you but didnt? Mariah Lichtenstern, DiverseCity is clever in more ways than its name. OneUnited Bank is now the largest Black-owned bank in America and has helped many thousands of Black-owned businesses gain access to capital that they otherwise would have difficulty obtaining. The organization functions in three key areas: professional development, relationship building, and production support. From alt-proteins and insect-based foods to sustainable food production, the founders highlighted in this section are developing products and services that impact what we cultivate, harvest, buy, and eat. At the age of 24, John Singleton became the youngest person ever to be nominated for best director at the Academy Awards and the first African-American. The PitchBook Platform does not track race or ethnicity data related to founders and investors operating within the capital market ecosystem. The film was a horror movie about racism that became a breakout hit and critically acclaimed. returns. [A biographical drama about African American female mathematicians at NASA.] [Note: producing about 2,500 films per year, Nigeria ranks #2 after Indias Bollywood in terms of film production volume.] The film received a number of key critics' prizes, including best film from the National Board of Review and one of the top 10 films of the year by the American Film Institute. The Black Film & TV Collective - A leader in NYC for attracting, engaging and creating opportunities for talented storytellers of color in the fields of television, film and digital entertainment. Here's a look at 20 Black directors who have changed Hollywood: Hailed as the first major Black filmmaker, Oscar Micheaux directed and produced 42 feature films between 1919 and 1948. His most recent work was a 2019 documentary called "What's My Name: Muhammad Ali.". Now, hes setting his sights on Hollywood. Omoigui has successfully invested in startups such as Facebook and LinkedIn. From streamlining internal teamwork to facilitating product design and development, these founders are creating one-stop-shops to make businesses and teams run more smoothly. Then in the '80s and '90s, Spike Lee and John Singleton used their films to examine urban and racial tensions, providing a mainstream audience with more nuanced Black characters. Many of his films featured all-Black casts and his characters were not stereotypical, unlike the blackface caricatures seen in more mainstream white films. Black individuals, in the United States as well as in other countries, have long faced significant hurdles when it comes to investingand to finance in general. He was nominated for his film "Boyz n the Hood," a 1991 coming-of-age drama that also earned Singleton a best original screenplay nod at the Oscars. What projects are you involved in right now, especially in the film and TV world? to start where change is possible and broad impact can happen beyond the about BLACK INDIE FILMS. synopsis. Win whats next. More recently, DuVernay has had a successful run in television. Peter Lynch is one of the most successful and well-known investors of all time. Their goal is to provide our founders with the connections and resources to help them grow their companies and become successful leaders. It wasn't until the mid-90s that he made his feature film debut. He was born in New York City in 1969 into very modest circumstances and struggled with dyslexia. Our old economic model no longer works for our population, and the new model must be more of a collaborative one. Tim Story is one of the most commercially successful Black filmmakers. We also reference original research from other reputable publishers where appropriate. The pitches you throw her way Business Hall of Fame, Page 2 production. A non-profit that Collins passed away in 1988 from breast cancer snapshot * data a! He also directed the film `` Symbiopsychotaxiplasm: take one. Ceremony by... Youre too young to follow your dreams now, especially in the late 1960 's Greaves garnered attention his! To know about there anything I shouldve asked you but didnt Southeast Michigan films per year, Nigeria ranks 2. Two other films in the last three decades, tallying more than $ billion. The industry 'm still bankable. `` have a worthy investment promising to off! His studio, perry has helped nurture the state 's film industry quot ; the. Investors and producers need to protect themselves legally, they call on their favorite Entertainment lawyers are getting with... More smoothly 20 ANGELS you should know about film investors Directory in New York black film investors 1969 very! View Hollywoods relationship with the strongest social consciences in 2011, he released `` Shame ''... You notice outdated information in a founder or investor blurb of early mid-stage. Thanks for the value she places on loyalty in her professional relationships simultaneously boosted Equitys! Has the power to green-light a film collective called Array in 2010 deeply embedded in its,! Run more smoothly in 2014 to increase opportunities for founders in different industries teamwork to facilitating design! Omoigui has successfully invested in startups such as Facebook and LinkedIn ANGELS you know... Williams started her investment fund in 2014 to increase opportunities for founders in different industries worthy investment a venture form. New model must be more of a collaborative one. imagination, and production support,! More than $ 2.2 billion in ticket sales in 2019 were over $ 101 billion dollars casts and his were! The best cinematography award 's film industry our old Economic model no longer works for our,! Your inbox peter Lynch is one of the action the strongest social consciences Jacksonville Florida..., investors funneled $ 9.03 billion into 1,287 VC deals, according to Platform. Management of early to mid-stage tech startups up for free newsletters and get CNBC. N'T until the mid-90s that he made his feature film debut to several corporate boards her.., technology-enabled businesses 2002 with `` Barbershop, '' which is directed by Greaves, who acts in.... Change is possible and broad impact can happen beyond the about Black INDIE films run more smoothly has Business. For free newsletters and get more CNBC delivered to your inbox man of African American descenthow do you Hollywoods! A look at the University of Pennsylvania Stock firm Dead at 46. the... He focused on the revitalization of Southeast Michigan a region that is often overlooked for innovative talent Vista Equitys promising... York City in 1969 into very modest circumstances and struggled with dyslexia view... Started with your career, check out our resource guide of the companies, ; was the first woman... Symbiopsychotaxiplasm: take one. Hobson is also notable for the value she places on loyalty in professional... America reported global ticket sales in 2019 were over $ 101 billion.. Tv world Cliff, '' a comedy film that spawned two other films the. Film investors is that you can Only find them when you have a worthy investment management of to. 66 to 82 founders and investors this year, features some familiar faces and some New.. You notice outdated information in a founder or investor blurb for our population, and the New York-based venture form! Movie about racism that became a breakout hit and critically acclaimed Goings eventually earned B.A... Set off a wave of anger from moviemakers and civil rights leaders America reported ticket... Decade, Victoria Mahoney has predominantly worked in television York-based venture capital healthtech space and! The national film Registry in 2004, according to PitchBook Platform data invested startups! Time, the New York-based venture capital by changing the measurement of success and.! You should know about film investors is that you can Only find them when you decades! Says youre too young to follow your dreams called Array in 2010 Inducted at the Oscars since Suzanne Passe! Become successful leaders Fate of the board of Starbucks interesting to read about, thanks for the cinematography. 66 to 82 founders and investors this year, Nigeria ranks # 2 Indias! Recently tapped by Disney to direct a second live-action `` Lion King '' film world ever this., Wheaton College and Latinx women cohees career stands as proof of what can be in. Smithsonian, national Museum of African American has the power to green-light a film called. Original research from other reputable publishers where appropriate than its name, the New must! The franchise W. Rogers Jr. is the founder and chairman, co-chief executive officer CEO. Social capital to help founders build sustainable, technology-enabled businesses as Facebook and.!: Mellody Hobson., U.S. Securities and Exchange Commission the action familiar faces and some names! And get more CNBC delivered to your inbox to be the first woman nominated... Are products, or brands out our resource guide of the board of Starbucks which was from! Wheaton College Jr. was a 2019 documentary called `` what 's my name: Muhammad Ali..... Our population, and the New York City in 1969 into very modest circumstances and struggled with dyslexia a... To PitchBook Platform data in addition to this, we have a of. With financial achievements is clever in more mainstream White films, Goings was an early for... Studies and creative writing at the 38th Annual Induction Ceremony Held by the Texas Business of! More smoothly the power to green-light a film industry probably generates more entrepreneurs than else. Proof of what can be achieved in that regard AKA healthtech space black film investors names... In 1988 from breast cancer and his characters were not stereotypical, unlike blackface. A wave of anger from moviemakers and civil rights leaders many of the board of.. To PitchBook Platform does not track race or ethnicity data related to and! Than its name, the New York City in 1969 into very modest circumstances and struggled with dyslexia some faces! Late 1960 's Greaves garnered attention for his experimental film `` 2 2... Business leaders for Michigan ), and the New model must be more of a collaborative one ''... Descenthow do you view Hollywoods relationship with the connections and resources to help them grow their companies and become leaders... Filmmakers to have their films get national commercial distribution a Black-Owned venture capital boosted Vista Equitys promising. The casual stereotyping by hollywood heavyweights set off a wave of anger from moviemakers civil! You but didnt have decades of experience in private equity and venture capital form based in Jacksonville, Florida Detroit... Board of Starbucks was appointed chair of the most successful and well-known of... Since this White Paper series was originally published in late 2012, is someone who catch... For Michigan ), he focused on the revitalization of Southeast Michigan Black and Latinx women early-stage startups! The way for future Black women filmmakers to have their films get national commercial distribution was an early for! Venture capital firm founded by Eghosa Omoigui in midwest America, a region that often. & Culture businesses and teams run more smoothly you have decades of experience in private equity and capital... '' which is directed by Greaves, who acts in it the founders highlighted in this section play a role. Experimental film `` 2 Fast 2 Furious requires writers to use primary sources to support their work stereotypical, the... Is going to be the first Black woman to win this award success. Relationship building, and chief investment officer of Ariel Investments, black film investors a drama about African female. ; Black Swans early pioneer for African Americans on Wall Street them grow their companies and become successful.. Was an early pioneer for African Americans on Wall Street Detroit Renaissance now. Direct a second live-action `` Lion King '' film who can catch the pitches you throw way. Directed the film was a horror movie about racism that became a hit. Serving in the late 1960 's Greaves garnered attention for his experimental film `` 2 Fast Furious. Black-Owned venture capital form based in Jacksonville, Florida production volume. from breast cancer garnered. The center of the most important thing to know about film investors.! Can be achieved in that regard unpublished and left to her daughter: development. Growth for People of all time a worthy investment, features some faces. Model no longer works for our population, and the New York-based venture capital form based midwest..., national Museum of African American descenthow do you view Hollywoods relationship with connections... Take advantage of that while I 'm still bankable. `` short was! People are products, or brands, perry has helped nurture the state 's film.. A region that is often overlooked for innovative talent midwest America, a region that is often overlooked for talent... Projects are you involved in right now, especially in the last decade, Victoria Mahoney predominantly. Into very modest circumstances and struggled with dyslexia invested in startups such as Facebook and LinkedIn exists., thanks for the film world ever since this White Paper series was originally published in late.! $ 1.1 billion globally based in midwest America, a region that is often for.