Why Black entrepreneurs flock to Martha's Vineyard every August

Sign at Martha's Vineyard Airport, Massachusetts Cindygoff | Istock | Getty ImagesMartha's Vineyard has long been a summer vacation destination for Black families, but August in the Massachusetts beach community is becoming an important hub for Black entrepreneurs, investors and financial firms, too."I would say the magic of it is really introducing your network to someone else's network," said Calvin L

Butts Jr., founder of East Chop Capital, a private equity firm named after a neighborhood on the island. "We found great success raising capital there, we've had our portfolio companies speak as well, we've done very, very well with deal flow."A wide range of companies including Disney, Cisco, Goldman Sachs, McDonald's, Google, Ford, Mckinsey and CNBC parent company Comcast are hosting or sponsoring -focused events on the Vineyard this month.The Black Economic Alliance is hosting an event called "The Gathering," bringing together corporate leaders to discuss ways to help increase the opportunities for Black employees and companies."The Vineyard is a spot to capture an audience who wants to have an intellectual and financial conversation how to uplift Black culture," said Melissa Bradley, general partner of the BEA Venture Fund.Old traditions, new opportunitiesMartha's Vineyard became a vacation destination for Black families over a century ago with the opening of the first hotel that allowed Black visitors, Shearer Cottage, in 1912.Since then, Black families have bought s and created a community centered around the town of Oak Bluffs and Inkwell Beach, a name that is a nod to the segregation on the island in the past.Sign welcoming visitors to Oak Bluffs Massachusetts on Martha's Vineyard

Melissa Kopka | Istock | Getty ImagesThis year, clothing brand Ralph Lauren released its Oak Bluffs collection looking to recognize and capitalize on the history and prestige of the island that hosts visitors Michelle and Barack Obama, Oprah Winfrey and Spike Lee.Eden Bridgeman Sklenar, CEO of EBONY Magazine, is hosting an event with the founders of Black-owned spirit brand Uncle Nearest and said she sees the Vineyard as a way to bring the history and the future of the magazine to life for its target audience."For EBONY, being present on the Vineyard in August is both strategic and personal," Sklenar said in a statement. "It's an opportunity to connect with a powerful cross-section of our community, deepen meaningful relationships, and position the brand not just as a cultural icon, but as a modern driving impact, visibility, and growth."Eden Bridgeman Sklenar, CEO, Ebony & Jet, speaks onstage during EBONY Power 100 Gala 2024 at Nya Studios on November 17, 2024 in Los Angeles, California

Leon Bennett | Getty Images Entertainment | Getty ImagesDonae Burston, founder of La Fête du Rosé, said he also sees tapping into the culture of the Martha's Vineyard community as an organic way to grow sales among a consumer base that aligns with his marketing as a luxury brand."For us it would mean so much to have the acceptance of people in Martha's Vineyard," said Burston. "Being able to go to Martha's Vineyard and focus on [high-net-worth] individuals from all over the world who appreciate wine — It's visibility, it's helping them become evangelists to go back and spread the gospel."For four generations, Erin Goldson and her family have spent summers in Martha's Vineyard

This year she is launching a new event called the "Vineyard Icon Awards," sponsored by Diageo and Estee Lauder

The honorees are and political leaders who are helping to shape August on Martha's Vineyard as a place where culture and commerce meet."Over the last five or so years, a lot of companies are realizing that there is a wealth of successful, accomplished, driven Black fessionals, who decide to come to the Vineyard in August," Goldson said."You can come to the vineyard for rest and relaxation," she said. "But every year here there is also a growing legacy, where Black ambition and aspiration are celebrated in a very unique way."Disclosure: Comcast is the parent company of CNBC.