David L. Steward is an African American entrepreneur who founded World Wide Technologies and is its current Chairman. His net worth is $3.7 billion according to Forbes and he is the second richest black American in the United States.
David is a self-made billionaire and although he is from a humble background, he worked his way up the ladder of success to become one of the richest black Americans in the United States today.
In this article, we will look at the nature of his business and how he raised startup funds.
READ: There are only 15 black billionaires in the world, here are the top 10
David Steward and World Wide Technology
David Stewart is the CEO of World Wide Technology, a dominant ICT Company in the American space. He grew up in segregation and was at one point, the only black boy in his school.
His breakthrough business, World Wide Technology Inc. is a privately-held technology service provider based in St. Louis, Missouri. The company provides support services to government bodies and the private sector.
The company has an annual revenue of $13.4 billion and employs 7,000 people.
READ: Is Donald Trump still a billionaire?
How David raised money for his business
David Steward employed a business funding model called bootstrapping. This practically means starting a business with little personal capital, no investors, no inheritance, just good old starting from the scratch.
In 1990, he started his breakthrough business, World Wide Technology with his meagre savings. The company had only 7 employees and was in $3.5 million debt after few years. David often went months without a paycheck.
The company’s breakthrough came when David was advised to go into partnership with government bodies and top private firms. Today, the company has recorded over $12 billion in sales.
READ: Squarespace founder is the latest billionaire, set to make $3bn from listing his company
What you should know
Bootstrapping means building a company from the ground up with nothing but personal savings, and with luck, the cash coming in from the first sales. The term, bootstrap refers to a business an entrepreneur does with little or no outside cash or other forms of support.
David Steward slugged it out the good old fashion way, putting together a fraction of his own money to start a business. This model is quite common with many African Americans because they have the least wealth and capital compared to other groups in the country. The African American group also doesn’t have sufficient inheritance from earlier generations.
Inspiring article. I live the bootstrapping model. Happy to see this level of success among us. David is a pioneer.
Where can a person invest into your business?
To Go in business with the government has been a bad idea for most people but some Do dodge the bullet but not for the long run.
I tried to start a business and it’s not as easy as you think.My hat is off to you because you were determine.I wished I had stayed the course .I admired you and also proud you made it .Bless you and keep up the good work you deserve it.
I love that there is a term for what we do..”Bootstrapping”…I own my own Real Estate Business…Completely Black Owned and Operated…and I literally started by business with $1000.00…and old fashion hustle….I have the first “One Stop Shop” in Tenn..(Progressive Realty Services, LLC)…32 years later…We are still doing it… Kudos Mr. Stewart….Love to do some business with you someday… Leah Wooten, Broker/Owner…
Thank you so much David for your hard work, I’m so proud of you buddy ?????????
Mr. Steward,
My name is Patricia and I am a host on a podcast called Patio Talk, I was first inspired by your listed accomplishments, but your resilience and from where you came from to where you are now it what makes me marvel. Just a dream, but I would to live have you as a guest on Patio Talk.
My hats off to you..you and I started the business just about the same time. You and your team were more resilient and smart. You made it and I didn’t because you had a brilliant team that worked diligently with you. Wish you all more success in the coming years.
So very proud of you. Thanks so much for all that you do…God Bless!
Inspiring to me