Doug Spencer Jr. ’16 & Danielle Deavens ’16 work to support and empower Black-owned businesses as part of their venture, Bold Xchange.
Doug Spencer Jr. ’16 had already enrolled in his dream law school in 2019 when a summer job at a law firm changed his mind. “It didn’t fit; it didn’t feel right to me,” Spencer says. “I called [the law school] and told them ‘thank you, but I’m not coming.’”
After passing on law school, he published a post about the difficult decision on a friend’s blog. His story garnered a great deal of attention and encouraged others to reach out to him for advice in making their own bold moves. After that experience, he decided to partner with his journalist girlfriend, Danielle Deavens ‘16, to start a blog of their own, “The Curatours,” which focused on young Black people doing notable work.
Around that time, Deavens was checking off presents from her Christmas list when a friend told her about a Black-owned formal wear company that would be a great place to buy a pocket square for her father. Deavens enjoyed the shopping experience so much she decided to buy all of her family’s presents that year from Black-owned businesses, but she was surprised by how difficult it was to find businesses to support.
That’s when the idea for their latest venture started to take shape. By February 2020, Deavens and Spencer launched Bold Xchange, an online retail shop marketing products exclusively sourced from Black-owned businesses. The project combines their passion for sharing stories of Black excellence with their goal of supporting Black business owners. “It was kind of born out of knowing these great Black-owned businesses existed, knowing it was a personal connection that led me to them, and wanting it to be a more accessible and simple experience,” Deavens says. “It all kind of started there.”
Bold Xchange offers a convenient way to find Black-owned businesses across the country and promises fast shipping, no hidden fees, vetted products and thoughtfully crafted rewards. Deavens and Spencer research and acquire products from brand partners, market them and handle fulfillment of every order themselves. It’s no simple task, but the opportunity to help good businesses break down barriers far outweighs the work required, they say. “You’re reminded every day about how meaningful this is because you’re working with people who are also nourishing their baby,” Spencer says. “Their business is something they’ve put so much time into.”
Bold Xchange’s work with Black-owned businesses has already earned the company national attention. It has been featured by TODAY.com and partnered with Home Depot to curate a Black History Month box, containing Black-owned products, to be shipped to customers and influencers. Deavens and Spencer also received a $50,000 equity-free Arch Grant to relocate Bold Xchange to St. Louis, Missouri, and use warehouse space there to grow their business further. The most meaningful aspect of their first year of business, however, has been the opportunity to help Black-owned businesses thrive, even amid a global pandemic.
It’s so rewarding to talk to brand partners who say, ‘I had a banner year, and I couldn’t have done it without you guys.’ That’s the dream, that you help somebody have a really great year. — Danielle Deavens ‘16
The summer of 2020 gave the couple’s work new meaning. As cries for social justice rang out across the nation, Bold Xchange saw a spike in visitors looking for ways to support Black-owned businesses. With the increased interest, the shop frequently ran out of inventory, and Deavens and Spencer even struggled to keep a supply of shipping boxes in stock. But, the success of their business wasn’t front of mind at that moment. Their focus was on making a statement. “We want to be a part of convincing people that this is something they should care about forever,” Spencer says. “So for both of us, it’s like, ‘yes, we’re supporting these entrepreneurs, but how do we engage with people who are now paying attention and help them understand that this isn’t a fad, it isn’t fleeting?’”
Deavens and Spencer are continuing on with that message in mind, as they form strong personal connections with the Black business owners who help make Bold Xchange a success. They’ve spent time learning about their stories, their concerns and their dreams, and the couple hopes to see brand partners reach their personal and business goals through Bold Xchange.
“If we’ve done this in one year, where will we be in five? Where will we be in 10?” Deavens says. “We have really lofty goals for Bold Xchange, so to be able to start to see even some of those come true is incredible.”