Why black entrepreneurs go to Martha's Vineyard every August

Martha's Vineyard has long been a summer vacation destination for black families, but August in the community of Massachusetts Beach is becoming an important center for entrepreneurs, investors and black financial firms.

“I would say that magic is really about presenting its network to another person's network,” said Calvin Butts, founder of East Chop Capital, a private capital firm that bears the name of a neighborhood on the island. “We find great success by increasing capital there, we have also talked about our portfolio companies, we have done very, very good with the flow of treatment.”

A wide range of companies that include Disney, Cisco, Goldman Sachs, McDonald's, Google, FordMcKinsey and CNBC Parent Company Comcast They are organizing or sponsoring events focused on business in the vineyard this month.

The Black Economic Alliance is organizing an event called “The Meeting”, gathering corporate leaders to discuss ways to help increase opportunities for employees and black companies.

“The vineyard is a place to capture an audience that wants to have an intellectual and financial conversation about how to raise black culture,” said Melissa Bradley, general partner of the Bea de Venture Fund.

Martha's Vineyard became a popular holiday destination for black families more than a century ago with the opening of the first hotel that allowed black visitors, Sheare Cottage, in 1912.

Since then, black families have bought houses and created a community centered on the city of Oak Bluffs and Inkwell Beach, a name that is a wink to segregation on the island on the past.

This year, the Ralph Lauren clothing brand launched its Oak Bluffs collection seeking to recognize and capitalize on the history and prestige of the island that houses visitors such as Michelle and Barack Obama, Oprah Winfrey and Spike Lee.

Eden Bridgeman Sklenar, CEO of Ebony magazine, organizes an event with the founders of the Spirit brand black brand, the closest uncle and said that he sees the vineyard as a way of giving life to the history and future of the magazine for his target audience.

“For Ebony, being present in the vineyard in August is both strategic and personal,” Sklenar said in a statement. “It is an opportunity to connect with a powerful cross section of our community, deepen significant relationships and position the brand not only as a cultural icon, but as an impact, visibility and growth of a modern business.”

Donae Burston, founder of the Fête du Rosé, said that it also sees the culture of the Martha vineyard community as an organic way to increase sales between a consumer base that aligns with its marketing as a luxury brand.

“For us it would mean having the acceptance of people in Martha's vineyard,” said Burston. “Being able to go to Martha's Vineyard and concentrate on [high-net-worth] Individuals from all over the world who appreciate wine: their visibility is helping them become evangelists to return home and spread the gospel. “

For four generations, Erin Goldson and his family have spent summers in Martha's Vineyard. This year he is launching a new event called “Vineyard Icon Awards”, sponsored by Diageo and Estee Lauder. The honoree are business and political leaders who are helping to shape August in Martha's Vineyard as a place where culture and trade are found.

“In the last five years, many companies are realizing that there are a lot of successful, successful and promoted black professionals, who decide to come to the vineyard in August,” Goldson said.

“You can come to the vineyard to rest and relax,” he said. “But every year there is also a growing legacy, where black ambition and aspiration are celebrated in a unique way.”

Disclosure: Comcast is the parent company of CNBC.