Entrepreneurship Initiatives

White House Urban Entrepreneurship Summit. Whitehouse.gov blog

Urban Entrepreneurship Summit at Rutgers University (June 2011)
The purpose of the summit is to discuss best practices with urban entrepreneurs from across the country and hear their feedback on how the Administration and the private sector can best support their growth and success in the global economy.

Rutgers Business School’s Center for Urban Entrepreneurship & Economic Development (CUEED) and the White House Business Council, Office of Public Engagement and Domestic Policy Council partnered with Startup America Partnership, Mayor Cory Booker of Newark, Russell Simmons, the Fund for Public Advocacy – Office of the New York City Public Advocate, Operation HOPE, the Small Business Administration (SBA), the Minority Business Development Agency (MBDA), and the Department of Housing and Urban Development (HUD), for a day-long summit on ways to strengthen urban entrepreneurship.

Leaders from public and private sector united for all-day conference focused on unleashing ideas, urban entrepreneurship investment and the value of partnership

The Obama administration, leading non-profits and business experts gathered at Rutgers University’s Newark campus on Monday for the Urban Entrepreneur Summit to help minority entrepreneurs find ways to foster wealth within their communities. The event was a rare forum that allowed minority entrepreneurs to witness personal narratives of other successful minority entrepreneurs and obtain fundamental advice from both policy makers and investment entities.

“There is an urgency in America that is making this day not juts good but needed,” said Newark Mayor Cory Booker. Booker and other public officials highlighted the importance of transforming new ideas into wealth, benefiting from both the entrepreneur and his community at-large.

“Too many families in these communities are still struggling and we need to create more jobs,” said Don Graves, Executive Director of the President’s Council on Jobs and Competitiveness. “Entrepreneurship is critical to job creation, and it’s critical that the entrepreneurs that have the innovative ideas today will be able to turn those innovative ideas into the jobs of the future,” he added.

To make sure this initiative becomes certain, the Obama Administration, along with various non-profit organizations and start-up incubators, discussed steps they have taken to empower minority businesses and attempts to dilute some of the entrance barriers caused by tax codes, credit screenings, and even basic filing procedurse. 

Derek Douglas, who serves on the White House Domestic Policy Council discussed different policies the current administration is trying to implement on behalf of minority entrepreneurs. “We’re doing a lot of different things such as tax credit structures, small business resources, and alike to try to create more incnetives and grants and planning for state and local folks,” said Douglas.

Douglas, however, emphasized the nation’s tight economic budget, and highlighted the importance of taking advantage of policies that already exist. “We’re trying to get the most out of resources we have, make them more flexible and effective for minority businesses and communities. We’re trying to put them to good use on the ground.” Summit attendee Donna English, runs a New Jersey based bakery, and said before starting Just Deserts by Sparkle, she didn’t imagine the roadblocks she would ultimately face as both an African-American and a woman entrepreneur. However, she believes the summit has strengthened her business awareness, and has motivated her to elevate and expand her business.

“I’m with other entrepreneurs that are in the same situation I’m in,” said English, referring to what she gained from the summit. “It’s helpful when you want to throw in the towel, it’s when someone says something encouraging that helps keep you going.”

…Although the event had a catch-all “urban” branding, there was a clear emphasis on African-American entrepreneurship with speakers including hip-hop mogul Russell Simmons, Black Enterprise editor-at-large Alfred Edmond Jr., Carol’s Daughter CEO Lisa Price, financial literacy activist and Operation Hope founder John Hope Bryant, political commentator Jeff Johnson, and media entrepreneur Quincy Jones III. Breakout sessions included discussions on the barriers facing urban entrepreneurs (including existing federal regulations that may be a hindrance), creative funding solutions such as a possible “Urban Entrepreneurship Fund,” existing public-private partnerships available to entrepreneurs in underserved areas, and personal narratives from business owners who have successfully grown their companies from the ground up….

…The event, part of a series of Urban Entrepreneurship Forums being organized throughout the country, kicked off Monday morning at Temple’s Fox School of Business, with remarks from Mayor Michael Nutter. The Philadelphia forum was the fifth such event since the White House first launched the conference at Rutgers University on June 6.…The intent of the forum, like previous ones, was about action rather than pontification, with bigger picture keynote discussions trickling down into actionable takeaway-based roundtables about obtaining capital, creative funding and partnerships.

A National Summit on Building 21st Century Urban Innovation Ecosystems: Connecting Capital and High Growth Entrepreneurs. November 15-16, 2011. Rutgers Business School – Center for Urban Entrepreneurship & Economic Development
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The America21 Project (formerly Black Innovation and Competitiveness Initiative)
An open, collaborative and innovative platform that fosters solutions-based approaches to 21st century community economic development. Supported by three essential pillars of innovation:

  • STEM Education and Workforce Development
  • Access to Capital and Capital Formation
  • High-Growth Entrepreneurship

Seeks to leverage existing assets within Black American communities to create new opportunities and ensure competitiveness in the global Innovation Economy.
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Black Enterprise

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Create Jobs for USA
…Starbucks has teamed up with Opportunity Finance Network® (OFN) to help create and sustain jobs. The Create Jobs for USA program provides capital grants to select Community Development Financial Institutions (CDFIs). The CDFIs will provide loans to underserved community businesses, which include small businesses, microenterprises, nonprofit organizations, commercial real estate, and affordable housing. The goal of Create Jobs for USA is to bring people and communities together to create and sustain jobs throughout America.

The Create Jobs for USA program initially was seeded with a $5 million contribution from the Starbucks Foundation. People can support the initiative by making a donation to the Create Jobs for USA fund. Donations are accepted at company-operated U.S. Starbucks stores and online at createjobsforUSA.org. For donations of $5 or more, donors will receive an American-made “Indivisible” wristband.
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The Entrepreneurial Mindset Initiative – OIC of America
…Given the proven correlation between self employment and wealth creation, OICA is launching this focused initiative to encourage more African Americans to think like and become entrepreneurs. The Entrepreneurial Mindset Initiative is a contemporary re-birth of a proven legacy for success. OIC of America has trained over 2 million people nationwide since its origin. OICA’s founder, Rev. Leon Sullivan was a force in African American entrepreneurship and self-help when, in 1968, he built Progress Plaza in North Philadelphia–the first black owned shopping center in America. The project was funded by Philadelphia citizens, who invested in Rev. Sullivan’s 10/36 Plan. The plan involved thousands of individuals and families regularly contributing small sums of money to accomplish a shared goal for the benefit of the community.

We will recruit individuals from economically distressed communities. In so doing, we will challenge the notion that people without means cannot thrive in business in our society. While it may be harder for them to achieve success than for those with more, these individuals will demonstrate that they, too, with help, can be business owners, acquire wealth, employ others and contribute to their communities.

…The Entrepreneurial Mindset Initiative will be perpetually funded by an endowment which will be raised in two parts. The first $10 million will be raised from the community nationwide through OIC10, a funding initiative designed to turn 1 million, one time, ten dollar contributions into a $10 million endowment. The remaining $90 million is expected to come through “challenge grants” from foundations and interested individuals.

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The State of Black America 2012 Report – National Urban League

National Urban League – State of Urban Business 2011 Website

State of Urban Business 2011: US Cities that Lead the Way – Report
From the Executive Summary: 
NUL programs and initiatives that are helping to provide much needed technical assistance and financial support of urban businesses.

• The Entrepreneurship Center Program (ECP), in its 6th year of operation with nine centers operating in Atlanta, GA, Chicago, IL, Cincinnati, OH, Cleveland, OH, Jacksonville, FL, Kansas City, MO, Los Angeles, CA, New Orleans, LA and Philadelphia, PA.  Five of these nine locations are in cities that made our list of Top Metro Areas for Black-owned Businesses.  The services offered by the ECP assisted entrepreneurs in receiving $20.19 million in new bonding, new contracts and financing during 2010.

• New Market Tax Credit Program (NMTC)/Strategic Alliance between Stonehenge Community Development and the National Urban League through which we have deployed $352.5  million  of  the  allocations as of the 3rd quarter of 2011, closing 28 NMTC allocations in various states around the U.S. with investments ranging in size from $3 million to $25 million. This has lead to the creation or saving of more than 8,000 jobs nationwide.

• The Urban Empowerment Fund, a planned future endeavor of the National Urban League to fill a credit gap that has widened during the last two years, particularly in minority communities.  The Urban Empowerment Fund will invest in new and expanding small businesses, nonprofit organizations, community facilities and affordable housing development in underserved communities of color throughout the country.

The Chicago Urban League Youth Investor / Entrepreneur Project
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Operation HOPE
Operation HOPE is focused on urban entrepreneurship through an array of programs:

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The Urban Business Roundtable 
The Urban Business Roundtable (UBR) promotes engaging dialogue and debate about the impact of business and economic trends on the African-American community. UBR offers segments that inspire and inform entrepreneurs on business trends and opportunities. The program also explores insights from financial experts, business leadership, political leadership, and academia. UBR has formed an all-star line-up to create a hub for entrepreneurs that helps them navigate, survive, and thrive in the current economy.
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Urban Entrepreneur Partnership
The UEP, a program of the Kauffman Foundation, is a premium business solution distinguished by a unique and innovative one-to-one business coaching model designed to produce rapid return on investment. Our mission is to deliver world-class coaching in a cost-effective manner that assists the client in adjusting quickly to a fluid marketplace. The UEP connects clients to a network of coaches selected for their outstanding business and industry acumen and expertise. Many bring experience from prominent worldwide consulting firms known for focused, solution-oriented counsel.
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The Minority Business Development Agency 

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Minority Angel Investor Network 
A network of accredited investors with an interest and commitment to invest in high growth, minority owned or minority led companies. Minority Angel Investor Network is not a fund. It is a group of individual investors each of whom makes his or her own decision regarding investment in a specific opportunity.
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Comcast Minority Entrepreneur Accelerator Program

Partnership with DreamIt Ventures to provide seed funding, training, mentoring and other benefits to five minority-led startups through DreamIt’s accelerator program. The partnership with DreamIt, entitled the Minority Entrepreneur Accelerator Program (MEAP), is Comcast Interactive Capital’s first investment initiative from the $20 million fund created by Comcast as part of the NBCUniversal transaction that is committed to expanding opportunities for minority entrepreneurs.
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Network For Teaching Entrepreneurship (NFTE)
The Network for Teaching Entrepreneurship’s mission is to provide programs that inspire young people from low-income communities to stay in school, to recognize business opportunities and to plan for successful futures.
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The Enterprise Center Capital Corporation (TEC-CC) 
Provides access to capital, business financing, and technical assistance to women and minority entrepreneurs with high growth potential. TEC-CC targets businesses that are located in low income, urban communities. The minority business population, with a focus on African American-owned businesses, is growing at a substantial rate. However, capital access remains a large obstacle for many minorities trying to start or grow their enterprises. In order to combat racial disparity in the current lending environment, a significant portion of TEC-CC’s investment dollars are targeted at minority-owned businesses. 
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Social Compact
Social Compact is a nonprofit, nonpartisan organization formed by coalition of business leaders from across the country committed to promoting successful investment in lower-income communities. Working in close partnership with community and corporate leaders over the past decade and a half, Social Compact has pioneered the DrillDown™, a methodology to analyze inner-city markets and create accurate, business-oriented profiles of “emerging” neighborhood markets. Drawing on business disciplines and community strength, these DrillDown profiles have a strong track record of catalyzing sustainable, private investment, benefiting communities and businesses alike. Social Compact’s innovative research fills a void in the market: replacing outdated, deficiency-based data on lower-income communities with reliable market analysis to drive better investment decisions in underserved communities. The goal: safe and healthy neighborhoods in which to live and do business.
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National Institute for Urban Entrepreneurship
The National Institute for Urban Entrepreneurship is a Washington, DC based 501(c)3 nonprofit, nonpartisan corporation that develops and implements legal and entrepreneurship programs supporting the growth of viable, sustainable businesses by entrepreneurs. NIUE is a national catalyst for a culture of entrepreneurship, innovation and private sector economic growth in urban communities. Its programs not only build on the successful model of urban entrepreneurship clinical programs, but also provide a voice and advocacy for urban entrepreneurs and small business in the media, public 
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Institute for Entrepreneurial Leadership
Through IFEL business programs and services, we take a hands-on approach to helping entrepreneurs grow their businesses. During their time with us, we surround them with sophisticated expertise and advisory resources that would otherwise be available only to very well capitalized companies.
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Startup America Partnership
Bringing together a coalition of mentors, advisors, funders, major corporations and service providers to deliver strategic and substantive resources to help entrepreneurs start and scale companies. 
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SAGEGlobal
Under the helpful and guiding eye of their university business consultants and mentors, SAGE provides teenage SAGE teams with an opportunity to complete a socially-responsible business (SRB) or a social enterprise business (SEB). At the end of the academic year, the student teams showcase their efforts on a national and world stage. It is a free, non-membership service available to all advocates of education in private and social entrepreneurship.

SAGE Vision: A global community of teenagers creating better futures through social enterprises, socially responsible businesses and community service.

SAGE Mission: To help create the next generation of entrepreneurial leaders whose innovations and social enterprises address the major unmet needs of our global community.