Is your organization registered as 501(c)(3) status with the IRS?
YesWhere our solution team is headquartered or located:
Asheville, NC, USAWhich dimension of the Challenge does your solution most closely address?
What is the name of your solution?
Black Wall Street for Women of Color & All Mompreneurs
Provide a one-line summary of your solution.
Black Wall Street will prepare women of color to start, grow and scale businesses in marganlized communities.
What is your solution?
We will place carefully selected women of color including reentry individuals, women in recovery and mothers through a four-month business education program. This program is designed to teach them skills valuable in entrepreneurial settings, including financial literacy, an employment workshop, a business etiquette course and a Toastmasters class.
Participants will interact with business executives and take a final exam which involves a thirty-minute business-plan presentation. Graduates of this program are eligible to apply for an extended entrepreneurship program in which they compete for startup grants, business-pitch competition awards and micro-loans.
What specific problem are you solving?
Our program is designed to support all women of color. What makes our program unique is that we also have a successful track record of supporting "double marginalized women" into becoming successful entrepreneurs. These women are not only women of color, but also justice involved. High rates of recidivism in the United States negatively affect prisons, inmates, the government and tax-paying citizens. In 2013, the U.S. imprisoned 2,220,300 people. A Bureau of Justice Statistics study found that within three years of release, 67.8% of released prisoners were rearrested. Within five years, 76.6% of released prisoners were rearrested. Researchers typically link recidivism to unemployment, low levels of education, mental health
problems, inability to re-integrate into society after prison, impulsiveness, association with other criminals, family instability and as well as other factors.
High levels of recidivism costs states millions of dollars; A Pew Charitable Trusts study estimated that if 41 states cut their recidivism rates by 10%, they would save $635 million. On top of the monetary costs for the states, recidivism rates have a negative effect on families and communities
including family instability and a higher probability that a family will live in poverty.
Many women leaving the prison system are potential entrepreneurs. Inmates that took the Miner Sentence Completion Scale-Form T test, an assessment of entrepreneurial aptitude, scored higher than average entrepreneurs, slow-growth entrepreneurs and manager scientists.
However, there is a shortage of opportunities for marginalized groups of reentry individuals in the United States
Explain how the problem you are addressing, the solution you have designed, and the population you are serving align with the Challenge.
Our program is well-aligned with (1) Connecting small business owners and key stakeholders such as investors, local policymakers, and mentors with the relevant experience to improve coordination, collaboration, and knowledge bases within the small business ecosystem and (2) Assisting with access to capital, capital campaigns, and/or financial education and information.
We align with these strategies by using the following program elements:
We will place carefully selected women of color including reentry individuals, women in recovery and mothers through a four-month business education program. This program is designed to teach them skills valuable in entrepreneurial settings, including financial literacy, an employment workshop, a business etiquette course and a Toastmasters class.
Participants will interact with business executives and take a final exam which involves a thirty-minute business-plan presentation. Graduates of this program are eligible to apply for an extended entrepreneurship program in which they compete for startup grants, business-pitch competition awards and micro-loans.
We partner with investors, assign mentors, enter each candidate through an incubator program, and partner with places like Bowie State University and other community programs that further connect candidates with knowledge. We partner with investors, credit counselors and others to teach financial literacy and integrate programs like GreenDot to use technology to support these efforts.
Who does your solution serve, including demographics, and how does the solution impact their lives?
Our program is designed to support all women of color. What makes our program unique is that we also have a successful track record of supporting "double marginalized women" into becoming successful entrepreneurs. These women are not only women of color, but also justice involved. High rates of recidivism in the United States negatively affect prisons, inmates, the government and tax-paying citizens. In 2013, the U.S. imprisoned 2,220,300 people. A Bureau of Justice Statistics study found that within three years of release, 67.8% of released prisoners were rearrested. Within five years, 76.6% of released prisoners were rearrested. Researchers typically link recidivism to unemployment, low levels of education, mental health problems, inability to re-integrate into society after prison, impulsiveness, association with other criminals, family instability and as well as other factors.
Last year the program enrolled 80 Black Businesses who collectively exceeded $1 Million in revenue. In addition to the program founder, the previously incarcerated members earned over $400,000 of that revenue. Our program not only helps solve a local problem in reducing recidivism,
but also created 12 jobs in one year. This movement attracted national notoriety being featured in FORBES magazine and USA Today's syndicate, The Tennessean.
Is the solution already being implemented in at least one of the Truist Foundation’s target geographies: North Carolina, South Carolina, Virginia, Maryland, West Virginia, Kentucky, Tennessee, Georgia, Florida, Alabama, Indiana, Texas, New Jersey, Ohio, Pennsylvania, Washington, D.C., Delaware?
Yes
If your solution is already being implemented, list which of the above US state(s) you currently operate and include those states not listed
North Carolina
Maryland
Colorado
Is your organization’s mission to help launch small businesses and/or to sustain small businesses?
Black Wall Street helps start, launch, grow and sustain black businesses. For this project we will focus on launching.
What is your theory of change?
The Black Wall Street theory of change is that those at the bottom of the wealth gap (including women of color) can start, grow and scale businesses if the following conditions occur:
programs are culturally responsive
programs include mentorship, education, and innovation
programs cater to all learning styles including kinesthetic, auditory and visual learners
programs include key elements like financial literacy, employment workshops, business etiquette courses and classes like Toastmasters
programs that include exposure as a foundational element and this includes interaction with business executives
programs include various assessments to identify transitional points where candidates have the opportunity to advance into advanced activities like competing for startup grants, business-pitch competition awards and micro-loans.
involvement from community of partners like investors, mentors, etc.
Through this project we intend to use this theoretical model to empower women to start, grow and scale their own businesses and products. We believe this not only empowers economic growth in marginalized communities, but that it also changes recidivism for those in reentry.
Our model works. Last year the program enrolled 80 Black Businesses who collectively exceeded $1 Million in revenue. In addition to the program founder, the previously incarcerated members earned over $400,000 of that revenue. Our program not only helps solve a local problem in reducing recidivism, but also created 12 jobs in one year. This movement attracted national notoriety being featured in FORBES magazine and USA Today's syndicate, The Tennessean.
Our solution's stage of development:
Scale: a sustainable product, service or business model that is active in multiple communities, which is capable of continuous scaling, focusing on increased efficiency.What is your organization’s stage of development?
Scale: A sustainable organization actively working in several communities that is capable of continuous scaling. Organizations at the Scale Stage have a proven track record, earn revenue, and are focused on increased efficiency within their operations.How many small businesses does your solution currently serve? How many will it serve in one year? In five years?
Current
Last year the program enrolled 80 Black Businesses who collectively exceeded $1 Million in revenue. In addition to the program founder, the previously incarcerated members earned over $400,000 of that revenue. Our program not only helps solve a local problem in reducing recidivism, but also created 12 jobs in one year. This movement attracted national notoriety being featured in FORBES magazine and USA Today's syndicate.
In One Year
300
Five Years
1,000
How do you define the community you serve, and who are its stakeholders?
Our 3-part model is scalable and engages for-profit/non-profit partners in addition to local government and anchor institutions. To ground the work, last year, the City of Asheville recognized the impact and gave Black Wall Street a building for $1 as a homebase for the program. This provides proof of concept and a network of BWS cohorts across the country to learn, glean,
and grow together. We also have a satellite site at Bowie State University in Maryland. We have an additional site in Colorado. Our decision makers are the participants themselves (and we have an advisory board), partners, government officials, faith-based organizations and community influencers. We have representation from all of these communities within our advisory committees and membership programs.
How do you work with the community and your stakeholders to create community-based and place-based solutions?
At each one of our locations, we partner with the community. Partnerships with the community include having an advisory board comprised of participants themselves, partners, government officials, faith-based organizations and community influencers. We have representation from all of these communities within our advisory committees and membership programs.
We also partner with local tourism organizations run by local government to support our members and to bring in tourism dollars to support the community we are in. We hold an annual Black Wall Street Festival and last year that festival brought in 4,000 tourists into Asheville, NC. These tourists spent thousands of dollars purchasing products from our entrepreneurs as well as thousands of dollars in local hotels, restaurants, etc. This event garnished so much attention that the Marriott hotel in our area asked us to partner with them and open up a coffee shop inside the hotel that now serves as an incubator for one of our Black Wall Street programs.
Furthermore, our 3-part model is scalable and engages for-profit/non-profit partners in addition to local government and anchor institutions. To ground the work, last year, the City of Asheville recognized the impact and gave Black Wall Street a building for $1 as a homebase for the program. This provides proof of concept and a network of BWS cohorts across the country to learn, glean, and grow together. We partner with various community stakeholders like Bowie State University, Banks, Coffee Shops, Realtors and more.
How do you build trust within the community your organization serves and among small business owners?
We build our cohorts into a family system that is culturally responsive and inclusive. We grow by word of mouth because our members trust us and become our strongest marketers. We have an advisory board representative of those we serve who guide our practices and a diverse marketing team.
Because we want to honor the rich history of people of color who have started and scaled businesses during some of the most segregated times, we also partner with community elders. The community elders already have gained community trust and as a part of our program activities we have these elders present monthly to the community. They share their stories, and we build community relationships during these events. We also share our own stories and are transparent about the challenges and successes we have experienced. This not only becomes a teaching method, but also a way to build authentic community relationships.
What are your impact goals for the next year and the next five years, and -- importantly -- how will you achieve them?
Within one year, at least 20 women of color will have launched their businesses, secured incorporation, mentorship, opened a bank account, increased revenue and be actively enrolled in our business incubator and virtual college.
Within five years, at least 300 women of color will have launched their businesses, secured incorporation, mentorship, opened a bank account, increased revenue and be actively enrolled in our business incubator and virtual college.
National Movement
Success for Black Wall Street for Women of Color looks like a nationwide movement. Entrepreneurs that have been marginalized have a unique set of challenges. For this reason, we use a cohort model that allows people to talk with each other about their challenges and get strategies. It also allows people to connect with other women from across the country and implement those strategies locally.
Virtual Learning College
We intend to have a virtual college/learning system where women can learn at their own pace and have access to grants, strategies, and partnerships to help them succeed.
Pre-Release Engagement
Women who are incarcerated face barriers, but technology allows us to overcome those barriers. Whether through use of internet or distance learning, we plan to offer the Black Wall Street academy pre-release so that people can begin working on ideas, research and business planning
before they get out.
Regional/Government Recognition
We understand that local government is a critical partner. Once cities and counties recognize local solutions, then it reaches a critical mass and becomes part of the collective catalogue of resources.
Why are you and your team well-positioned to deliver this solution?
Dr. Masica Jordan is a black and Native American women and partner in Black Wall Street. She is the Chief Education Officer, a professor, mother, in long term recovery and successful entrepreneur. She went from having a credit score in the 400s and filing bankruptcy to starting, growing and scaling multiple million-dollar companies. She was mentored by Dr. Joseph T Hackett.
Ater serving time in Federal Prison, our founder, J Hackett, discovered a gap in the system. There were limited opportunities available to people who had been incarcerated. Moreover, there was nothing in the system that honored their transferable skills. If the incarcerated person was expected to successfully re-enter the community, it had to be done in a way that was attractive and spoke to their abilities rather than their mistakes. Considering the disproportionate of incarcerated Black women and men and for such a high percentage of drug charges, we imagine that there were entrepreneurial skills present but used in criminal activity. Those same skills, if redirected, could help facilitate successful re-entry and job creation in communities. This way, the previously incarcerated person contributes to the overall ecosystem and vitality of their community.
We created an advisory board with representative of those we serve who meet regularly to review outcomes and provide input, ideas, and contribute to the design and implementation of our programs.
Why are you applying to Truist Foundation Inspire Awards?
In addition to the financial support, Black Wall Street will greatly benefit from all of the programming elements- especially the capacity-building, wraparound support program (see details below). At the conclusion of the support program, the seven finalists will be invited to a pitch event to present their solutions in front of distinguished judges for the chance to win the following awards:
Solution Team
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What is the name of your organization?
Black Wall Street