Supporting the Startup, Sustainability and growth of BIPOC businesses in Rhode Island
BIPOC business owners currently lead around 7.4 percent of all Rhode Island-based firms, far below their relative population share and nearly half the US average. Happy to say that New Majority Capital is doing its part to address this and checks the box on these recommendations from the report:
- Expand availability of entrepreneurship (ETA in our case) education for all Rhode Islanders
- Expand entrepreneurship education (ETA in our case) options at community colleges
- Increase availability and visibility of technical assistance programs for BIPOC business owners
- Develop a business succession program targeted to BIPOC residents and business owners
An extract from the report related to our work: Researchers estimate that as many as 70% of US businesses will change hands over the next 10-15 years, as the boomer generation retires. Some of these companies may simply shut down, but a large number of companies remain viable yet lack business succession strategies. Connecting BIPOC entrepreneurs to these opportunities can help them hit the ground running with their business growth plans. More active efforts to connect BIPOC entrepreneurs to these opportunities are needed.
