Compass and Teknovation cover the January 20th launch event
From Compass:
The Knoxville Chamber, the Knoxville Entrepreneur Center and other partners launched a program yesterday called 100Knoxville to lend support to local African-American entrepreneurs. The virtual event attracted more than 200 people to learn about the program.
The goal is to increase revenues for Black-owned businesses by $10 million over five years. The vehicle is called the 5x5x5x5 program — so named because it involves providing five businesses with one mentor each for five weeks, plus a $5,000 grant.
“It has two meanings,” Brandon Bruce, chair of the Entrepreneur Center board, said of the 100Knoxville name. “First, there are 100 Black-owned firms in Knoxville that have employees, according to the most recent U.S. Census. And second, $100,000 per year in revenue is a milestone that will enable Black-owned firms that don't yet have employees to make their first hires.”
Bruce said the sponsors are committed to investing in Black businesses here to create meaningful change through the sustainable generation of wealth.
“Research shows that the lack of access to capital has a greater negative impact on Black- and Hispanic-owned businesses,” said Nadim Jubran, vice chair for entrepreneurship and small business at the Knoxville Chamber. “And a holistic collaborative strategy can have a positive influence on the economic mobility of communities while building a more resilient regional economy.”
100Knoxville is modeled after The 800 Initiative in Memphis, which was founded in 2018 and aims to help 800 minority-owned businesses increase revenues by $50 million by 2023.
Memphis Mayor Jim Strickland, who attended virtually along with three African-American business owners who have participated in the program, touted its success. He said Black entrepreneurs are working against centuries of ingrained racism.
“It's easier to succeed in business, in general, if you look like me,” said Strickland, who is white. “I didn't say it was easy, because it's hard, but it's easier. There have been so many barriers erected over the years to stop African Americans from succeeding. I'm so excited that you're going to tear down some of those barriers and bridge that gap.”
Knoxville Mayor Indya Kincannon said supporting Black-owned businesses must be a priority for all leaders to restore equity on every level in the community. “We say all the time that a city cannot thrive if all people aren't thriving — that means all people in our community,” she said.
From Teknovation:
By Kailyn Lamb, Marketing Content Writer and Editor, PYA
Applications are now open for 100Knoxville, a new initiative set to improve revenue and resources for the city’s Black-owned businesses. The launch was announced during a webinar yesterday morning.
Following in the footsteps of the 800 Initiative from Memphis, which launched in 2018, Knoxville’s version is starting with a 5x5x5x5 program. Five businesses will be selected for the inaugural five-week program. Each recipient will receive five mentors and $5,000 in capital to invest in its growing business. The 5x5x5x5 is one of 100Knoxville’s programs to help local Black-owned businesses grow by $10,000,000 in five years.
Much of Knoxville’s program was inspired by the pioneering work in Memphis. “We don’t have to reinvent the wheel,” Knoxville Mayor Indya Kincannon said during the web launch. She added that the city of Knoxville could take bits and pieces of the Memphis program and mold them to work here. The city is also working to increase its spending at minority-owned businesses. Around six percent or $8.4 million of the city budget was spent at those businesses last year, Kincannon said.
Darris Upton, the Diversity Development Manager in Knox County, said that many of Knoxville’s Black-owned businesses are leaving the county to find success. This program, as well as community support, can help those businesses stay here in Knoxville.
Jim Strickland, the Mayor of Memphis, agreed and told attendees of the webinar to not lose courage if progress was slow-going.
“There have been so many barriers over the years to stop African-Americans from succeeding,” Strickland said.
But more than giving Black-owned businesses the monetary resources to succeed, 100 Knoxville Founder Brandon Bruce is also hoping to better connect these entrepreneurs to resources and other business owners in the community. Sometimes making the right connection, at the right time, can be more valuable even than money for an entrepreneur, he said during the web launch, adding, “Let’s make the connection and see if we can help each other.”
Resources in the program such as mentors and community connections were crucial to helping Memphis entrepreneurs and business owners grow, according to comments from 800 Initiative alums participating in the web launch.
For Daphne McDonald, Chief Executive Officer and Director of Therapy Services at Speaking Life Healthcare in Memphis, her business didn’t fit into many of the categories for resources such as technology or the service industry. This made it hard for her to access any business training.
“I am a great therapist, but I am not a businesswoman,” she said. “Through this program, I was able to carve out a space for myself.”
The name of the program has a dual meaning. The 100 comes from the approximate number of Black-owned businesses here in Knoxville, according to the last census. Similarly, the 800 Initiative in Memphis was named for the number of the same businesses in that city. The second reason is it is the goal of the program to get applicants with no employees to $100,000 per year in revenue in order to hire new staff. For businesses that do already have employees, 100Knoxville is aiming to help them double their revenue.
Businesses of all types and sizes are encouraged to apply for the 100Knoxville program. Bruce added that even after applications close, he still wants businesses to send in their information. This way those businesses can still be part of the growing network 100Knoxville is building.
Applications for the program are due on February 15. The five-week program will start on March 8. Business owners throughout the community are also encouraged to apply as mentors on the 100Knoxville website. Those applications are also due on the 15th.
