Media coverage of 5x5x5
Teknovation
100Knoxville initiative launches with its 5x5x5x5 goals
First cohort of 100Knoxville’s inaugural program draws a variety of businesses
100Knoxville initiative launching January 20 to help grow revenues at Black-owned businesses
Knoxville Chamber
100Knoxville Announces First Cohort
Knoxville News-Sentinel
Which Black-owned businesses were selected for 100Knoxville's first cohort?
100Knoxville hits the ground running
Supporting Black-owned business in Knoxville
WBIR
Last day to apply for 100Knoxville program
Compass Knox
Excerpt from January 21, 2021 subscription newsletter:
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.
Startup Knox Podcast
Featuring interviews with Black founders including members of the first 5x5x5 cohort.
