The Russell Innovation Center for Entrepreneurs (RICE), recognized as the world’s largest center dedicated to fostering the growth, scalability, and advancement of Black Entrepreneurs, proudly announces a $1 million grant from Comcast NBCUniversal. The grant aims to bolster RICE initiatives focused on empowering entrepreneurs within the Atlanta community and beyond.
The funding will drive the acceleration of Digital RICE, the “Level UP” Speaker Series, and the RICE Data Science Initiative. These programs collectively offer mentorship and resources from esteemed industry experts in areas such as legal, accounting, marketing, sales strategy, pricing, and HR, enriching the support network available to Black entrepreneurs.
According to McKinsey & Co., Black Founders typically start their businesses with less than one-third of the capital compared to their white counterparts. Shockingly, only 4% of Black-owned businesses survive the startup phase. In contrast, 46% of RICE entrepreneurs thrive beyond the startup stage, a remarkable figure over ten times the national average, contributing to $450 million in economic activity in Fulton County, Georgia. “We are grateful to have Comcast NBCUniversal as partners in our mission to achieve greater impact,” stated Jay Bailey, President and CEO of RICE. “This grant will enhance our programming and redefine the support we offer Black entrepreneurs, ensuring they have the tools and opportunities to succeed as business owners.”
The $1 million Comcast NBCUniversal grant will specifically support:
- Digital RICE: An innovative AI-powered platform serving as a tailored resource hub exclusively for Black entrepreneurs. Digital RICE offers access to industry experts, personalized advice, tailored programming, and additional resources, expanding availability to all entrepreneurs in Atlanta and beyond by Summer 2024.
- The “Level UP” Speaker Series: A monthly, in-person gathering that redefines traditional symposiums with dynamic insights from global business leaders. This free series offers entrepreneurs in the Atlanta community exclusive networking opportunities and insights from accomplished industry trailblazers, influencers, and innovators. The inaugural event is scheduled at RICE in March 2024.
- The RICE Data Science Initiative: A project aimed at addressing disparities and opportunity gaps for Black entrepreneurs through research and data-driven insights, spotlighting challenges and providing solutions to drive economic growth through Black entrepreneurship.
Together, RICE and Comcast NBCUniversal are reshaping collaboration and empowerment for entrepreneurs. “Research indicates that Black-owned businesses often lack access to capital, data, and resources crucial to their success,” noted Dalila Wilson-Scott, EVP & Chief Diversity Officer at Comcast Corporation and President of the Comcast NBCUniversal Foundation.
Source: Corporate comcast
"Through this grant, we’re proud to support RICE in their mission to create more equity in entrepreneurship, which will result in greater economic opportunities and security for Black entrepreneurs"