The Morehouse Innovation & Entrepreneurship Center is celebrating its 20th anniversary this week with the release of a new report on the state of Black business in metro Atlanta – The Building Black Business Report 2024.
“One of the things we found was a lot of support around initiation, right, startup support, but much more was needed at the scaling,” said Thema Monroe-White, the lead researcher on the MIEC research report.
The researchers say disproportionate access to government contracts, denied loans and weak social resources continue to hold back Black small business owners.
The Morehouse Innovation & Entrepreneurship Center lead researcher Thema Monroe-White takes the stage at a recent campus event. (Marlon Hyde/WABE)
“Closing a gap for Black businesses between Black business owners and non-Black business owners is an economic boon for the entire region,” adds Monroe-White. “More jobs, more money flowing, more revenue, more profitability in the region. That’s what we all want.”
According to the report, metro Atlanta is home to over ten thousand Black businesses. However, only 3% are able to hire paid employees.
Tiffany Bussey, executive director of MEIC, sees this report as a roadmap for the upcoming legislative session.
“To see a pushback in sort of rolling back the DEI policies is disheartening because we know that the data shows that we need these types of policies to create a level playing field,” she said.
The executive director says the center is publishing an online directory of organizations supporting black-owned businesses, which researchers hope to expand soon.
This year, Black business event organizers continue to create opportunities for community members to build social networks and professional partnerships to grow the city’s entrepreneur ecosystem further. And many are looking to keep the momentum moving forward.
One of the budding entrepreneurs to benefit from these events is Tracy Nicole, who started her women’s clothing brand right from her kitchen table in Decatur.
The local fashion designer says that she loves being her boss, but finding the money and capital to build her business tested her commitment.
“Some of the hardest moments are definitely financial, remaining consistent and staying true to what you’re trying to do when it’s hard,” she said.
According to a 2024 report, Black Atlantans continue to face disparities in accessing capital for small businesses. This year, events looking to bolster local entrepreneurs and build bridges to funding have been popping up all over the city.
“I’m always trying to do something in Atlanta,” said Daymond John, the founder of clothing company FUBU.
The Shark Tank investor recently visited Atlanta for his Black Entrepreneurs Day event. Every year, John gives out grants to minority-owned businesses with support from the NAACP.
Shark Tank investor Daymond John and Olympic medalist Jordan Chiles take the stage at Black Entrepreneur’s Day on Nov. 22, 2024. (Marlon Hyde/WABE)
He says that these events are essential for sharing information and opportunities with the community.
“I think the next steps are, first of all, making true on our promise of helping individuals access capital and then watching them,” adds John. “I want to see these young men and women formalize businesses in structured ways to take in investments, pay taxes, and create business credit. And I think this is an exciting time.”
