The Morehouse Innovation & Entrepreneurship Center celebrated its 20th anniversary on Dec. 11, 2024, with a special awards ceremony at Morehouse College, unveiling the significant “Building Black Business 2024” report. This comprehensive document examines the systemic barriers that Black businesses face while offering strategic solutions to enhance access to capital, technical assistance, and ecosystem support.
Over the past two decades, the MIEC has established itself as a leader in fostering Black entrepreneurship and as a model for collaboration between higher education and industry. The center’s recent report highlights the challenges and pathways to success for over 3.5 million Black-owned businesses in the United States. These businesses contribute billions to the economy yet encounter persistent obstacles.
The Big Question for MIEC
Dr. Thelma Monroe-White spearheaded the report through an 18-month research initiative involving various Black Business-Serving Organizations in Atlanta. “Our central question was: How can business support organizations maximize their impact and help Black businesses scale for economic growth?” Dr. Monroe-White stated.
The report emphasizes a participatory approach that includes the voices of entrepreneurs and community members. It underscores the historical economic oppression Black businesses face and aims to dismantle these barriers by prioritizing Black experiences within the financial landscape.
The report’s key findings and recommendations include creating robust alumni networks, investing in mental health resources for founders, centering inclusive trust in business relationships, and focusing on financial and technological skills development. Additionally, it encourages collaboration among organizations to streamline resources and promote operational efficiency.
In conjunction with the report, the MIEC released its “Impact Report 2024,” which showcases successful alumni and student entrepreneurs. Both reports were shared during a celebratory event at the Shirley A. Massey Executive Conference Center. The event featured a keynote address by Philip Gaskin, CEO of Philip H. Gaskin LC, and a panel discussion moderated by Tiffany Bussey, the MIEC director.
As the MIEC looks to the future, it plans to continue its research on Black businesses in major cities nationwide, solidifying its commitment to nurturing a stronger, more equitable economy for entrepreneurs of color.