The Center for an Urban Future recently published a new report – 5 Ideas to Expand Economic Mobility in New York City. Idea #3 is to “Replicate Cincinnati’s Minority Business Accelerator in NYC.”
Not only does Next Street whole-heartedly support this recommendation (our NYC Small Business Ecosystem Assessment took a deep look at the challenges and opportunities facing the city’s small businesses owned by people of color), but we literally wrote the (play)book on what makes the Cincinnati model work, partnering with the Accelerator in 2020 to develop the Minority Business Accelerator Playbook that serves as a blueprint for replicating the model’s success in other cities.
The Cincinnati Minority Business Accelerator is a powerful model for how to scale mid-sized minority-owned businesses and drive more equitable economic growth and wealth-building. When Next Street was engaged to create a playbook unpacking the elements that have made the model work in Cincinnati, our goal was to develop a starting point for those seeking to replicate the model and create new Minority Business Accelerators in their own communities. We drew from our decades-long history of supporting business owners through program design and capital strategies. We know that a critical success factor to any program that seeks to help scaling diverse led businesses realize their full growth potential will need to ensure that they have access to capital coupled with quality business advice. These are the essential resources they need to grow and thrive. The playbook further outlines factors that enable the model’s success–organizational structure, partner, funding, and talent needs; programmatic approach; and guidance on impact measurement.
Want to learn more about how to build a successful program to help minority-owned businesses scale? Contact us.