ADVANCING Black Entrepreneurship In New York City
ADVANCINGBlackentrepreneurshipIn New York CityAugust 2020
Letter from the MayorDear Friends,Over the past severalmonths, New YorkCity has facedunprecedentedchallenges. We haveweathered a perfectstorm that combined aonce in a lifetime healthcrisis with an economicdownturn, the likes of which we have not seen sincethe Great Depression.Attendees at the BE NYC kickoff event at the Apollo shared their challenges, needs, and what the City can do to help.CONTENTS3Letter from the Mayor4Letter from the First Lady5Letter from the Deputy Mayor6Letter from the Commissioner7Letter from the Cabinet8Executive Summary13Chapter 1: Introduction17Chapter 2: Engaging Black Entrepreneurs in New York City20Chapter 3: Findings from New York City’s Black Entrepreneurs29Chapter 4: Recommendations & Commitments to Advance Black Entrepreneurship35AcknowledgementsThe COVID-19 pandemic has done much morethan impact the health of our residents – it has alsoexposed the deep inequities that exist in our society.Communities of color across the five boroughs andaround the country have borne the brunt of theseinequities, and that is why the work of BE NYC ismore important than ever.I am grateful to Deputy Mayor Phil Thompson,Commissioner Jonnel Doris, our BE Cabinet, andNew York City small business leaders for the stepsthey are taking to bring about this critical work.We are at a transformative moment in our history– an unprecedented moment of change. We mustembrace it with both hands. I know together, we willbuild a more just and fair New York City.Sincerely,Bill de BlasioMayorAt its heart, government has an obligation to provideopportunity to all. As we begin the work of recoveringfrom this outbreak, we must ensure that economicjustice and opportunity are available to New Yorkersof every background and from every neighborhood.BE NYC is a critical part of our efforts to lift upour Black businesses and entrepreneurs. Smallbusinesses are the heart of our neighborhoods andcommunities. We must do all we can to support them.This report gives us a chance to level the playing fieldand is a starting point for how we bring economicequity and justice to our Black businesses.ADVANCING BLACK ENTREPRENEURSHIP IN NEW YORK CITY3
Letter from the First LadySix years ago, Billand I came in with asimple mission: Tobring the opportunityof our city to everyNew Yorker, and liftup communities whohad been ignored fortoo long.Supporting Blackentrepreneurs has always been critical to thatmission. Walk around our City and you cannotmiss the extraordinary impact Black-ownedbusinesses have on our neighborhoods. Yousee it in restaurants that embrace our Africanheritage and make us the greatest restaurantcity in the world. You see it in clothing and retailstores that give our city richness and vibrancy.And increasingly, you see it in the young, techdriven start-ups that will power New York Cityinto the next decade and beyond. But the roadBlack entrepreneurs have walked has alwaysbeen a long, difficult one. They don’t have thesame access to funding or mentors who canguide the way – and of course, they continue toface longstanding racial inequities that plagueour nation.In the middle of a transformative moment, ourmission to support them must take on a renewedurgency. The COVID-19 crisis and accompanyingeconomic downturn has threatened the dreamsof Black entrepreneurs and livelihoods of workingNew Yorkers who support them.We must help them through this moment. Andwe must help them emerge stronger.4That’s why I’m proud to co-chair our city’s TaskForce for Racial Inclusion & Equity with DeputyMayor Phil Thompson. Together with a team ofallies from across dozens of City agencies, we’vemade actionable, immediate recommendationsto support Black-owned businesses right now.And it’s why the findings laid out in this reportare so critical to bringing about change. Blackentrepreneurs deserve a level playing field.They deserve access to funding, an affordableworkspace, and mentors to show the wayforward. They deserve a government thatsupports their dreams.That is our commitment, and it’s a commitmentthat the future of our city depends on. WhenBlack entrepreneurs succeed, New York Citysucceeds.– Chirlane McCrayFirst Lady of New York CityLetter from the Deputy MayorKicking off thisinitiative, I met lastsummer in City Hallwith a group of morethan 60 advocatesand faith-basedleaders from theBlack community.We asked themwhat the City cando to help strengthen Black businesses. Wetalked about how the City helped establishcertain sectors of the economy historically,about changes happening in the economy andopportunities we should seize now to advanceBlack entrepreneurship. A month later, more than400 Black entrepreneurs, aspiring entrepreneurs,and community leaders filled the seats of theApollo Theater to kick off a public conversationon these same topics.New York City has always been a leaderin innovation, in large part due to people’smovements. Many of the institutions that createdthe middle class – our City universities, publichospitals, and even public housing – came fromimmigrant and worker movements who foughtfor these programs. Black-owned businessesare certainly struggling, and helping them growis part of the broader struggle for racial justice.Those that do exist are relatively small in terms ofemployees and revenue, and less likely to survivemore than five years. The notion that privateeconomic institutions reward hard work andgood ideas impartially is a myth. Black businessADVANCING BLACK ENTREPRENEURSHIP IN NEW YORK CITYsurvival and growth requires government’sintention to make the economy fairer. Throughthis initiative, New York City’s Black businesscommunity has specified what they need togrow. It is now up to local government to stepup and ensure that our public dollars are beingused to build companies that are responsiveto the needs of all of our City’s businesses. BENYC models the economic democracy our Citydeserves.Over the next several years, the City willbe focusing on recovering from COVID-19and developing new public health solutions,strengthening infrastructure, improving climatesustainability, and updating technologies. Inaddition, anchor institutions like hospitals,universities, and other private and non-profitinstitutions have substantial economic impact interms of hiring and purchasing power. This meanssignificant opportunity for small business ownersto grow in new economies, as long as we allowfor it.We cannot be afraid to be aggressive, creative,and try new things. In fact, this is New York City’shallmark. The Black community was mostly leftout of the industrial revolution; we must makesure they are not left out of today’s fast-growinginnovation economy.– J. Phillip ThompsonDeputy Mayor forStrategic Policy Initiatives5
Letter from the CommissionerLetter from the CabinetCabinet MembersKenneth AllenFounder, Azurest PartnersDonnel BairdFounder, BlocPowerWe find ourselves ata profoundly differentmoment in time sincewe launched BE NYCin September, 2019. Atthis moment, all eyes areon our small businesseswho serve as the City’seconomic engine and fuelwealth for generations.This moment has further exposed that not allbusinesses are equally set up to succeed.At the NYC Department of Small Business Services(SBS), we’ve long seen the inequity that exists inentrepreneurship. It’s the reason we committed toadvance Black entrepreneurship in New York City.While the Black community makes up 22 percent ofNew Yorkers, only 2 percent of businesses are Blackowned. For comparison, 70 percent of firms are whiteowned.1 Entrepreneurship is one of the most viableand sustainable ways to close the racial wealth gap. Infact it is reported, it will take Black families 228 yearsto earn the same amount of wealth white families havetoday.2 COVID-19 has only worsened the situation,with Black-owned businesses twice as likely to closeas white-owned businesses.3BE NYC will aim to increase the number of Blackowned businesses in New York City, with a focuson growing businesses in high-growth industries.Throughout the Fall of 2019, we heard from morethan 1,500 current and aspiring Black entrepreneurs,6business leaders, community leaders, and advocates.They told us about their motivations for starting abusiness, challenges, needs, and how the City canhelp. Although COVID-19 has significantly changedthe economic landscape, the top needs we heardfrom Black entrepreneurs remain the same – access tocapital, strong networks, reliable resources, effectiveways to reach customers, and affordable space.Equity and opportunity are at the core of the workwe do at SBS, and our key values – innovation,collaboration, and adaptability – are woven intoall we do. These values lay the foundation for BENYC. Identifying bold and innovative solutions.Collaborating with the community to design servicesthat directly address their needs. Adapting to achanging world.The commitments made in the pages that followare just the beginning. As Commissioner, I amdedicated to working with our partners in theprivate, philanthropic, public sectors to deepen ourinvestments in the Black community and make sureour resources are being distributed equitably. Andwe will continue the work together until we achievethe economic justice that all New Yorkers need anddeserve.– Jonnel DorisCommissioner, NYC Department of SmallBusiness ServicesAs a group of Black businessleaders across finance, technology,and academia, we are honored tojoin Deputy Mayor Phil Thompsonand Small Business Services (SBS)Commissioner Jonnel Doris to worktogether with the City of New Yorkto advance Black entrepreneurshipacross NYC and provide a blueprintfor other cities. We also thank formerSBS Commissioner, Gregg Bishop, forhis vision and leadership to launch thisinitiative.Being entrepreneurs ourselves, andprofessionals supporting entrepreneurs,we know firsthand the barriers we needto break because of the historic racialdiscrimination of Black Americansin this country, and the myriad ofchallenges that result, from educationalinequity to the lack of capital. Thedisproportionate impact of COVID-19on our community only highlighted thechallenges that result from this samehistoric discrimination.We believe solutions should begrounded in our community. Throughthe Black Lives Matter movement,we’ve seen the collective power ourcommunity has when it joins togetherin one voice. By drawing upon therich history of entrepreneurship in theBlack community and leveraging thecommunal power of our entrepreneurstoday, we can eradicate the systemicADVANCING BLACK ENTREPRENEURSHIP IN NEW YORK CITYbarriers that hold us back, andcreate generational wealth throughentrepreneurship that will strengthenindividuals, families, neighborhoods,and our country forever.Siddiq BelloResponding to the more than 1,500voices that informed this report, as wellas our own expertise and experiences,we join with the City of New York tooffer our recommendations and initialcommitments in the pages that follow.Wole CoaxumOur vision is ambitious, which is whyno one sector can achieve this changealone. In this report, we’ve presentedthe recommendations that we will acton through public-private partnerships.We’ve also included recommendationsthat we hope future partners willrespond to, as well.As Madame C.J. Walker said, “Don’tsit down and wait for the opportunitiesto come. Get up and make them.” Inthis report, we are calling to action ourbrothers and sisters from the private,philanthropic, non-profit, and publicsectors. Now is the time. Let’s worktogether to build a world of equitablewealth and advancement for our Blackentrepreneurs, and let it start right herein New York City.Principal Investigator,Social MBEDr. Duclas CharlesCo-Founder, Strivers’ RowFounder CEO, MobilityCapital Finance, Inc.Dr. Karilyn CrockettChief of Equity, City of BostonJonnel DorisCommissioner,NYC Department of SmallBusiness ServicesRegina GwynnCo-Founder CEO ofTresseNoire; Co-Founder ofBlack Women Talk TechGayle Jennings-O’ByrneFounder General Partner,WOCstar FundSekou KaalundHead of Advancing BlackPathways, JP Morgan ChaseJeff LindorFounder CEO,The Gentlemen’s FactoryCharles PhillipsChairman, InforJ. Phillip ThompsonDeputy Mayor for StrategicPolicy Initiatives, The City ofNew YorkJacquette M. Timmons– BE NYC Cabinet of AdvisorsPresident CEO, SterlingInvestment ManagementPaul T. Williams, Jr.Managing Director, WilliamsStrategy Advisors7
Community EngagementHighlightsExecutive SummaryBlack-owned businesses are an essential part of the fabric of New York City, and entrepreneurship has provideda pathway to wealth generation for Black families for centuries. Yet, Black entrepreneurs face enormous barriersand are vastly underrepresented among New York City’s business owners. While the Black community currentlymakes up 22% of New York City’s population (1.9 million), just 2% of NYC businesses are owned by Blackentrepreneurs. There is tremendous potential for more Black-owned businesses to start and grow.The forces that drive this disparity are essential to understand as the City of New York works to build a strongerand fairer city by creating opportunity for all, safeguarding the American dream, and addressing the racial wealthgap. That’s why in September 2019 the NYC Department of Small Business Services (SBS) in partnership withcommunity members, organizations, advocates, and leaders, launched Black Entrepreneurs NYC (BE NYC)—agroundbreaking model for a major American city to help create equity of opportunity by advancing Blackentrepreneurship. To define the direction of the initiative, SBS combined insights from historical research, scholarlyarticles, public data and, most importantly, the voices of more than 1,500 Black entrepreneurs from every boroughand across industries.60 400 800 200 50 Looking at America’s top high-growth sectors over the next 10years—healthcare, technology, and energy4—there are widedisparities for Black entrepreneurs: 5% of healthcare firms areBlack-owned,5 1% of venture-backed tech founders are Black,6and just 0.1% of clean energy firms are Black-owned.7 Thesehigh-growth sectors have generated significant technology gainsand wealth around the country, but they have not benefitted allentrepreneurs equitably.survey respondentscommunity forum attendeesone-on-one interviewsEquipped with the insights gathered from the broadercommunity, a BE NYC Cabinet of Advisors was convened,made up of leaders from business, academia, and Citygovernment. The Cabinet has been crucial in helping toshape and prioritize solutions, connecting to networks, andcommitting to action in their industries.Based on what we heard, a clear pattern emerged about the challenges and needs of Black entrepreneursacross the city:CHALLENGESPercentage of Black-Owned Firmsin High-Growth IndustriesHEALTHCAREBlack-Owned FirmsTECHNOLOGYVenture-BackedBlack FoundersCLEAN ENERGYBlack-Owned Firms Overwhelmingly, Black entrepreneurs cited access to capital as their top challenge, echoing nationaltrends which show systemic disadvantages for Black entrepreneurs seeking capital from lenders.Across the board, entrepreneurs said they face financing shortfalls. Of the 230 survey respondents whoapproached small business lenders or banks for loans to start their business, more than two-thirdswere denied funding. Lower assets, lower credit scores, and outright discrimination in lending leadmany entrepreneurs to rely on personal savings when financing their business. Lack of background on how to run a business and a lack of reliable resources to help were cited asthe next largest challenges. Having a trusted mentor or role model is a key component of businesssuccess, but less than 40% of respondents said they had excellent or very good access to mentorsand supporters. Access to mentorship and guidance appears to be even more important as a businessscales up. Among businesses with 500,000 or more a year in revenue, everyone said they had accessto a mentor. Finding customers was also a challenge, primarily for entrepreneurs with operating businesses.Counterintuitively, while current business owners ranked marketing and customer acquisition as verychallenging, aspiring entrepreneurs ranked it the factor they anticipated would be the least challenging,indicating that business owners are not thinking about their market, customer base, and acquisitionstrategy early enough. Black entrepreneurs also expressed that they lacked access to affordable workspace. More thanhalf of respondents cited this as one of their top challenges. Respondents said that the spaces that doexist are not conveniently located or are cost-prohibitive, driving 38% of respondents to operate theirbusiness from their home and limiting their growth.5%1%.1%COMMUNITY ENGAGEMENTIn order to understand the unique experience of Black entrepreneurs in New York City and how the City couldhelp, SBS turned to entrepreneurs themselves. The response from the community was tremendous. In an effortto spark a public dialogue around Black entrepreneurship and generate momentum for the discussion, SBS8kickoff event attendeesFINDINGSRESEARCHNationally, research shows that the success of Blackentrepreneurs is largely tied to access to capital, education, andwork experience. Disparities in all three of these areas, muchof which can be traced back to historic discrimination of BlackAmericans, limit access to networks, mentors, and role models,and can also dictate industry choice—all factors that impactsuccess and growth potential for Black entrepreneurs.community leadersparticipated in roundtableconversationsbegan by hosting roundtable conversations with more than60 advocates and faith-based leaders, and a kickoff eventat the historic Apollo Theater in Harlem, attended by morethan 400 people. These conversations laid the groundworkfor SBS’s community engagement and data-gathering phasewith Black entrepreneurs across the City. More than 800entrepreneurs responded to an extensive online survey abouttheir motivations, challenges, and needs, and nearly 200people attended community forums across the city, in whichthey shared their experiences and iterated together on themost effective solutions to top barriers. More than 50 Blackentrepreneurs participated in one-on-one interviews to divedeeper into their own entrepreneurial journeys.ADVANCING BLACK ENTREPRENEURSHIP IN NEW YORK CITY9
NEEDS Unsurprisingly, money was ranked as the top need by Black entrepreneurs, with 41% of forumparticipants selecting it. Seed capital, low-cost lines of credit, and short-term microloans were themost popular choices among forum participants. Mentorship was the second most popular—23% of forum participants chose mentorship as theirintervention of choice. One-on-one coaching, especially from business owners in the same industry,and support from peer circles were identified as the most pressing needs. Echoing their difficulty finding customers, some forum participants (15%) also said marketing help isneeded. In particular, finding a market to iterate product design was seen as a promising intervention. Black entrepreneurs also identified affordable space as a need (12%). Participants said high rents andcomplicated Department of Buildings rules made finding storefronts and back office space difficult ontheir own, while more structured programs like incubators, co-working, and pop-up spaces needed tobe more accessible to people of color. BE NYC aims to increase the number of Black-owned businesses in New York City, with a focus ongrowing businesses in high-growth industries.To do this, private, philanthropic, and non-profit sectors must join the City to effect systemic change in these areas:1. Provide equitable access to financingNetworking was also identified as a need, especially for aspiring entrepreneurs (9%). The excitementand energy around networking at BE NYC’s events so far has proven that there is an appetite for moreengagement within th
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