The Morehouse Innovation & Entrepreneurship Center (MIEC) celebrated its 20th anniversary on Dec. 11, 2024, with a special awards ceremony on the Morehouse College campus and the release of a new “Building Black Business 2024” report. The report explores the systemic barriers that Black businesses face and offers actionable strategies to address issues like limited access to capital, technical assistance, and ecosystem support.
For 20 years, the MIEC has championed Black entrepreneurship and served as a global model for higher education and industry collaboration, connecting education with student leadership development, as well as community-focused resources and support. The Center’s latest report not only addresses challenges to those Black-owned businesses but also proposes solutions.
More than 3.5 million Black-owned businesses currently in the United States employ millions and generate billions in annual payroll. The economic impact of these businesses is undeniable, but their owners face persistent challenges.
“Building Black Business 2024” is the result of an 18-month-long, community-engaged research initiative convening Black Business-Serving Organizations (BSOs) in Atlanta. The report highlights actionable findings, including recommendations for enhancing access to capital, fostering entrepreneurial ecosystems, and addressing systemic barriers faced by Black businesses.
Research for the report was led by Dr. Thelma Monroe-White. “Our central question was: How can business support organizations maximize their impact and help Black businesses scale for economic growth?” Monroe-White said.
The MIEC report utilized a participatory approach involving BSOs, entrepreneurs, and community members—an approach designed to ensure that solutions were grounded in real-world experiences and tailored to the needs of Black business owners. The report also highlighted a historical reality: Black businesses have faced economic oppression throughout U.S. history. “Building Black Business 2024” aims to dismantle these barriers and disparities by prioritizing Black voices and experiences within the economic framework.
Among the key findings and recommendations in the report were these actionable recommendations for business support organizations:
- Build Robust Alumni Networks: Create interconnected ecosystems for ongoing support and peer-to-peer advice.
- Invest in Community and Founder Well-Being: Prioritize mental health resources and build trust among founders.
- Center Inclusive Trust: Develop programs that acknowledge past inequities and promote fair, transparent relationships.
- Focus on Financial and Technological Skills: Equip entrepreneurs to navigate evolving financial systems and leverage technology for growth.
- Offer Shared Services: Provide essential services such as accounting, HR, and legal support to ease operational burdens.
- Collaborate and Streamline Resources: Pool resources to eliminate duplication of services and promote efficiency; and
- Scale from the Start: Educate business owners on strategic succession planning for long-term success.
Along with the “Building Black Business 2024” report, the MIEC also released its “Impact Report 2024,” which spotlights successful alumni and student entrepreneurs. Both reports were shared on Dec. 11 at an anniversary celebration at the Shirley A. Massey Executive Conference Center at Morehouse College. A research presentation began at 9 a.m., followed by a Legacy Luncheon, which featured a presentation of the Corporate Legacy Award to JP Morgan Chase, a long-time financial supporter of MIEC’s work and sponsor of transformative programs such as Ascend Atlanta, which helps entrepreneurs of color to access resources unavailable in other programs. JPMorgan Chase has contributed $1 million to MIEC to support the growth of Black businesses in Metro Atlanta and to form a cohesive regional network for organizations dedicated to serving entrepreneurs of color.
"Atlanta is a vibrant and exciting city, full of creative and energetic entrepreneurs and business owners who are driving the city’s growth and economic prosperity. Through our work with MIEC, we are focused on helping more of Atlanta’s entrepreneurs pursue their business ownership journeys while ensuring greater access to the resources they need to grow and scale. The Building Black Business Report will add fuel to this fire - providing entrepreneurs with critical insights into the capital, connections and coaching to help them succeed,” said Mark Adams, Regional Director, J.P. Morgan Wealth Management & Georgia Market Leadership Team Co-Chair at JPMorgan Chase. “It is a privilege to partner with Morehouse in supporting Atlanta's Black business community and we are deeply honored to receive the Corporate Legacy Award."
The December event that launched “Building Black Business 2024” also featured a keynote address by Philip Gaskin, CEO of Philip H Gaskin LC, and a panel discussion moderated by Tiffany Bussey, MIEC director. Bussey said of “Building Black Business 2024”:
“This report represents a culmination of strategic efforts and collaborations with our partners to empower Black entrepreneurs. Over the past 20 years, MIEC has served as a cornerstone of sustainability for more than 400 small businesses, resulting in more than $255 million in revenue growth and $35 million in capital access,” said Bussey. “Together, we’re building pathways for a stronger, more equitable economy.”
The MIEC is a global model for higher education and industry collaborations to foster innovation and entrepreneurial leadership. Established in 2004 as a unit of Morehouse College, the MIEC has continually operated with an internal and external focus to promote innovation and entrepreneurship with people of color. In 2017, the Center partnered with JPMorgan Chase to launch Ascend Atlanta, a technology startup and small business support pre-accelerator ecosystem for over 125 minority-led companies throughout Metropolitan Atlanta raising $5.5M in capital to support these businesses and an increase of $13.5M in revenue across all participating companies as well as creating 278 new sustainable jobs.
MIEC plans to continue its research, focusing on Black businesses in major cities and at the national level.
Read the full reports here. For more information on MIEC, visit the website at https://mcecenter.com.
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