Grow Minority Firms Revenue by
$50,000,000 in 5 Years
The 800 Initiative sets out on a path to grow minority business through the deliberate investment of assistance, capital, corporate engagement, and other resources. The focus is on minority firms with paid employees, as well as promising minority businesses with no paid employees. These firms often fail to thrive due to a disparity in wealth and income, degree attainment, economic and geographic segregation, and an overall lack of social and political capital. This plan supports all people of color, but the focus will be on black-owned businesses in this city that is 63% black.
$50,000,000 in 5 Years
The 800 Initiative sets out on a path to grow minority business through the deliberate investment of assistance, capital, corporate engagement, and other resources. The focus is on minority firms with paid employees, as well as promising minority businesses with no paid employees. These firms often fail to thrive due to a disparity in wealth and income, degree attainment, economic and geographic segregation, and an overall lack of social and political capital. This plan supports all people of color, but the focus will be on black-owned businesses in this city that is 63% black.
The Numbers
White Firms (26.3k) Black Firms (39.8k) Hispanic Firms (1.9k)
With Paid Employees - 7,173 With Paid Employees - 800 With Paid Employees - 155
Avg Annual Receipts - $4.53M Avg Annual Receipts - $695.5k Avg Annual Receipts - $1.26M
Without Paid Employees - 19,113 Without Paid Employees - 39,066 Without Paid Employees - 1,007
Avg Annual Receipts - $54.56k Avg Annual Receipts - $13.2k Avg Annual Receipts - $25.9k
White Firms (26.3k) Black Firms (39.8k) Hispanic Firms (1.9k)
With Paid Employees - 7,173 With Paid Employees - 800 With Paid Employees - 155
Avg Annual Receipts - $4.53M Avg Annual Receipts - $695.5k Avg Annual Receipts - $1.26M
Without Paid Employees - 19,113 Without Paid Employees - 39,066 Without Paid Employees - 1,007
Avg Annual Receipts - $54.56k Avg Annual Receipts - $13.2k Avg Annual Receipts - $25.9k
Plan Goals
- Primary focus is to grow the 800 minority firms with paid employees’ revenue by $50MM in 5 years
- Identify 50 and double their revenue
- Identify 200 minority firms without paid employees (39k) and grow their revenue to > $100K and shift them to the category of having paid employees
- There are 3 Phases to the plan: Building Phase (expanded R&D and partner alignment), Growth Stage (enhance promising programs), and Sustainability Stage (institute policy and structural frameworks for success beyond administration)
Plan Highlights
- $9.2M 5-Year Plan
- Of Which $2M is a Loan/Grant Fund
- Grow City of Memphis Propel Minority Business Accelerator
- Expand Business Coach Assistance Program
- 3:1 Tuition Match Program for Select Minority Entrepreneurs
- Student: Minority Firm Job Match Maker Program
- Expand Co.Starters Program (early-stage support program)
- Focus on Sectors - Logistics, Construction, Healthcare, Professional Services, Information Technology
- This plan is the intersection of advanced technical/business assistance, corporate education/engagement, and access to both social and real capital to begin closing the wealth, education, access, and generational gaps of minority firms.
End the Trend
“Median wealth for black Americans will fall to $0 by 2053, if current trends continue” – Report: Road to Zero by the Institute for Policy Studies
“Median wealth for black Americans will fall to $0 by 2053, if current trends continue” – Report: Road to Zero by the Institute for Policy Studies
The full plan can be downloaded here: Full Plan
A slide show of the plan can be downloaded here: Slide Show
A slide show of the plan can be downloaded here: Slide Show