Russell Innovation Center for Entrepreneurs

Russell Innovation Center for Entrepreneurs

Company Info

Market: Atlanta
Category: B2B Services
Sub Category: Brand Consulting, Business Center, Business Consulting and Services, Entrepreneurial Training, Supporting Black Entrepreneurs
Established: 2016

Contact Info

504 Fair St SW
Atlanta, Georgia 30313
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https://russellcenter.org/
info@russellcenter.org
404-509-0513

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About Russell Innovation Center for Entrepreneurs

WE ARE A BLACK BUSINESS GENERATOR

RICE is boldly pursuing pathways to expand the possibilities for entrepreneurs in Atlanta and beyond at a time when ensuring equitable opportunities for Black-owned businesses matters more than ever. Black entrepreneurs require more than symbols of hope at this critical time. They need institutions to manufacture it. RICE will do our part to help create and accelerate opportunities for Black business owners. When they feel cut off from opportunities and support, we bring them into a family of dynamic people like them, with the curriculum, coaching, co-working, connections and capital to help ensure they prosper, not just survive.

– Jay Bailey
President, CEO

 

RICE is a business generator serving metro Atlanta, created to support Black entrepreneurs in overcoming the unique barriers they face in building thriving businesses. At 54,000 square feet, RICE is the largest center of its kind in the United States. Our BIG IDEAS model meets every business owner where they are on their journey, fortifying them with a community of support, increasing access and exposure, focused on transformational change. RICE honors the legacy and visionary leadership of one the greatest entrepreneurs the city of Atlanta ever produced, the late great Herman J. Russell.

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PayPal gives $1 million for Black entrepreneur center

Academy will teach business owners marketing strategies, navigating supply chains.  

 

 

Jay Bailey, president & CEO of Russell Innovation Center for Entrepreneurs, speaks during a panel presentation in Atlanta on Tuesday attended by Dan Schulman, president and CEO of PayPal (left). The Atlanta-based center has received a $1 million grant from PayPal to establish the PayPal Retail Academy.

ATLANTA   bit.ly/3Z45EnS

The Russell Innovation Center for Entrepreneurs (RICE), a nonprofit dedicated to developing, growing and scaling Black entrepreneurs, announced Tuesday it had received a $1 million grant from Pay- Pal to create a new academy for entrepreneurs who work in the retail space.

The PayPal Retail Academy will teach up to 50 entrepreneurs about nontraditional retail paths, how to develop global marketing strategies and navigating supply chain issues. PayPal employees will also help mentor and coach the business owners.

 

Jay Bailey, president and CEO of RICE, said the academy is intended to be an MBA-level of training on retail. The participating entrepreneurs will also be eligible for grants ranging from $2,500 to $10,000.

“These kinds of academies are essential for small businesses actually to thrive — and when small businesses thrive in their communities, that takes that neighborhood and supercharges it,” Dan Schulman, president and CEO of PayPal, said in an exclusive interview with The Atlanta Journal-Constitution.

“I love the multiplier effect of all of these things because it’s not just one business, but it’s one business that’s successful that enables other businesses around it to be motivated.”

Currently, RICE supports more than 360 Black-owned businesses. About 25% of them are retail product companies, according to Bailey. There are four stages to RICE’s entrepreneurship curriculum; once a business owner has finished the fourth stage, they are eligible to take part in the PayPal Retail Academy.

The new academy will launch in January 2024 with an inaugural cohort of 25 entrepreneurs and a second cohort of 25 to follow. Participation in the academy does not have a specific end date; rather, the resources will be available to the entrepreneurs through the life cycle of their business, Bailey said.

Four faculty members who are experts in e-commerce, shipping and retail are being hired for the new academy, and two additional people have been hired to track and measure the academy’s impact.

“Black businesses, we over-index in the retail space,” Bailey said. But there’s a gap “when you look at the number of businesses that actually scale to mass retail or beyond,” which is why he believes the new retail academy is important.

RICE previously received a $100,000 grant from PayPal, part of the digital payment giant’s $535 million pledge in June 2020 to try to help close the racial wealth gap.

During an event at RICE on Tuesday to announce the new grant, Donald Beamer, senior technology advisor for the city of Atlanta, spoke about how it seems the previous well of support for Black organizations is waning.

Beamer also said some businesses are now being targeted, like Atlanta-based venture capital firm Fearless Fund that is being sued for a grant program geared towards Black women and small business owners.

“(PayPal’s grant) comes at a time when it seems like investing in Black businesses and Black people has fallen out of favor,” Beamer said.

Bianca Kiovanni is an entrepreneur at RICE who is finishing up the fourth stage of the curriculum. The owner of Simplicity Beverage Company and Advanced Integrated Health Care, Kiovanni said being part of RICE has been a “game changer” for her. She said she thinks the impact of the new retail academy could go beyond just the curriculum.

“To say my small business in some way, shape or form is connected to a multibillion-dollar company with global recognition is everything,” Kiovanni said.

The Atlanta Journal-Constitution and Report for America are partnering to add more journalists to cover topics important to our community. Please help us fund this important work at ajc.com/give.

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