Bank of America Funds Launch of New Center for Black Entrepreneurship in Atlanta
Exciting news! A promising new initiative designed to empower Black entrepreneurs and develop greater economic opportunities is coming to Atlanta. This past February, the Black Economic Alliance Foundation, Morehouse College, Spelman College and Bank of America announced their partnership in launching the new Center for Black Entrepreneurship (CBE).
The CBE is a first-of-its-kind academic center which will bring more resources, education, and opportunities to the next generation of Black entrepreneurs and innovators. The Center is being funded thanks to a $10 million grant from Bank of America. This new initiative is one of many that Bank of America is supporting as part of their four-year commitment to investing $1 billion in programs that combat economic and racial inequality.
As we all know, the COVID-19 pandemic has disproportionately affected people of color, not only when it comes to health outcomes and access to healthcare, but also economically. It’s another reason why helping to close the racial wealth gap through actions such as expanding economic opportunities and eliminating barriers is just as critical as ever.
The partners are excited to launch the Center for Black Entrepreneurship at both Morehouse College and Spelman College, two of the country’s highest ranking historically Black colleges and universities (HBCUs). And with its rich history of Black leadership and entrepreneurship, they see Atlanta as an ideal home for the innovative new program. Boasting over 100,000 Black-owned businesses, the Atlanta metro area is already a hub for Black students and entrepreneurs.
Specifically, the CBE will teach students how to:
- Create a business
- Launch a start-up
- Evolve and translate a business concept
- Acquire and/or reposition an existing business
- Scale promising innovations into commercially viable products or services
- Connect with venture capital firms
The CBE will not just be available to students at the two colleges—it will also offer online courses and certification opportunities accessible to a global audience. This way, Black entrepreneurs can gain further skills and access to resources regardless of their age or prior experience. The CBE also plans to partner with the broader HBCU community and other schools across the country to provide co-curricular programming.
“The Black Economic Alliance is proud to partner with Spelman and Morehouse to bring this unique initiative to fruition, and we appreciate the anchor funding from Bank of America enabling us to launch the program,” said David Clunie, Executive Director of the Black Economic Alliance. “Together, we will grow a strong pipeline of Black innovators and create a robust ecosystem of entrepreneurial excellence in Atlanta and beyond.”
