#United States #Newark #Invest Newark #BIPOC Entrepreneurs #Executive Business Accelerator

Invest Newark Celebrates BIPOC Entrepreneurs

In an inspiring ceremony at Newark City Hall, Invest Newark marked the graduation of 16 small business owners from its comprehensive Executive Business Accelerator Program. Emphasizing diversity and inclusivity, the cohort reflects Newark's rich entrepreneurial spirit, with 19% of the participants identifying as Hispanic or Latino, 81% as Black or African American, and a significant 70% representing women-owned businesses.

The seven-month program, grounded in Interise's acclaimed StreetWise 'MBA'™ curriculum, offers established small business owners—with revenues surpassing $100,000 and at least one employee—practical training focusing on critical aspects such as strategic planning, marketing, financial management, procurement, and sales. Completing the program requires participants to craft and present a tailored three-year growth strategy for their enterprises.

During the graduation, Newark's Mayor, Ras J. Baraka, underscored the program's impact on the city's economic landscape. He stated, "The Executive Business Accelerator Program is helping small businesses in Newark grow and thrive. By equipping local entrepreneurs with the knowledge and resources they need, this program is strengthening our city's economy and ensuring long-term success for our businesses."

Since its inception in 2020, the Executive Business Accelerator Program has supported over 60 Newark-based CEOs across various industries, including hospitality, construction, food manufacturing, and accounting. According to data from 2023—which followed the graduation of a prior cohort—76% of the alumni businesses reported either increased or maintained annual revenues, 77% became profitable, and the same percentage hired local full-time staff. Graduates are also given the opportunity to compete for Business Development Grants, with a total of $15,000 available for each cohort.

Marcus T. Randolph, CEO of Invest Newark, remarked on the program's ongoing value, stating, "This program continues to prove its worth by helping businesses reach new heights. We are proud to support entrepreneurs who are committed to growing their businesses and contributing to Newark's economic future."

The graduates of the 2024 cohort represent a diverse array of businesses:

• - BWS Massage Concierge, LLC
• - AP Business Services
• - DYNAMIC DIGITAL AIR
• - Amazing Strides
• - SA AUTO CENTER
• - Transform The Hustle
• - All Star Development Enterprises, LLC
• - Just Right Technology
• - Proud 2 Be Me Learning Center
• - Bara Ex Nihilo Holdings, LLC (BENH)
• - M Campbell Development
• - TMA General Contracting LLC
• - Ochoa Enterprises, LLC
• - Organic Lyfe LLC
• - Brick City Strength
• - Uncle Willie's Wings

This initiative underscores Invest Newark's unwavering commitment to uplifting local and BIPOC-owned businesses, aspiring to cultivate an inclusive entrepreneurial ecosystem while driving equitable economic growth throughout the city.

Elizabeth J. Reynoso, Director of Research, Evaluation & Impact at Interise, celebrated the program's outcomes: "The outcomes demonstrate the power of equitable business education, leveraging Interise's award-winning StreetWise MBA program. By empowering business owners in underserved communities, we're working together to close the wealth gap and create an inclusive economy for all. I encourage eligible small businesses in Newark to apply for the 2025 cohort at programs.interise.org/newark."

About Invest Newark

Invest Newark, the city's Economic Development Corporation, plays a pivotal role in advancing economic growth by advocating for small businesses, enhancing internet access, and facilitating significant real estate development. These initiatives foster job creation and wealth generation, improving the overall welfare of Newark's residents. With a strong commitment to equity and sustainability, Invest Newark distinguishes itself as a forward-thinking development agency. Stay connected with Invest Newark by following their social media channels or visiting their official site at InvestNewark.org.