The Russell Innovation Center for Entrepreneurship won the "hot spaces" category in Atlanta Inno's Fire Awards.
The 50,000-square-foot Russell Center opened just as the pandemic shut everything down, but its growth hasn’t stopped. The center, which provides Black business owners with resources and mentorship, has raised $25 million and retained 98% of its companies through the pandemic.
Here's a Q&A with CEO Jay Bailey.
Q: How are your company’s innovations changing your industry’s landscape?
A: We are building the largest center in the world dedicated to growing and scaling Black-owned businesses — creating a safe space for these businesses to fail and fly. There is a deep sense of belonging Black entrepreneurs feel at the center — rooted in community, culture and a covenant of collaboration — place and space matter, this is our place, our space.
Q: What’s your advice to future and current entrepreneurs?
A: Find your tribe! Entrepreneurs often make the tragic mistake of believing they can do it all on their own. Atlanta has so many resources for entrepreneurs to tap into — courses, figuring out which books to read, mentors, support groups or just someone to encourage you to keep going when it gets tough. The African proverb says if you want to go fast, go alone. If you want to go far, go together. Collaboration is key, and community is critical.
Q: What’s been the biggest roadblock in your growth and how did you overcome it?
A: Three years ago, we were a brand-new, unproven, startup organization with a big vision. A year into making that vision real, we get hit with a global pandemic.
Like so many other businesses, we had to pivot, adjust and still persevere. Like most startups, one of our biggest challenges was getting the plane off the ground — building the right team, developing the right product, is it the right fit, are we doing it right and will it be sustainable? Our goal is not to simply create another informative program; no, we aspire to be transformative — and create a true institution that manufactures hope at scale — through small businesses — that is a pretty steep hill to climb.
Atlanta Inno's Fire Awards 2021
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