Local First Arizona’s We Rise business accelerator, a six-month skill-building program for Black entrepreneurs, has extended its application deadline for the next cohort to June 30.
We Rise is a free, currently remote program designed for startup or experienced small business owners looking for the fundamentals of entrepreneurship in Arizona. The deadline was extended from June 17 to reach more entrepreneurs.
Participants learn about financial literacy, including debt, equity finance and personal finance. Local banks teach participants about building credit and asking for capital funding. Participants also develop a business plan, business model and pitch deck. A mentorship program provides insight from seasoned business professionals who have navigated similar obstacles.
In addition to education, We Rise can offer support for access to technology, reliable internet and child care to lift barriers for interested entrepreneurs.
Bridging the gap for Black-owned businesses
We Rise was created to address a lack of opportunities for Black Americans living in Arizona, who make up 4% of the state population, said Carmen Attikossie, senior small business development manager at Local First Arizona. Historically, communities of color have been barred from business through systemic racism and social barriers.
In a 2020 study, McKinsey & Company found that while 20% of Black Americans start businesses, only 4% of Black American businesses survive the startup stage. Black-owned businesses disproportionately struggle with debt, raising capital and barriers into the business community.
“One of the big things is creating opportunities for communities that don’t see this type of investment and concentration, and bringing dreams to reality,” said Lynita Johnson, director of marketing and strategy for Local First Arizona. She emphasized the opportunity to build generational wealth by entrepreneurship and business development, opening doors for families.
Similar programs can cost thousands of dollars, and marginalized communities may not have the financial means to access them.
“So, we’ve been able to take away that barrier and provide this information…so they, too, have a chance and opportunity to thrive in our local community,” Attikossie said.
We Rise first started in 2020, at the height of the pandemic. The idea had germinated long before, after the success of a similar program by Local First Arizona supporting Hispanic-owned businesses.
The renewed attention on supporting local businesses put in sharp relief the active systemic issues that limit resources for marginalized communities, Johnson said. The murder of George Floyd by a Minneapolis police officer, which sparked a summer of protests for racial justice, also heightened awareness and energy supporting the community.
Those issues, combined with people starting passion projects as they stayed at home and reaching out to Local First on how to start a proper business, spurred We Rise into action. Attikossie and the team created the program in three weeks, a curriculum that is ever-changing to meet current needs.
A way to support sustainable businesses
When Erica Maxwell started her company Aha Alliance, a professional development organization, after leaving her day job, she was ready to produce content but lacked the knowledge on the nuts and bolts of business. She started We Rise in 2021 looking to find a way to make her business sustainable.
Black business owners must work harder to gain not only customers, but repeat customers, and think about what services they provide, how they provide them and how they’re perceived, Maxwell said.
“How do we gain and, again, sustain our businesses to meet the needs of all these populations and gain their trust—it’s a little more of an uphill climb," she said.
The program helped her pay attention to aspects of businesses she hadn’t thought of before, Maxwell said, like how much to charge, how to project future numbers and how to access capital funding. It gave her frameworks and helped her organize her finances and marketing. The skills Maxwell learned helped her publish a children’s book and hire an employee at Aha Alliance.
“It gave me networking, meeting other people within the program,” Maxwell said, some of whom she has employed for their services. “That’s been wonderful…just the knowledge of, how do I make sure that this is sustainable and won’t fall into the thousands of businesses that fail on a regular basis?”
The program has graduated 26 participants so far, who are all more prepared and strategic on big financial decisions and business structure, Attikossie said.
People can apply at localfirstaz.com/we-rise. Applicants must have a Black-owned business, have some experience with entrepreneurship and be over 18. Participants will attend class from 5-7 p.m. on Wednesday nights.
We Rise also has a sign-up list for those interested to be notified the next time applications open, which happens every six months.
Fuerza Local’s Acelerador de Negocios, another Local First Arizona business accelerator for Hispanic entrepreneurs, is also now accepting applications for programs in metro Phoenix and Tucson.
