Black entrepreneurs are among those who can gain useful, practical assistance to enlarge their businesses.
The help will come from the Big Four accounting firm Ernst & Young LLP (EY US). The company is accepting applications through Aug. 31, 2023, for Black and Latino founders to be in the 2024 cohort of the EY Entrepreneurs Access Network (EAN).
The free, year-long national business accelerator equips entrepreneurs with a business curriculum, growth resources, and capital connections.
Though resilient minority entrepreneurs have reportedly generated some $700 billion in revenue, they still face barriers like operating in today’s often difficult and highly competitive economic climate. They deal with challenges like securing financing, scaling up, and other obstacles limiting their growth.
EY expects to have 30 entrepreneurs participating in the 2024 cohort class. The firm reports on average, 24 of EAN participants are Black, and six are Latino.
EAN’s 12-month program includes offering direct involvement and coaching from EY executives. It has a curriculum focused on key business topics like marketing, mergers and acquisitions, cybersecurity, and connections to potential investors, alliances, vendors, and customers. The platform includes assessments, access to online tools, networking events, and promotional exposure.
Each participant is linked to an EY executive who is their relationship ambassador. Further, cohort members have access to the EY entrepreneurial ecosystem, including over 11,000 leaders. Business owners can tap the EY Entrepreneurs Resource Library. They can gain membership into a growing community of over 300 EAN Black and Latino leaders, creating jobs and impacting their communities.
Further, it was reported EAN affiliated entrepreneurs had raised $25.7 million in funding since 2020.
EY EAN Program Director Nit Reeder stated, “We must continue to help companies and allies realize that working with emerging Black and Hispanic/Latino businesses is good strategic business versus charity.”
Past EY Entrepreneurs Access Network participant Nancey Harris, co-founder and COO of Vontélle Eyewear, reflected on the program’s benefits.
Nancey Harris, co-founder & CEO of Vontélle Eyewear
“In building Vontélle Eyewear, my business partner and I were hyper-focused on the ‘why’ and realized there was something missing in the market. Our purpose was personal, and we needed a network that understood our mission,” As a Black- and women-owned business, the EAN program provided the coaching and connections needed to help recognize our value and capitalize on it.”
To qualify, applicants must meet be Black or Latino business owners who are founding CEOs and majority owners of any privately held, for-profit U.S.-based company. The firm must be over two years old. Applicants will be informed of their acceptance starting in December, and they can apply here.
