WHY WE EXIST
RUSSELL INNOVATION CENTER FOR ENTREPRENEURS
THE RICE REPORT: VOLUME 1
A Sense of Belonging Black entrepreneurs feel connected, engage deeply, and develop meaningful relationship networks WHAT WE’RE TRACKING • Stakeholder engagement (measured via qualitative survey) • Center utilization + Stakeholder participation Value Creation RICE delivers value to Stakeholders who, in turn, create new economic value WHAT WE’RE TRACKING • Direct spend with Stakeholders; In-kind services • New collaborations and partnerships between Stakeholders • Revenues from RICE-affiliated businesses
In this country, the median wealth of a Black family is less than one tenth that of the median white family. < 1/10 In Atlanta, Black people are nearly five times more likely than White residents to be unemployed . 5x On average, Black Founders start their businesses with less than one third the capital their white counterparts do. < 1/3
In Atlanta, the average White- owned business is valued at nearly 11 times the value of the average Black-owned business. 11x Just 4% of Black-owned businesses survive the start-up stage . 4%
The Reality We Face
The Outcomes RICE Seeks
Stakeholder Readiness Stakeholders achieve mastery of critical business-building skills WHAT WE’RE TRACKING • Stakeholder readiness assessments • Qualitative feedback from RICE partners Scale & Sustainability More Black businesses thrive over the long term WHAT WE’RE TRACKING • Business survival rate (vs. national industry averages) • New jobs created by RICE-affiliated businesses
of RICE entrepreneurs thrive beyond the startup stage, 10x the national average. 46%
new jobs generated and sustained by RICE-affiliated businesses since 2020. 1,318 Source: Atlanta Regional Commission Economic Impact Assessment
Early Proof Points
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Sources: US Federal Reserve, McKinsey & Co., National Bureau of Economic Research, Prosperity Now
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