RUSSELL INNOVATION CENTER FOR ENTREPRENEURS
THE RICE REPORT: VOLUME 1
A letter from our CEO
When the Russell Center for Innovation and Entrepreneurship (RCIE) opened its doors in 2019, our mission to inspire and empower Black entrepreneurs became more urgent almost instantly. The COVID-19 pandemic, the murder of George Floyd, escalating cries for social justice, and growing economic uncertainty exacerbated the systemic barriers Black entrepreneurs face. It was a pivotal moment for the country and for us. As organizations shuttered their operations, we doubled down on our mission to respond to the needs of the Black business community. In 2021, we even changed our name to the Russell Innovation Center for Entrepreneurs (RICE), tightening our focus on the most important part of the equation—the entrepreneur. In Atlanta, a city with a storied history of Black entrepreneurship and the nation’s highest number of Black entrepreneurs per capita, Black people have largely been excluded from our city’s vibrant economy. Only four percent of Atlanta’s Black- owned businesses survive the start-up stage. The average value of a Black-owned business is less than one tenth the value of the average White- owned business. These facts are unacceptable. I’m proud to say though, that RICE is already moving the needle on these disparities. A remarkable 46% of RICE businesses have thrived beyond the start-
of the world’s leading and most recognizable brands. We will generate more opportunity. And with every success and failure, we will share lessons and best practices with others. Atlanta is at a crossroads—with RICE squarely at the center, occupying the nexus of access, opportunity, exposure, and impact. We are called to inspire the next generation of entrepreneurs and invite all Atlantans, regardless of race or socioeconomic status, to participate and contribute.
Something special is happening on Atlanta’s Westside. It’s game time. I hope you will join us. Farther together,
up stage, more than ten times the national average. RICE businesses are valued at five times the average value of Atlanta’s Black-owned businesses. So far, our Stakeholders have created hundreds of jobs, generated more than $100 million in revenue, and driven $450 million in total economic activity. Our work is gaining momentum. In just four short years, RICE has expanded to serve more than 350 full-time Stakeholder entrepreneurs and reach more than 10,000 in our extended network. In this same period, we’ve expanded our staff from two team members to thirty-six and increased our operating budget from zero to more than $6.5 million. This growth has allowed us to provide more than 5,000 hours of technical assistance and launch our Big IDEAS learning platform, Retail Readiness Academy, and Supply Chain Accelerator pilots. Going forward, I expect to see community wealth and shared prosperity grow exponentially as our organization serves more and more Black businesses. Over the next 10 years, RICE aspires to develop a collaborative community of 1,000 Stakeholder entrepreneurs, create 3,000 new jobs, and contribute $2 billion in new economic value to the Metro Atlanta region. We will continue to emerge as a collective voice and a trusted partner to some
James M. “Jay” Bailey President and CEO
Jay Bailey at Russell Center for Innovation and Entrepreneurship, May 2018
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