FOR IMMEDIATE RELEASE
November 25, 2024

Contact:
crodriguezhernandez@skdknick.com

The collaboration, supported by Bloomberg Philanthropies, seeks to fuel a deeper understanding of entrepreneurship as a critical driver of Black wealth

ATLANTA, GEORGIA – The Center for Black Entrepreneurship (CBE) — an initiative launched by the Black Economic Alliance(BEA) Foundation, Morehouse College, and Spelman College — announced a new partnership with the Black Wealth Data Center (BWDC) to cultivate Black entrepreneurship data and research in service of building wealth across Black communities.

Supported by Bloomberg Philanthropies, this partnership aims to identify current gaps in Black entrepreneurship data and research, with an emphasis on expanding the existing body of research, including setting the data agenda and mobilizing cross-sector leaders to act on identified solutions.

“Building and implementing scalable solutions requires us to identify the scope and scale of the challenge facing Black entrepreneurs, which this partnership will allow us to do,” said BEA CEO Samantha Tweedy.“This first-of-its-kind research partnership between the Center for Black Entrepreneurship, the Black Wealth Data Center, and the Black Economic Alliance Foundation will inform the CBE’s offerings and give leaders across sectors the data they need to shape policies, programs, and investment vehicles to help Black businesses thrive and build generational wealth in Black communities.”

In 2022, Bloomberg Philanthropies’ Greenwood Initiative funded the launch of the Black Wealth Data Center to provide actionable data to public and private sector leaders, journalists, and academia working to address racial wealth equity. By design, the Black Wealth Data Center partners with academic institutions and centers of excellence like the Center for Black Entrepreneurship to foster cutting-edge research. Together, CBE and BWDC will cultivate the next generation of Black entrepreneurs and scholars equipped to identify and address the unique challenges faced by Black entrepreneurs.

“Bloomberg Philanthropies supported the launch of the BWDC to expand access to racially disaggregated data, deepen the research around drivers of wealth, and activate leaders creating programs to advance racial wealth equity,” said Garnesha Ezediaro, who leads Bloomberg Philanthropies’ Greenwood Initiative. “Through this investment in the Center for Black Entrepreneurship, we will increase opportunities to build the next generation of students, researchers, and faculty who are developing data-driven business strategies and driving evidence-based policies and programs.”

The CBE and BWDC partnership includes:

• A new, nationwide Research Faculty Fellows Program, funding Research Fellows with discrete research projects exploring topics that vary from the impact of Black business success on personal and community wealth, to the effectiveness of support systems for Black entrepreneurs, to the role of bias in AI and machine learning investment tools.
• CBE course offerings that bring the data and research housed on the BWDC platform to life.
• A new research pillar of the CBE led by a Research Director and Associate Director.

“Entrepreneurship has always been a powerful driver of economic progress, and for Black communities, it’s a key path to building generational wealth and narrowing the racial wealth gap,” said Rosalind “Roz” Brewer, Interim President of Spelman College. “This partnership between the Center for Black Entrepreneurship, the Black Wealth Data Center, and the Black Economic Alliance Foundation unifies our institutions’ strengths to lift up Black entrepreneurs. Together, we’re equipping trailblazers with the data and tools to seize new opportunities and create a more inclusive economy — one that truly supports Black-owned businesses and builds lasting economic equity.”

“The partnership between the Center for Black Entrepreneurship, the Black Wealth Data Center, and the Black Economic Alliance Foundation gives our students access to essential data and insights they need to break down the systemic barriers Black entrepreneurs face,” said David A. Thomas, Ph.D., President of Morehouse College. “This collaboration will inspire our students and alumni to create innovative solutions, grow generational wealth across the Black community, and reshape the future of American business.”

This collaboration was featured at the Black Entrepreneurship Research Symposium, held on November 20 at Morehouse College. The Symposium brought together the nation’s leading scholars, researchers, and practitioners for knowledge-sharing, identification of gaps in research and data in the field, and new findings related to Black entrepreneurship as a tool for building intergenerational wealth.

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About the Black Economic Alliance Foundation
The Black Economic Alliance Foundation is the nation’s leading organization harnessing the collective expertise and influence of Black business leaders and aligned advocates to build economic prosperity and generational wealth for the Black community. We partner with leaders across the public, private, and social sectors to champion policy reimagination, develop investment and philanthropic programs, commission research, and elevate national understanding of the inextricable link between the health of the Black economy and the entire American economy. The BEA Foundation is the 501(c)(3) non-profit affiliate of the Black Economic Alliance, a nonpartisan coalition of Black business leaders and allies committed to advancing work, wages, and wealth in the Black community. To learn more, visit, https://foundation.blackeconomicalliance.org.

About the Black Wealth Data Center
The Black Wealth Data Center (BWDC), supported by Bloomberg Philanthropies’ Greenwood Initiative, provides actionable data for policymaking and investment decisions to address racial wealth equity. The BWDC aims to empower decision-makers with reliable data, become the go-to resource for wealth data, and raise the national standard for data collection and accessibility. To learn more, visit blackwealthdata.org.