Entrepreneurship is the key to economic growth in sub-Saharan Africa and local USA economies. Today, too many people still encounter significant, systemic barriers to entrepreneurial opportunity. As the United States’ demographics begin to change, it is important to include diverse voices and people in all economic development strategies that will lead to more inclusive growth. The local entrepreneurship ecosystem should mirror the diversity in the community that fosters it – in Nigeria with voices from various ethnic groups or in the USA with people of color and women. The inclusion of Black entrepreneurs in the entrepreneurship ecosystem is vital because of the power entrepreneurship has to create jobs and close the racial wealth gap.
InnoPower works directly with Black entrepreneurs at each stage of growth to ensure that a diverse range of innovators can start and grow entrepreneurial ventures with equitable access and opportunity in the local ecosystem
Opportunity is not shared equally in cities and communities across Nigeria and the US
Those trapped in poverty live in places with little investment, low financial services, and almost no ownership. In other words, we do not have poor communities as much as broken economies. Our Solution The best option for communities is to train local entrepreneurs to build mid-sized businesses and develop growth ventures that export from the area and import wealth. Small businesses mainly recirculate wealth already brought into an area, but they do not make a community wealthier. Low-income communities need finance-smart
Our Solution - The best option for communities is to train local entrepreneurs to build mid-sized businesses and develop growth ventures that export from the area and import wealth. Small businesses mainly recirculate wealth already brought into an area, but they do not make a community wealthier.
InnoPower Indy partners with communities and existing ecosystems to build the supply of entrepreneurial support and available capital for entrepreneurs who participate and thrive in our development initiatives.
Low-income communities need finance-smart entrepreneurs who have the skills and expertise to export from their communities and import wealth.
This suggests that a smarter model would be the reverse- Venture Capitalist (VC) model that develops more high-potential ventures by teaching entrepreneurs to bridge the V.C. gap from idea to Aha and developing high-potential ventures the way America's unicorn-entrepreneurs did – with skills.
The Reverse-VC model would focus on:
- Training ALL entrepreneurs – rather than picking a few based on their pitch, as is done in the top-down, opportunity-based, VC-dependent model ✓
- Training ALL in the skills needed for emerging industries and trends because that is where most unicorn-entrepreneurs succeeded – rather than focusing on ideas, technologies, or opportunities which can nearly always be imitated and improved ✓
- Training ALL in the finance-smart strategies of unicorn-entrepreneurs to take off without V.C. – rather than squandering capital, as V.C.s do, in capital-intensive strategies
- Training ALL to use smart financial strategies (used by 94% of unicornentrepreneurs) to take off with limited capital and cash flow – and no V.C. ✓
- Encouraging ALL to take the initiative and take off without V.C. – rather than spoon-feeding them with angel capital and venture capital ✓
- Offering resources to ALL who need it – after take-off when risk is lower, and the potential is proven.