UNCF Launches Expansion of Center for Innovation and Entrepreneurship to Help HBCU Students Pursue Business Ownership

(Black PR Wire) Entrepreneurship and innovation are the ways forward to growing wealth in the Black and other communities of color and to advance the progress of the nation.

With that focus, UNCF (United Negro College Fund), the nation’s largest and most effective minority education organization, announced the expanded development of its Center for Innovation and Entrepreneurship (CIE) to support students at historically Black colleges and universities (HBCUs) and other institutions to pursue and fulfill their entrepreneurial dreams.

“The center’s ongoing mission is to develop the next generation of talented BIPOC entrepreneurs and innovators to create impactful business and design solutions to address society’s greatest challenges,” said Larry Griffith, UNCF senior vice president, programs and student services.

“We are committed to creating opportunities for synergy and collaboration among Black and other students of color and educators, institutions and partners to establish and grow wealth and increase social impact within communities of color. As more college students and graduates of diverse backgrounds pursue interests in business ownership and entrepreneurship, the UNCF Center for Innovation and Entrepreneurship is designed to help facilitate their interests and achieve success in their economic and social impact endeavors,” said Griffith.

A social entrepreneur is a person who explores business opportunities that have a positive impact on their community and society in general. Social entrepreneurship will be an important part of the work of the center. It’s the process by which individuals, startups and entrepreneurs develop and fund solutions that directly address social issues.

The center’s objectives are to build, grow, support and nurture partner ventures through a multi-prong approach of education, development, mentoring and financial support through scholarships, grants and business funding for innovators and entrepreneurs.

The center will:

Build a dynamic community of entrepreneurs and innovators

Administer business and social entrepreneurship and innovation-focused scholarship programs between 1996 and 2010. This generation’s identity has been molded by the digital age, climate anxiety, a shifting financial landscape, greater awareness of social equity and personal identity and the impact of COVID-19. Gen Z is currently the second-youngest generation, with millennials before and Generation Alpha after.

According to Forbes magazine, “Over 10% of Gen Z students recently polled have expressed interest in starting or developing their own business in the next six months. This generation brings creativity and a fresh perspective to the table—a table that now has open seats for those embracing this new world of work. This doesn’t always mean college or even trade school. What once seemed like the only path now has been divided up into many. They’re keen on making money to support themselves and entrepreneurship is a way to do that.”

“It’s also clear that Gen-Z is eager to carve a work path outside of the only historical option: a corporate 9-5. Instead, they want balance, fulfillment and to be extremely passionate about the work behind their paychecks. One way they are considering taking charge of that passion is by starting their own business,” according to Forbes.

Promote access to fellowships and internships

Define HBCU ecosystem to identify, inform and align partners for collaborative capacity building Expand online community engagement through community-oriented activities and events

Train intrapreneurs, company managers who promote innovation, and develop curriculum

Foster development of businesses through the entrepreneurial venture studio model

The center is tapping into the wave of entrepreneurship and innovation that is sweeping HBCU campuses among students and recent graduates, who fall in the category of Gen Z, comprising people born

“We seek to change the story of entrepreneurship for years to come. Being able to wake up each day, knowing that you created something worthwhile for the next generation is a goal for CIE,” said Devon Corbin, director, Center for Innovation and Entrepreneurship, UNCF.

“We want to create a space that supports freedom of choice. A space to create, with no pressure of fully launching businesses. We also want to create a space to sustain, where creators can ideate their goals to fully launch ventures that will scale and grow,” said Corbin.

The UNCF Center for Innovation and Entrepreneurship is tapping into the trend and providing the necessary support to help student innovators, especially those students of color who may not have had exposure or resources, to achieve business success.

To learn more about UNCF’s Center for Innovation and Entrepreneurship, contact cie@uncf.org.

Opportunity Fund Launches Fund 2 to Continue Investing in Outstanding Black and Latinx Founders

(Black PR Wire) With the launch of the $100 million SB Opportunity Fund in June 2020, SoftBank Group (SoftBank) made an unprecedented commitment to invest in founders who have been marginalized and overlooked by venture capital. In less than three years, SoftBank successfully incubated the Opportunity Fund and deployed the initial $100 million into 75 Black- and Latinx-led companies. In addition, two of SoftBank Group’s core growth funds— Vision Fund 2 and the Latin America Fund—separately invested nearly $600 million in Opportunity Fund portfolio companies, for a total of nearly $700 million invested across SoftBank’s funds.

Ahead of the third anniversary of the fund, the Opportunity Fund is formally changing its name to Open Opportunity Fund, which symbolizes an evolution to open access to other LPs and organizations to invest in the fund. Open Opportunity Fund also announces the launch of Fund 2, with a $150 million target.

Paul Judge, Ph.D, will assume leadership of the fund as Chairman after serving as a Founding Investment Committee member. Judge and affiliated entities have entered into an agreement to acquire an ownership stake and become co-owners of the Open Opportunity Fund. This exemplifies diverse participation at all levels: ownership, management, team, and portfolio. Fund 2 will deploy the same strategy of investing in outstanding Black- and Latinx-founded companies.

SoftBank remains committed to building a community of diverse founders and continues to support the fund as the founding LP and an investor in Fund 2.

The Open Opportunity Fund team has been working together for nearly three years and includes Chad Harris, Dami Osunsanya, and Jeff Asiedu.

“SoftBank proved that the Opportunity Fund model works for increasing access to capital for founders who have been traditionally overlooked, and we remain committed to the fund and its mission,” said Brett Rochkind, Managing Partner of SoftBank Investment Advisors. “Paul Judge is a seasoned leader strongly positioned to take the Fund into its next chapter as we invite new partners to join SoftBank in our commitment.”

“I applaud SoftBank’s commitment to supporting diverse founders by creating this fund almost three years ago and continuing to invest in it,” Judge said. “Diverse founders have an unwavering spirit and inge- nuity that allows their unique perspective to successfully solve problems and build meaningful companies. I am excited to welcome new partners to join us in this work of supporting diverse founders.”

The Open Opportunity Fund portfolio includes Atomic, Brex, Career Karma, Cityblock Health, Eight Sleep, Esusu, Greenwood, Lendtable, Mayvenn, Paystand, PlayVS, Praxis Labs, QuickNode, Squire, and Subject. The fund has had seven exits