Grand Rapids Business Journal 11.29.21

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THE RIGHT PLACE launches effort to grow tech industry. PAGE 3

NOV 29, 2021 VOL. 39, NO. 24

The Business Newspaper of Metro Grand Rapids, Holland, Muskegon & West Michigan

THIS WEEK

CADDY’S LIFE OF SERVICE

Salvation Army divisional commander has spent more than four decades helping people in need throughout the Midwest. Page 9

SpringGR launches The 250 Project Applications open for program that aims to help BIPOC businesses scale to $250K in revenue and beyond. Rachel Watson

rwatson@grbj.com

Wish granted DTE Foundation provides YWCA with funding to support domestic violence shelter. PAGE 4

Stuck in neutral Supply chain issues continue to plague West Michigan’s industrial economy. PAGE 8

DISCOVERY AGE Discover Manufacturing Week connects 4,000 learners with makers in the region. Page 15

THE LIST

The state’s top law schools. Page 6

When SpringGR started in 2013, there were only about 70 businesses with more than $250,000 in revenue that were owned by people of color in Grand Rapids, as compared to the 11,000 businesses in the city overall in that revenue category. A recent review by SpringGR, an entrepreneur support organization (ESO), revealed that number has not budged in eight years. Of the 11,500 businesses in the

Attah Obande said of the 11,500 businesses in the city that made $250,000 or more in the past year, only 0.6% were owned by people of color, which is about 70 businesses. Courtesy SpringGR

city that made $250,000 or more in the past year, only 0.6% were owned by people of color, which is about 70 businesses, according to Attah Obande, director of dream fulfillment, who co-leads SpringGR with Arlene Campbell.

“We knew the picture was not going to be pretty, but we didn’t expect it to be that ugly,” Obande said. “We clearly have a problem and a gap that needs to be filled.” SpringGR on Nov. 16 convened a meeting of community stake-

holders at the Goei Center for the unveiling of its new program, The 250 Project, which will seek to help minority-owned businesses with at least $100,000 in revenue CONTINUED ON PAGE 11

NCTF hires venture fund vet as managing director Fund nears $10M goal that will allow it to make investments in POCowned businesses. Rachel Watson

rwatson@grbj.com

After a national search, a Grand Rapids venture fund focused on boosting minority-owned businesses hired its first managing director and soon will be ready to make its first investments. The New Community Transformation Fund (NCTF) board of directors said Tuesday, Nov. 8, it hired Ollie Howie for the managing director position. Howie comes to Grand Rapids

after deploying over $50 million in venture capital throughout his career. Most recently, he invested in a SoftBank venture fund dedicated to building and supporting a community of Black, Latinx and Indigenous founders. Howie, who graduated from Harvard UniHowie versity with a degree in economics, has served as a capital analyst in executive positions at companies in Maryland, New York and Atlanta. “I am honored and humbled

to help a team serving underrepresented entrepreneurs in Michigan. Birgit, Skot and Kwame are making a profound impact on this community and are challenging the status quo,” Howie said, referring to NCTF board members Birgit Klohs, Skot Welch and Kwame Anku. After research and visits to Grand Rapids, Howie said he was impressed by the generations of entrepreneurial families in the region and their community philanthropy. Howie also has a history of entrepreneurism and philanthropy, as he started a mentoring and service nonprofit, My Brothers Keepers Club, while in elementary school. That effort garnered Howie a community service

GRBJ.COM Vol. 39, No. 24 $3.00 a copy. $59 a year © Entire contents copyright 2021 by Gemini Media. All rights reserved.

Inside Track ....... 9 Guest Columns.. 12 Knowledge is king Change-Ups ...... 16

CONSTRUCTION industry can expect change.

Calendar ........... 16 Public Record .... 17 Street Talk ...... 18

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award letter from then-President Barack Obama, and later, a day named in his honor in Roanoke, Virginia. “With the New Community Transformation Fund, we are building on (the local philanthropists’) legacy while creating a new chapter in our region’s history by investing more than ever in helping entrepreneurs of color (to) succeed,” Howie said. NCTF leaders said Howie’s investing prowess and experience with a transformation fund similar to this one stood out to them. “This is a very exciting time for the New Community Transformation Fund, and to continue our growth and momentum, we’re CONTINUED ON PAGE 11


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