RI’S BIPOC ENTREPRENEUR + BUSINESS OWNER NEEDS
Existing network activities could be bolstered by new events that provide a regular venue to meet and discuss business ideas in a more informal setting. Many entrepreneur networks sponsor a regular event series that operate something like an “open house” where the primary focus is on networking along with short presentations from local people who currently own and plan to run a business. The Kauffman Foundation’s One-Million Cups program offers a template for this approach. One Million Cups, which now operates in more than 136 communities, refers to regular (often monthly) event series that offers a venue to hear from fellow entrepreneurs and informally share and discuss business ideas.18 It offers a regular, nocost, low stress opportunity to learn about entrepreneurship in the community. Along the way, participants learn about business, but, more importantly, they become part of a wider entrepreneurial community.
Developed by the Ewing Marion Kauffman Foundation in 2012, 1 Million Cups (1MC) is based on the notion that great ideas are discussed over a million cups of coffee. 1MC is a free program that is now organized around 160 volunteer-led communities across the country, each designed to educate, engage, and inspire entrepreneurs. Every Wednesday morning 1MC events take place. During each event, entrepreneurs have 6 minutes to present their company or business idea to community members, followed by 20 minutes of questions, feedback, and support. In line with the intention of 1MC that each chapter is created by the community, for the community, each event concludes with a question posed to the entrepreneur: "What can we as a community do to help you?"
Rhode Island’s BIPOC entrepreneurs and aspiring business owners would benefit from regular informal opportunities to connect, mingle, and learn from one another. Leading BSOs, as part of the networks discussed above, in partnership with strong professional networks, such as the Providence Men’s Dinner Club, should sponsor a regular event series, using the One Million Cups model or similar approaches, that are open to anyone with an interest in learning about entrepreneurship, innovation, and creativity. These events should be viewed as one of the ecosystem’s primary entry points where attendees can come to a single event, or use the meetings as an entrée to other services, such as technical assistance or coaching. Events should be held on a regular schedule (e.g. first Monday of every month) and in a location that is easily accessible.
Supportive Regulation Many entrepreneurs and small business owners consider Rhode Island to be a challenging place to do business, arguing that the state and local governments are not “entrepreneur-friendly.” Conservative think tanks like the Small & Entrepreneurship Council, the Tax Foundation, and various “best states for business” rankings typically provide poor grades for Rhode Island’s business climate. 19 These rankings typically point to the state’s higher tax rates and higher operating costs as major factors in these lower scores. Yet, Rhode Island is not unique on this front as most New England or Northeastern states perform poorly in these business climate ranking schemes. Meanwhile, an opposite pattern occurs in rankings that track science, technology, and innovation performance. Rhode Island performs relatively well in these assessments, which track R&D spending, patenting, STEM talent, and the like.
18
The SEG previously sponsored a One Million Cups series in Providence but it no longer appears to be operating. Small Business and Entrepreneurship Council, Small Business Policy Index 2019. Available at: https://sbecouncil.org/resources/publications/small-business-policy-index-2019/; Tax Foundation, State Business Tax Climate Index 2021, Available at: https://taxfoundation.org/2021-state-business-tax-climate-index/ 19
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