There was, Rodz recalls thinking, something odd about the whole thing. She was there to explore what was next after selling her second company, a digital marketing firm.
Gore was the vice president of the United Nations Foundation. Here they were, getting access to career-making connections and ideas, only after they needed them.
"What about all the people," Rodz recalls thinking, "that can't afford this?" They mulled over an idea: What if they built a data-driven online platform that matched female founders with everything from mentors and tech tools to credit and grants? That platform became Hello Alice, which today supports more than a million and a half small businesses.
Since its launch in 2017, it's deployed about $40 million in grants, attracted investors like Serena Williams and Jean Case, and grown to 40 employees. (The platform is free for small businesses to use, and it makes its money offering software that allows financial institutions to engage with the smallbusiness community.) The site has also widened its scope to serve a larger community of entrepreneurs, including LGBTQ+ people, those with disabilities, veterans, military spouses, and especially people of color. "We call our audience the New Majority of small-business owners," Gore says.
According to the U.S. Small Business Administration, Black Americans make up some 13% of the U.S.population but lead only 2% of businesses with more than one employee. Notably, while 20% of Black Americans start businesses, McKinsey & Company has found that the vast majority fail in the first year and a half, and just 4% get past the startup stage.
One big challenge is money. Black Americans often find it difficult to obtain loans and self-fund their small businesses at a higher rate.
This story is from the Spring 2024 edition of Fast Company.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the Spring 2024 edition of Fast Company.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
THE NEW RULES OF BUSINESS TRAVEL
In the era of hybrid teams, everyone is a road warrior-not just sales teams and C-suite execs. It's part of why business travel spending is expected to finally reach, and perhaps surpass, pre-pandemic levels by the end of the year, according to Deloitte. But, as with everything, work trips are not what they were in 2019. From airlines to banks, companies are finding new ways to make business travel easier-and even a little fun.
INTELLIGENT IMPACT
BUSINESS LUMINARIES SHARE HOW AI CAN INTERSECT WITH SOCIAL MISSION.
REDDIT'S REVENGE
IN AN ERA OF AI UPHEAVAL. THE CACOPHONOUS SOCIAL HUB EMERGES AS THE HUMAN-DRIVEN INTERNET'S LAST GREAT HOPE.
SO MANY WAYS TO LOSE
In the Ozempic era, Weight-Watchers is remaking itself to be something for everyone meal-plan program and a tele-health prescription service. But have consumers already lost their appetite?
10/10 - THE 10 MOST INNOVATIVE PEOPLE OF THE LAST 10 YEARS
In honor of Fast Company's 10th Innovation Festival in September, we identified 10 industrious leaders whose groundbreaking efforts defined the past decade in business. We spoke to them about their extraordinary achievements in tech, medicine, entertainment, and more. And we explored how the impact of their work has withstood passing fads, various presidential administrations, a pandemic, and many, many quarterly reports.
The Mysterious Reappearance of the Reggie Bar
How a beloved 1970s candy got called back up to the major leagues.
Gabriella Khalil
Gabriella Khalil, creative director, answers our career questionnaire.
The Fast and the Furious
High prices at McDonald's, Taco Bell, and other chains are sparking consumer revolt.
Lost in Truncation
Lost in Truncation Generative AI was supposed to unleash our creativity. Instead, it became our cultural trash compactor. Welcome to the age of summarization.
Campus Radicals
Welcome to UATX, Austin's new well-funded and controversial anti-woke university.
