Cision PR Newswire
New Majority Capital Expands bETA Accelerator Nationally
News provided byNew Majority Capital
Sep 18, 2023, 8:07 AM ET
New commitments will provide unparalleled educational opportunities, tangibly address key drivers of the racial wealth divide, and support U.S-based small businesses.
BOSTON, Sept. 18, 2023 /PRNewswire/ -- New Majority Capital (NMC) today announced the expansion of bETA, a 10-week accelerator designed to increase BIPOC adoption of Entrepreneurship through Acquisition (ETA), through several new cohorts across the United States.
NMC created bETA to educate and prepare underrepresented entrepreneurs to acquire, run, and scale an existing small business. Given the high failure rates of venture-backed startups, bETA provides opportunities for individuals to de-risk their entrepreneurship journey. The goals of the bETA accelerator are to demystify the ETA process, make participants capital-ready, and ultimately aid participants in their acquisition of a small business.
After a successful Rhode Island pilot in spring of 2023, 30 bETA graduates are in the process of acquiring a small business. For future cohorts, JPMorgan Chase Advancing Black Pathways, an initiative to help the Black community chart stronger paths toward economic success and empowerment, is partnering with NMC to expand access to bETA nationally. This partnership starts in Atlanta, where 38 entrepreneurs have been selected for the first cohort, and will move to other cities, with the goal of developing thousands of ETA entrepreneurs over the next few years.
"We are thrilled to take this important mission around the country," says Allegra Stennett, Co-Founder of New Majority Capital. "People of color own only 20% of profitable businesses in the United States, despite comprising 40% of the population (according to the US Census Bureau). With over 12 million small business owners seeking retirement in the next 25 years, underrepresented entrepreneurs have a unique opportunity to become owners and build generational wealth. We are committed to making that a reality."
"Advancing Black Pathways connects Black entrepreneurs with resources such as the bETA accelerator in partnership with New Majority Capital to support their business pursuits," said Eva Brown, Head of Business Growth & Entrepreneurship and Financial Health and Wealth, Advancing Black Pathways. "This program promotes acquisition-based entrepreneurship, providing a framework for entrepreneurs to follow instead of starting from the ground up."
About New Majority Capital: New Majority Capital is an impact investing firm that provides training and capital for BIPOC and women entrepreneurs to acquire and scale small businesses. Our model is rooted in Entrepreneurship through Acquisition. NMC is currently raising an Impact Fund, NMC Fund I, from accredited investors. Learn more at www.newmajoritycapital.com.
SOURCE New Majority Capital
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