1863 Ventures, Leading Incubator of Black and Brown Entrepreneurs, Receives $1 Million from Principal Foundation to Extend its 3Rs Business Development Program
Over 170 Grants Totaling $850K, Will Help Black and Brown Entrepreneurs Navigate Continued Pandemic Uncertainty, and Strengthen Operations
WASHINGTON — 1863 Ventures, the DC-based, #1 national business development non-profit for New Majority Entrepreneurs – individuals that have been historically marginalized – has extended its 3Rs (Recovery, Rebuild, Resilience) business development program with $1 million in additional funding from Principal® Foundation.
1863 Ventures’ 3Rs program was established to combat COVID-19’s disproportionate and detrimental effects in communities of color. Initially, 3Rs was rolled out with Capital One in November 2020 to service Washington, D.C.businesses. In March 2021, 1863 Ventures expanded its scope nationwide to service an additional 12 cities, with the support of the Rockefeller Foundation. Now, in collaboration with Principal Foundation, 3Rs will support Black and Brown businesses in four new cities.
Principal Foundation’s $1 million grant supports 1863 Ventures’ expansion into four new cities – Minneapolis/St. Paul, Charlotte and Raleigh, North Carolina, and Des Moines, Iowa – are often overlooked when it comes to scaling start-ups and business development programming. 3Rs main goals are to help women and Black and Brown founders navigate economic uncertainty caused by the pandemic and empower them through 3-months of live and online, curated business development curriculum, as well as one-on-one business coaching. Subject matter experts help Black and Brown businesses reevaluate their business models, recommending pivots where necessary, helping entrepreneurs set targeted growth strategies, and execute with a clear roadmap. The grant will also allow 1863 Ventures to provide an additional 170 small businesses with $5,000 grants.
“1863 Ventures is taking extraordinary leaps to ensure New Majority entrepreneurs across the country are seen, heard, and supported equitably. It is not enough for entrepreneurs to only receive business programming and coaching from incubators. They need access to capital as well. We are humbled to work with Principal Foundation to help Black and Brown entrepreneurs in four new cities,” said Melissa Bradley, Founder and Managing Partner of 1863 Ventures. “Black and Brown entrepreneurs were among the hardest hit during the pandemic but received the lowest levels of investment to survive. We have an obligation to protect and scale the small business ecosystem that bolsters Black and Brown founders.”
“Small businesses have been dealing with the ongoing impact of the pandemic. Through our grant in support of the 3Rsprogram, we aim to give meaningful support to small businesses as they recover, grow, create jobs, and play a vital role in supporting our communities. Moreover, we aim to provide women and entrepreneurs of color in often overlooked cities with the resources and tools they need to scale their businesses and thrive now and for years to come,” said Jo Christine Miles, director of Principal Foundation and Principal Community Relations.
1863 Ventures was founded in 2016 by Melissa Bradley, a tri-sector leader with more than 20 years of experience as an investor, educator, and entrepreneur, to help 500 Black entrepreneurial-minded residents East of the River in DC, start businesses and create jobs for their community. Now, with a nationwide mission to create $100 billion in new wealth by 2030 through both its non-profit programming and venture fund, 1863 Ventures has its goals set very high to change the narrative for New Majority founders. 1863 Ventures’ entrepreneur membership represents nearly $350 million+ in revenues and over 4k jobs created.
For participants in the aforementioned cities with an incorporated business (LLC, C-Corp, or S-Corp), the business development portal is now open here. Grant funding in these cities is expected to commence as soon as founders complete the online self-paced curriculum. Entrepreneurs who are not Black or Brown and are not based in the grant cities can still participate in the business development components of the curriculum; however, they will not be eligible for grant funding.
1863 Ventures welcomes additional funding partners that can help extend grant awards to other hard-hit communities across the United States. Further, 1863 Ventures welcomes community partners to help disseminate the program information to businesses that can benefit from the 3Rs program. Learn more at 1863venutres.net.
About Principal Foundation
Principal Financial Group Foundation, Inc. (“Principal Foundation”) is a duly recognized 501(c)(3) entity focused on providing philanthropic support to programs that build financial security in the communities where Principal Financial Group, Inc. (“Principal”) operates. While Principal Foundation receives funding from Principal, Principal Foundation is a distinct, independent, charitable entity. Principal Foundation does not practice any form of investment advisory services and is not authorized to do so.
About 1863 Ventures
1863 Ventures is the #1 national business development nonprofit for New Majority Entrepreneurs; individuals who have been historically marginalized (e.g. BIPOC). The DC-based non-profit organization’s mission is to create $100 billion in New Wealth, by and for New Majority Entrepreneurs, by 2030. The organization was founded by Melissa Bradley, entrepreneur, VC investor, and Georgetown University associate professor. This year, 1863 Ventures will support over 1,500 New Majority entrepreneurs across the United States, through programming and grant support. Learn more at 1863ventures.net.
Contact: Maxwell Young
Contact info: max.young@edelman.com
SOURCE 1863 Ventures
