On December 13, the Black Business Excellence Technical Assistance (BBET) cohort had its graduation, concluding the first-of-its kind 12-week accelerator.
LISC LA, through the generosity of Pacific Premier Bank, and with the execution of consultant Candace Mitchell-Harris of CVM Worldwide, hosted 28 Black-lead businesses in the personal care and beauty industry in this intensive program. Business owners had the opportunity to learn from weekly modules in topics ranging from finance to disaster resilience, one-on-one mentorship from industry experts, and networking opportunities.
A pitch presentation was held just a week before graduation; the entrepreneurs were given the opportunity to share their stories and growth plans. Four business owners emerged victorious, winning cash prizes to help scale their businesses to the next level. Danielle Richardson of Fierce Clarity took home the grand prize of $10,000 to support her activewear and lifestyle brand. Other winners included Vernon Yancy, CEO of SOSS, a men’s wellness and grooming brand, Dr. Monica Blied, a clinical psychologist, and Indian Tyler of PACT Bodycare, a bodycare product retailer.
All business owners proved winners at the graduation, which was a culmination of the accomplishments of the past 12 weeks. 100% of business owners predict that the program will positively impact their revenue this year, with 61% already seeing an expanded customer base. All have relayed a desire to stay connected with the cohort after the program concludes.
Felicia Smith, the owner of the Salon of Inglewood, thankfully stated, “it was an honor to have been chosen to participate in this program. I cannot express how beneficial this will be in improving our businesses.” Jakkia Scott, a professional braid artist who runs Passion With Purpose, stated, “I hope to stay connected and build great relationships and partnerships with everyone in the future.”
The BBET Program is part of LISC LA’s 2021 Black Economic Development Agenda, a commitment to drive initiatives forward that upend the racial wealth gap. This accelerator was a key component of the agenda, whereby businesses were able to gain the tools to expand their businesses and secure generational wealth for their families.
Click here to learn more about the BBET program and watch our recap video below.