Seven years ago, when Darrin Redus took over as director of Cincinnati’s nationally renowned Minority Business Accelerator, he knew someday there would be a gap between the accelerator’s capabilities and its members’ ambitions. Indeed, while the accelerator had helped businesses owned by Blacks, Hispanics and other minorities get off the ground, many of them eventually ran into specific headwinds: a lack of personal net worth and a shortage of investors. In 2019, Redus teamed with Jill Meyer, CEO of the Cincinnati USA Regional Chamber, to focus more intently on the problem. “We’ve got to do it ourselves,” Redus told Meyer. “There’s got to be a better model,” Meyer said. The accelerator is now raising a $100 million fund to help minority-owned companies in the Midwest supercharge growth. It wants to take advantage of the “silver tsunami” – the nearly $5 trillion in business assets whose founders lack a succession plan and will come to the end of their working life by 2030. The fund hopes to help companies make at least three or four transactions by the end of 2023, with a stretch goal of six. “If we can, in three to five years, create 15 to 20 high-scale […]

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U.S. Treasury Secretary Janet Yellen meets with Chinese Vice Premier Liu He in Zurich, Switzerland, … [+] Lian Yi/Xinhua via Getty Images The frenetic flurry of diplomatic activity between America and China signals that far from decoupling, the world’s two largest economies are actively figuring out ways to reset their troubled economic relationship. Let’s call this process recoupling, which will cheer the business community in both countries and disappoint hard-liners advocating for tougher measures. The latest manifestation of the renewed U.S.-China diplomatic push came in Zurich last week when Treasury Secretary Janet Yellen sat down with Liu He, the soon-to-be-departing Vice Minister who has been the point person on economic relations. Diplomacy is all about atmospherics as much as it is about substance. Compared with the acrimonious atmospherics of the March 2021 Alaska meeting, which descended into a shouting match between the two delegations, the Zurich meeting was a love-fest. The official readout from the Treasury was that the meeting was “candid, substantive, and constructive,” with both sides agreeing that it was important for the “functioning of the global economy” to further enhance communication around macroeconomic and financial issues. In good measure, Liu He was also eager to convey […]

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A Beijing outlet of an educational-services provider owned by TAL Education Group, pictured when China clamped down on for-profit academic tutoring. A year and a half after Beijing’s crackdown on after-school tutoring businesses , the American depositary receipts of Chinese education companies have recouped some of their heavy losses, thanks to business revamps that include selling king prawns and vegetables online. The partial recovery has taken place as the companies have found new sources of revenue—such as e-commerce—and made further inroads into college-test preparation, adult-education programs and nonacademic courses such as robotics and art. That has enabled some of them to grow again from a new low base. Continue reading your article with a WSJ membership

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After graduating from high school, Gabi Angelini had a tough time finding a job because of Down syndrome. “They just kept denying her – even a smoothie bar at a fitness center,” said her mother, Mary. “They were like, ‘No, she’d be too slow.’ “She wasn’t understanding – what’s the deal here?” Mary Angelini planned to open a coffee shop where her daughter could work but then the pandemic hit. Already committed to some storage space at the Loading Dock in Raleigh, she thought, Now what? But Murphy’s Naturals was growing and needed help with packaging and labeling, and Gabi Angelini and others with disabilities were soon at work. Mary Angelini, who earlier spent 12 years as an accountant at IBM (NYSE: IBM) and has six children, left her job at a local Catholic school to devote her time to the effort. Now their company, Gabi’s – Powered By Special Abilities , has 45 employees and has added clients such as Peter Millar, the Duke University Divinity School and more. “Autistic people are perfectionists,” said Mary Angelini. The company had $500,000 in revenue and might hit $750,000 this year. Mary Angelini said her daughter “is excited” by the success […]

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Legislators and local dignitaries typically account for the bulk of the attendees at a State of the State address. But the broad message and specific policy vision shared during this annual speech is intended to have the biggest impact on normal Michiganders. So we reached out to a few Michigan residents who potentially have the most at stake in terms of some of the governor’s policy proposals and broader ideas outlined in her fifth State of the State address this week. Aubrey Greenfield, Allison Beers and Cathy Moore watched Whitmer’s speech and provided their thoughts on her words. All agreed the governor can be a dynamic speaker, but they did share some criticism on what she proposed during the speech. Their responses have been edited for length and clarity. More: Buttressed by Democratic majorities, Whitmer lays out vision in State of the State speech Aubrey Greenfield Greenfield, 17, is a senior at Oxford High School. She was a sophomore at the school in 2021, when a fellow student killed four students while injuring six peers and a teacher in a mass shooting. Freep: What did you think of the governor’s speech? Did you think it was inspirational and moving, […]

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Chief Technology Officer at Tangoe , responsible for the global corporate technology strategy and research and development (R&D). getty It seems that just as we learn about a new business trend, another one follows quickly, nipping at its heels. Take, for example, the “ Great Resignation ,” discovered when the Bureau of Labor Statistics reported in January that a record 4.5 million Americans quit their jobs in November 2021. This was a phenomenon that we had not seen before, a societal symptom of the Covid-19 pandemic, which led more people to reevaluate what they want from their jobs and their lifestyles. This led to the Great Renegotiation , where employees felt empowered to leave existing roles for higher-paying jobs or leave traditional roles for nontraditional ones. In July, McKinsey & Company reported, “For certain categories of workers, the barriers to switching employers have dropped dramatically. In the United States alone, there were 11.3 million open jobs at the end of May—up substantially from 9.3 million open jobs in April 2021. Even as employers scramble to fill these positions, the voluntary quit rate is 25% higher than pre-pandemic levels.” Cue Quiet Quitting . As reported by CNBC in September, “Now, […]

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getty Digital transformation is indispensable for businesses that intend to remain relevant in the near future. Given the prevailing macroeconomic conditions, businesses will likely continue facing unique challenges and opportunities to evolve in 2023. Amidst inflation, geopolitical tensions and economic uncertainty, they can expect to tackle issues on multiple fronts, including the supply chain, increasing customer expectations and sustainability, to name a few. The fact that digital transformation will help businesses maintain their competitive edge and sustained revenue models is not debatable. What they need to prioritize stepping into 2023 is focusing on digital technologies to build speed, innovation and agility across functions. Time is of the essence, and as customer demands change rapidly, so must the ability to drive growth and navigate the disruption. Having said that, digital transformation is about more than just technology—it’s about the shift in mindset that enables organizations to reimagine their business models and processes to take advantage of the opportunities created by emerging technologies. A strategic approach to digital transformation is, therefore, key. While every business has specific needs and every journey to a digital future is unique, certain aspects of digital transformation are likely to see more traction in 2023. Composability […]

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Xan Myburgh is the CEO + Co-Founder of Backd Business Funding , a leading alternative financing solution. getty Technology has changed how we function. It has rapidly expanded the nature of how we connect and work together globally. Businesses and business financing aren’t the exceptions to this. Financial technology has changed the way small- to medium-sized businesses access capital that, before now, they traditionally had less access to, opening doors for these businesses to further grow. Fintech’s influence will continue to ripple in the finance world as technology advances, but here are four key impacts our industry has had so far. Providing More Access To Capital The stringent and often rigorous requirements traditional lenders have can unintentionally close the door on business owners seeking to expand via a business loan. The terms entrepreneurs are often offered can make accessing the capital they need to grow a more arduous task than it really needs to be. The existence of so many digital lenders levels the playing field giving small-business owners more access to capital. Making Bill Pay Easier Long gone are the days of hardcopy bills and daunting stacks that need sorting through to ensure business owners stay on top […]

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BBE Certification and Scorecard to be Piloted in Historic Black Towns, and Cities with Black Mayors, Then on National Scale, to Address the Fact That: Less than 1% of nation’s 3.2 million Black-owned businesses are certified as minority-owned The vast wealth gap between Black and White communities not changed since 1968 More than 1,100 pledges totaling $200 Billion to Black equity in 2020 are mostly unfulfilled ORLANDO, Fla., Jan. 27, 2023 /PRNewswire/ — The National Alliance for Black Business (NABB), co-founded by the National Business League (NBL) and National Black Chamber of Commerce (NBCC), in partnership with the World Conference of Mayors (WCM) and the Historic Black Towns and Settlements Alliance (HBTSA) today announced the nation’s first-ever Black Business Enterprise (BBE) certification and scorecard program at the WCM Black Business Breakfast and Press Conference presented by Comerica Bank. Continue Reading The landmark BBE certification and scorecard program, designed and trademarked by the NBL, will certify businesses that are at least 51% Black-owned to be eligible for mainstream public, private, and philanthropic contracting and procurement opportunities. 59 years after the 1964 Civil Rights Act, less than 1% of the nation’s 3.2 million Black-owned businesses are certified. Tweet this The BBE […]

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Alicia Anderson Submitted photo BROOKFIELD — Alicia Anderson has been promoted to vice president – Treasury Management at First Business Bank. Anderson has helped First Business Bank’s local business and nonprofit clients in the Southeastern Wisconsin market for more than eight years. She holds more than 20 years of financial services experience and works to achieve a comprehensive understanding of each company’s cash flow cycle, receivables collection, payables process and how they can reduce the risk of fraud, according to a statement. Anderson received a Bachelor of Arts degree from the University of Wisconsin-Milwaukee and has a General Banking & Small Business Banking diploma from the American Institute of Banking. She is a graduate of Leadership Waukesha County. In addition, Anderson is immediate past president of Women for Midwest Athletes Against Childhood Cancer (MACC), director of the MACC Fund and treasurer of Our Next Generation (ONG). She is also the ambassador for the United Performing Arts Fund (UPAF) and the Vince Lombardi Cancer Foundation.

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