The Black MasterMind Group’s Business Incubator Set to Open Soon
The program will provide support, tools, and mentorship to help entrepreneurs launch and build their businesses.
Coming soon, the Black MasterMind Group is adding an additional support program for entrepreneurs – an onsite business incubator.
Last year, the organization was awarded a $1.4 million grant from the Kansas Dept. of Commerce. Proceeds from the award enabled the Black MasterMind Group to purchase the strip mall, located at 1121 N. 5th St., in Kansas City, Kan. “We own the building free and clear,” says Black MasterMind Group founder, Dr. Donnetta Watson.
When construction is complete, the 25,000 square foot building will house the incubator program, Black MasterMind Group offices, classrooms, workspaces and multiple new businesses that will include:
- Space for sixteen businesses
- Six food businesses
- A hair salon
- A nail salon
- An event rental equipment business
- A mail drop, print and copy center
- A black beauty supply store
- A recording studio
- A bar and lounge
- Four additional spaces for local businesses
“Graduates from The Black MasterMind Group BootCamp Program will run the businesses within the incubator,” Watson explains. “They will take what they have learned in the classroom, and immediately go to work establishing their businesses. Transition into the incubator will be part of the graduation process.”
The current class is scheduled to graduate June 16 at The Summit of The Black MasterMinds 3-day Conference and Graduation Event, in Kansas City, where Dr. George C Fraser will be the keynote speaker.
What the business incubator will offer.
Students will run their businesses in the program for three years – the startup phase. During this time, they will work with mentors to establish, market, promote, and prepare to launch the business into the community.
Here is how it will work:
Each business owner will be assigned to a mentor, who will work with them for the three-year term. The mentor will provide oversight, counsel, and support, to ensure that the owner makes sound decisions, and stays on track with established business goals and strategies.
For a business to grow, owners must be able to secure funding. Watson says too many Black entrepreneurs are operating “hookups, hustles and hobbies” instead of businesses. “If owners can’t secure funding, they are not setting the business up to succeed long-term.”
Pursuing proper funding requires education, knowledge, and access. This is a strong focus area for The Black MasterMind Group. They have partnered with local banks and other entities who fund small businesses.
They are now their own KIVA Microloan Fund for businesses who complete the BootCamp program across the nation. They are partners with Alt-Cap, Arvest Bank, BMO Bank, Empower Loan Fund, and First Merchant Financial Services — all to ensure capital access is available for Black entrepreneurs.
The plan is to create more sustainable Black businesses.
At the end of three years, all these businesses will be prepared and positioned to launch into the community. Watson says she can’t wait for the multiple business launches that will occur. “We will send them out into the community with everything they need to operate thriving and growing businesses.”
These businesses will have a strong customer base, proven product demand, and a profitable business which can access capital.
The Black MasterMind Group team will continue to provide ongoing counsel and support for these and other small businesses.
To learn more about The Black MasterMind Group programs and services, visit theblackmastermindgroup.com, or connect on social media.
Facebook – The National Black MasterMind Group
Instagram – The National Black MasterMind Group
About the Black MasterMind Group
The Black MasterMind Group is designed to create strategies that start, stabilize, sustain, and scale businesses in the Black entrepreneurial community. The Black MasterMind Group educates, trains, coaches, and mentors Black entrepreneurs to create fundable, sustainable business models in urban core areas across America. We teach entrepreneurial financial literacy and business strategies that help the Black entrepreneurial community access capital.
