Operation HOPE Announces 1 Million Black Business Next Gen Program
Operation HOPE has announced an extension to their 1 Million Black Business Initiative, “1MBB Next Gen” program.
Operation HOPE aims to make free enterprise and capitalism work for the underserved, as they have served more than four million individuals.
They have also directed more than $4 billion in economic activity into disenfranchised communities.
Operation HOPE announced its program at this year’s Clinton Global Initiative’s (CGI’s) Annual Meeting.
The Clinton Global Initative was founded in 2005 by President Bill Clinton and brought together established and emerging global leaders.
It implements solutions to the world’s most pressing challenges and works with partners to develop Commitments to Action.
The Commitment to Action plan addresses a significant global challenge and offers new, specific, measurable actions in climate resilience, health equity, and inclusive economic recovery and growth.
1 Million Black Business Initiative
The commitment and 1MBB Next Gen program is an extension of the 1 Million Black Businesses Initiative (1MBB) that targets college students attending historically Black colleges and universities (HBCUs).
1MBB was founded in 2020 after the murder of George Floyd with a mission to tackle barriers to success for many Black small business owners by accelerating access to resources.
These included capital resources, technology resources, mentorship and networking.
It provides the Black community with a successful path to wealth creation through sustainable and profitable business ownership.
1MBB Next Gen Program
The 1MBB Next Gen program will leverage the reach and influence of HBCUs to establish a pipeline that develops, trains and empowers the next generation of small business owners.
1MBB has already engaged more than 360,000 Black businesses, and the new program will create an additional 5,000 aspiring entrepreneurs within the next five years.
“This 1MBB process has revealed that there’s an incredible entrepreneurial and aspirational energy being driven by young Black men and women throughout America, largely nurtured by the HBCU community,” said John Hope Bryant, Operation HOPE Founder, Chairman and CEO.
“Recognizing that the next Steve Jobs could be within the walls of these institutions, we wanted to rewrite the storyline by finding a way to nurture and encourage young innovators.”
To help reach 1MBB’s goal, Operation HOPE has partnered with Shopify, which committed financial support totalling $130 million, among a number of other businesses.
They also established the “Coalition of the Willing”, a National alliance of faith-based groups and nonprofits.