First Dollar Initiative: Building a thriving entrepreneurial ecosystem for minority-owned startups
It takes money to start a small business. Entrepreneurs need cash more than anything else to make their dreams a reality. You’ve likely heard of the “friends and family round,” which provides entrepreneurs with the critical first dollar. This early capital often comes from wealthy uncles, grandparents, investor friends, personal savings, or a credit card. For Black and brown entrepreneurs, successful business creation is stifled as they lack opportunities for asset creation and ownership, adding to the cycle of wealth inequality among communities of color.
Access Ventures launched Render Capital in 2020 as an intentional regional investment strategy to increase entrepreneurs’ access to capital. And because they saw the disparity for Black and brown entrepreneurs, they also created the First Dollar Initiative to provide free capital to minority startups. It’s their version of the “family and friends round” to get these early businesses off the ground.
To truly build a thriving entrepreneurial ecosystem for minority-owned startups, initiatives like First Dollar have to be replicated all over the country. Access Ventures contacted us to write and design a report to disseminate and empower others to recreate this initiative.
We began by hearing peoples’ stories. Statistics are revealing, but real-life stories are powerful. We interviewed entrepreneurs who received the grant, and we spoke with the organizational partners who guided people through the process. Their words became central to the report, becoming the connective tissue of the narrative and translating what might seem impossible into something doable.
Putting it all together meant a lot of writing and making visuals to guide the narrative. We partnered with illustrator Brian Ott to highlight the people and enhance the First Dollar stories. The final product needed to inspire and inform communities, city governments, nonprofit organizations, and others to replicate the initiative to make actual change in neighborhoods, families, and their futures.
