There's no way that we could have become the
envy of the world in terms of our economy
without the decimation, exploitation of
Indigenous people, without slavery, without Jim Crow.
And there are a number of things
that continuously perpetuate those historic inequities.
We're going to become in the U.S., majority people of color.
And if we're not investing into people of color
and communities of color,
if we're not actually unlocking all the tremendous capacity
and potential in those communities,
then we're all gonna lose out.
- Racial equity has everything to do
with economic recovery.
The data is saying an inclusive economy
will add more than $2.8 trillion to GDP.
- This is Michael McAfee,
the head of PolicyLink,
an organization that collects research
on economic inequities to empower policymakers,
activists, and the public with data
in ways they can actually use.
- Our National Equity Atlas
will give you a sense of how much a region, a city,
a county, a state would benefit
by closing gaps in racial disparities.
We were invited to do a profile of Pittsburgh.
We had a community launch to
describe what the data was saying.
And of course, the data was saying for people of color
and poor people, it's awful.
And after the meeting, community members came up
up and they were crying because they were like,
"This is the first time
in a community context folks saw us."
The data, it's a validator of their experience.
Our data has been used
to help President Biden's transition team
think about racial equity,
and we played a leadership role in helping to draft
that Racial Equity Executive Order.
That's the whole purpose of the data,
not to become intoxicated and paralyzed by it,
but can it inspire us to act?
- Building a truly inclusive economy
requires a redesign at virtually every level.
But one of the most effective ways
to advance equity, is through building
and retaining wealth within communities
that have historically been exploited and marginalized.
Leaders like Rodney Foxworth at Common Future
recognize that one of the surest pathways
for this is through business ownership.
- Entrepreneurship and business ownership
is critically important
to establishing an inclusive economy.
In fact, by having increased economic interest
and ownership in Black and brown communities,
we actually can benefit all communities.
- However, government programs
aiming to support community businesses
have a poor track record of inclusion.
From the New Deal to COVID PPP loans,
the populations most in need of support
continue to be left out.
- My grandfather, he was a veteran.
When he came back to the U.S.,
he was denied the same rights and benefits
that many of his white colleagues
in the military were afforded.
He didn't have the same opportunity to own a home.
He didn't have the same opportunity
to pursue higher education.
That meant that when my grandfather passed away,
we had his debts.
All those things directly impact myself and my family,
and that's just a generation or so ago.
- Held back for generations
by racialized policies,
the average Black household now has just a fraction
of the access to capital and
wealth than a white household.
- There are many, many examples
of successful entrepreneurs in the Black community.
That does not mean that the system is working.
In fact, that points out the fact
that the system is designed to make it difficult
and nearly impossible for Black people
as a whole to have a real stake in our economy.
- In an effort to start changing this landscape,
Common Future mobilizes funding
for initiatives that support entrepreneurs.
- There might be an opportunity
for us to redefine what wealth looks like,
what ownership looks like.
MORTAR is an example of an institution
that's really been fundamental
to leading a resurgence in Cincinnati
for Black and brown entrepreneurs
and small business owners.
- About 10 years ago, Over-the-Rhine was dubbed
the most dangerous neighborhood in America.
Today, you'll find hours-long lunch lines
for restaurants and pricey office spaces.
- The neighborhood was originally about 90% Black.
And now, when you fast forward to today,
it's about 60% Black.
The businesses that are opening
don't reflect that culture.
And so, what we wanted to do is figure out
how we could be intentional
about carving out space for Black entrepreneurs
who live, work, love the neighborhood
through all of its challenges.
- Allen set out to build MORTAR
not just to encourage individual Black entrepreneurs
to get in on the neighborhood's growth,
but to transform the community as a whole.
- Based on the barriers that we found
for our entrepreneurs,
we reverse-engineered things to create solutions.
- Good evening, MORTAR family,
and welcome to the official graduation celebration
and pitch competition.
Participants will have up to 3 minutes
to pitch their business.
- MORTAR is a startup accelerator
that educates aspiring entrepreneurs,
helps provide shared storefronts,
and runs its own fund for loans,
grants, and equity investments.
- To see this community that was once labeled
as one of the most dangerous communities,
have this sort of revitalization
without us being in the picture would be a travesty.
You can see how collectively we are building something
very special and something very lasting.
- The winner this evening is
Keitha Johnson!
- In Cincinnati alone,
we have had over 300 graduates
in the last seven years,
and 71% of our graduates are still in business today.
We have developed a system that works,
and we are now in six additional cities
outside of Cincinnati.
- MORTAR is just one example
of what could happen if we systemically change the path
for business ownership, not just individual success,
but a community transformation.
- This is a very hopeful moment,
even though it's challenging because the beauty is
the equity movement has matured.
And all around the country,
there are these pockets of brilliance
where you see policy advances.
Equity is the superior growth model for this nation,
so it's time for us to have a wake-up call
about what we're experiencing as a nation
and what we can be.