The Baltimore Together Summit brought together diverse leaders, entrepreneurs, and community advocates for a powerful conversation about business opportunities, workforce development, and closing the capital gap for small business owners. Held from November 13-15, the event was a vital catalyst for fostering youth entrepreneurship and supporting Black-owned businesses in Baltimore. Organized by the Baltimore Development Corporation, the summit included insightful panels and breakout sessions on topics like community revitalization, workforce development, and capital access—highlighting the intersection between education, entrepreneurship, and economic growth.
In this post, we dive into the key takeaways from the summit, showcasing the rising entrepreneurial spirit among young Baltimoreans and the critical need for accessible funding to empower Black business owners.
Young Entrepreneurs Taking Charge: The EXCEL Research Project
The Excellence in Entrepreneurial Learning (EXCEL) Research Project became a focal point of the summit on November 13, led by Ronald C. Williams, director of the Center for Strategic Entrepreneurship at Coppin State University (CSU). The project emerged from a 2017 Annie E. Casey Foundation report which highlighted a strong desire among Baltimore’s youth, particularly those aged 16 to 29, for business ownership.
According to Williams, these young individuals are not only motivated by a passion for business but are driven by a deep desire to serve their communities. “They crave entrepreneurship, they want it to be equitable, and they want it to make a difference,” he emphasized during the panel.
Williams and his team have long worked to create an ecosystem that meets the needs of young entrepreneurs. A crucial insight from the EXCEL study is the importance of providing programs that accommodate schedules, adopt holistic learning approaches, and include trauma-informed care practices. These insights are vital in fostering equitable entrepreneurial ecosystems that support not just business growth, but personal development for the youth involved.
One notable panelist, Mosiah Fit, a senior at CSU, shared his own entrepreneurial journey. Fit, who owns Grandma Louise Pies, explained how his struggles with homelessness motivated him to tap into his entrepreneurial spirit. From learning his family’s recipe for homemade pies to turning it into a thriving business, Fit’s story was a perfect example of the resilience and determination seen in young entrepreneurs today.
Empowering Youth Entrepreneurs: Workforce Development and Skill-Building
The summit also delved into how workforce development and entrepreneurship can intersect to create a stronger entrepreneurial ecosystem. As Williams highlighted, the key to success for young people lies in their ability to become competent learners, which helps them adapt whether they pursue part-time or full-time entrepreneurship.
There is a growing emphasis on providing entrepreneurship education that goes beyond theory. It’s about developing practical skills that participants can apply directly in the real world. Whether it’s learning the basics of finance, marketing, or customer relations, the skills taught through these programs are essential for launching successful businesses. For young entrepreneurs, this learning is not just about gaining knowledge—it’s about transforming that knowledge into tangible results.
Capital Access: Breaking Barriers for Black-Owned Small Businesses
One of the most pressing issues facing Black entrepreneurs is access to capital. On November 14, Angel St. Jean, CEO of The Equity Brain Trust, led an insightful panel discussing the financial barriers that Black-owned small businesses encounter in Baltimore and across the nation.
According to the 2023 Small Business Credit Survey by the Federal Reserve, only 32% of Black-owned employer firms were approved for a loan, compared to 56% of White-owned businesses. Additionally, Black entrepreneurs receive less than 0.5% of venture capital funding, according to TechCrunch. These numbers underscore the systemic challenges that Black business owners face when trying to scale their ventures.
The summit’s focus on capital access was particularly important in a city like Baltimore, where nearly 60% of the population is African American and 47% of businesses are Black-led. As St. Jean emphasized, there is a need for a shift from the one-size-fits-all investment approach that currently dominates to a strategy that specifically addresses the needs of Black and Brown business owners.
A panel of local Black capital providers—including organizations like Ignite Capital, Latimer Ventures, and Meridian Management Group (MMG)—discussed how they are working to bridge the funding gap. Each of these organisations provides tailored financial solutions for entrepreneurs, ensuring that business owners not only receive the capital they need but also the strategic support necessary for growth.
Stanley W. Tucker, CEO of MMG, shared his firm’s commitment to personalized financing, stating, “We want you to thrive, not just survive. We want you to be in a position where you can hire other people, particularly people who look like us.” His words underscore the importance of community-driven economic growth, where Black business owners can not only succeed but also contribute to job creation and economic empowerment in their own communities.
The Path Forward: Building an Inclusive Entrepreneurial Ecosystem
The Baltimore Together Summit is an important step in building a more inclusive entrepreneurial ecosystem in Baltimore, one that prioritises both youth entrepreneurship and Black-owned businesses. As the city continues to evolve, there is a need for continued investment in entrepreneurial education, workforce development, and equitable access to capital.
For young entrepreneurs, creating opportunities to start and scale businesses is crucial. Programs like the EXCEL Research Project are key in understanding the needs and aspirations of the next generation of business owners.
For Black small business owners, capital access remains a critical barrier, but with organisations like The Equity Brain Trust and MMG, there is hope that more tailored funding solutions will emerge, allowing businesses to thrive and grow. By addressing these challenges, Baltimore can unlock the full potential of its entrepreneurial community, driving economic growth and social impact for years to come.
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