Comcast Corporation recently announced a major expansion of Comcast RISE to all women-owned businesses nationwide, furthering its efforts to advance digital equity and help provide underrepresented small business owners with access to the digital tools and funding they need to thrive.
In its first year alone, Comcast RISE has provided more than $60 million in grants, marketing and technology services to more than 6,700 small businesses owned by people of color – including Black, Indigenous, Hispanic and Asian Americans. Of the 6,700 Comcast RISE recipients to date, nearly 70 percent have been businesses owned by women of color. This has spurred Comcast to take a deeper look into the unique challenges faced by women entrepreneurs.
A tremendous opportunity
According to a study by the National Association of Women Business Owners, women own 42 percent of businesses in the U.S. Women start more than 1,800 new businesses every day. That’s nearly five times the national average. However, according to the same study, women-owned businesses are growing at only half the rate of those run by men. This is namely because women struggle to access capital and other resources to help them succeed.
Karen Cahn, Founder & CEO of IFundWomen echoes this important point, “The data about how women, a rapidly increasing number of whom are small business owners, have fared during the pandemic is stark. Women business owners tend to have limited access to capital and debt-free funding options, yet they represent a tremendous opportunity. Women-owned businesses deliver two times higher revenue per dollar invested than those founded by men, making them great investments.”
“As we continue to rebuild and emerge from the effects of the pandemic, small businesses will continue to be the backbone of our economy – and we must take every opportunity to help them thrive,” said Teresa Ward-Maupin, Senior Vice President, Digital and Customer Experience, Comcast Business. “Looking forward, this expansion will enable Comcast RISE to further empower and strengthen even more small businesses that are the heart of our local communities across the country.”
How Comcast RISE will empower women
Comcast RISE stands for Representation, Investment, Strength and Empowerment. It is part of Project UP, Comcast’s comprehensive initiative to advance digital equity and help provide underrepresented small business owners with access to the digital tools and funding they need to thrive. Over the next 10 years, Comcast has committed $1 billion to programs, like Comcast RISE, and partnerships that will reach an estimated 50 million people with the skills, opportunities and resources they need to succeed in an increasingly digital world
Comcast recently announced its fifth round of Comcast RISE recipients. The group includes 1,400 small businesses owned by people of color. They will receive a TV campaign, production of a TV commercial or consulting services from Effectv or computer equipment, internet, voice or cybersecurity from Comcast Business. In addition, as part of round two of the Comcast RISE Investment Fund, 600 additional small businesses in Houston, Miami, Oakland, Seattle, the Twin Cities and Washington, D.C. will each receive $10,000 grants. This will bring the total Comcast RISE Investment Fund recipients to 1,100.
Comcast RISE just celebrated its one year anniversary. It will continue to be open to racially and ethnically diverse small business owners. The expanded Comcast RISE eligibility to all women-owned businesses will be effective on January 16, 2022. More information and the applications to apply for either the grant program or marketing and technology services are at www.ComcastRISE.com.
About Comcast Corporation
Comcast Corporation (Nasdaq: CMCSA) is a global media and technology company that connects people to moments that matter. We are principally focused on broadband, aggregation and streaming with 57 million customer relationships across the United States and Europe. We deliver broadband, wireless, and video through our Xfinity, Comcast Business, and Sky brands; create, distribute, and stream leading entertainment, sports, and news through Universal Filmed Entertainment Group, Universal Studio Group, Sky Studios, the NBC and Telemundo broadcast networks, multiple cable networks, Peacock, NBCUniversal News Group, NBC Sports, Sky News, and Sky Sports; and provide memorable experiences at Universal Parks and Resorts in the United States and Asia.
About Comcast Business
Comcast Business offers a suite of Connectivity, Communications, Networking, Cybersecurity, Wireless and Managed Solutions. These help organizations of different sizes prepare for what’s next. Comcast Business is powered by the nation’s largest Gig-speed broadband network. It is backed by 24/7 customer support. Comcast Business is the nation’s largest cable provider to small and mid-size businesses. It is one of the leading service providers to the Enterprise market. Comcast Business has been consistently recognized by industry analysts and associations as a leader and innovator. It is one of the fastest-growing providers of Ethernet services.
Effectv is the advertising sales division of Comcast Cable. It helps local, regional and national advertisers use the best of digital with the power of TV to grow their business. It provides multi-screen marketing solutions to make advertising campaigns more effective and easier to execute. Effectv has headquarters in New York with offices throughout the country. It has a presence in 66 markets with nearly 35 million owned and represented subscribers. For more information, visit www.effectv.com.