Ernst & Young LLP (EY US) announced the 70 Black and Hispanic/Latino entrepreneurs from across 20 states, as well as Washington, DC, selected for this year’s cohort of the EY Entrepreneurs Access Network (EAN). A nationwide business accelerator, EAN is a comprehensive, 12-month executive program designed to support Black- and Hispanic/Latino-owned innovative companies. Entrepreneurs were selected based on their leadership style, business acumen, company culture, level of innovation and potential for scalability. The program was first conceived in 2019, following decades of working with diverse entrepreneurs and understanding their opportunities and challenges.
What will this year’s cohort focus on?
This year’s cohort includes 70 individuals who run companies from more than ten industries. Many of these trailblazing founders focus on solving some of the most pressing issues facing society and consumers today. These entrepreneurs tap into new markets by creating efficiencies and connections – whether it’s a platform for organizations to collect feedback from diverse communities or bridging the gap between global consumers and rural growers.
“The contributions of Black and Hispanic/Latino entrepreneurs are nothing short of transformative, and we are thrilled to support this talented cohort as they take their businesses to the next level. The societal, economic and cultural impact of their businesses strengthens our communities on many levels – especially when these executives access the resources to succeed in the long run,” said Lee Henderson, Americas EY Private Leader and Executive Sponsor, EY Entrepreneurs Access Network.
What challenges are Black and Hispanic/Latino entrepreneurs usually face?
In today’s business environment, rising interest rates, inflation, ongoing geopolitical instability and recession fears are creating challenges for new and seasoned businesses alike. A 2022 EY survey of Black and Hispanic/Latino entrepreneurs found that more than two in five (43 percent) entrepreneurs surveyed see supply chain shortages and delays as a top threat, followed by business competition (39 percent) and access to capital (38 percent). As Black and Hispanic/Latino entrepreneurs face the challenging business landscape, EAN supports them in accessing resources to help raise capital, developing business alliances and scaling their companies to create greater long-term growth.
How does the program help?
“Black and Hispanic/Latino businesses have contributed billions into the economy, and even through today’s macroeconomic headwinds, such as inflation, and the systemic barriers that continue to exist, have remained resilient,” said Nit Reeder, EY Americas Markets Communications and Enablement Leader and EY Entrepreneurs Access Network Program Director. “Many of these entrepreneurs bring innovative, breakthrough ideas to tackle today’s most pressing issues both within underserved communities and beyond. Now more than ever, supporting this group of entrepreneurs to help them access the right resources is crucial. We’re excited to welcome the 2023 EAN cohort and provide the connections and counsel to support them in their professional and business growth.”
By engaging in the 12-month program, entrepreneurs have access to curriculum covering critical business topics, one-on-one coaching, connections to investors and capital sources, and cohort members who represent potential alliances, vendors, and customers. 2023 EAN cohort members will also be recognized at the EY Strategic Growth Forum in November, one of the nation’s most prestigious gatherings of high-growth, market-leading companies.
For more information, please visit ey.com/EAN.
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Looking for other cohorts, or your own online community? Check out Jaclynn Brennan and Fylí, The Networking Community for the Female Entrepreneur.