Growing businesses owned by Black and African-Americans in Seattle at a rate equal to their representation in the population.
Growing out of Mayor Harrell’s One Seattle Initiative to “build a thriving, innovative, and equitable city we are all proud to call home,” the Liberty Project Seattle is a collaboration between The City of Seattle, Tabor 100, the Consulting and Business Development Center at the University of Washington Foster School of Business, and the Business Foundry at Seattle University’s Albers School of Business and Economics.
Our goal is to grow Black/African American-owned businesses to earn 7.9% of business revenues in Seattle which will match the 7.9% of Seattle’s population who are Black/African American.
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The City of Seattle, the University of Washington Foster School of Business (Consulting and Business Development Center), Tabor 100, and Seattle University Albers School of Business (Business Foundry) will address the systemic issues that lead to the current under-performance of businesses owned by people of color (POC). Authored by the Consulting and Business Development Center, the Liberty Project Seattle will utilize the M3 Model to address the following areas:
Education systems and institutions that incubate and accelerate businesses are not producing a sufficient number of skilled entrepreneurs and business owners of color that enable POC-owned businesses to reach revenue equity.
Through an interlocking set of factors including regulations, underwriting guidelines, historic redlining, gaps in family wealth, and networks, businesses owned by POC face systemic barriers to securing debt and equity financing.
The structure and practice of corporate and government procurement systems produce barriers to accessing contracting opportunities for businesses owned by POC. At the consumer level, accessing clients through online and brick-and-mortar channels present such barriers. Rent costs in high-income communities and lack of access to appropriate distribution channels limit the POC business owners’ ability to reach consumers with significant disposable income.