Member Perspective: Atif Bostic

Guest Commentator: Atif Bostic, Executive Director, Uplift Solutions @UpliftSolutions

Why is it important that our business community get behind supporting emerging entrepreneurs in underserved Philadelphia communities? And what are some of the ways to get started?

In Philadelphia for emerging entrepreneurs, a rising tide does not lift all ships. While there is a tremendous amount of work being done to accelerate business recovery across the region, we would be remiss if we did not pay particular attention to the level of investment being made in emerging entrepreneurs in underserved communities. Far too often we overlook the potential of these entrepreneurs and fail to make equitable investments to support them. These entrepreneurs tend to fly under the radar of the broader business community and find themselves shut out from growth opportunities. Not only is this a disservice to the entrepreneur, but to the overall economic health of our region. Therefore, investment in emerging entrepreneurs in underserved communities is not only the right thing to do, but a true business imperative.

The business community supporting emerging entrepreneurs in underserved communities has the potential to create new jobs, grow business corridors, increase economic stability for our region, and ultimately reduce poverty and crime. Being located in underserved communities, these entrepreneurs have access to a labor pool that is invisible to mainstream entrepreneurs and corporations. While proximity is important, it is the trust based on relationship they foster that allows them to tap into this labor pool. As the business community continues to grapple with labor shortages, it would be prudent to develop strategic relationships with emerging entrepreneurs as a way to augment staff.

This last year has forced the world to recognize and address racial disparities. Corporations have made significant investments in Black- and brown-led nonprofit organizations, worked to improve their diversity procurement programs, increased diversity hiring, and stood up internal diversity programs. While these are needed and well-received, I would argue supporting Black and brown entrepreneurs would have a greater impact. To truly understand the potential of this investment, we have to look no further than Tulsa, OK, The Black Wall Street. The Black Wall Street was a thriving Black community, with low poverty and crime.

We can start the process by understanding every business is different and require varying levels of support. As a consultant, I have found that it takes a lot of effort and handholding to support emerging businesses. While access to capital remains one of the top priorities for emerging businesses, business management support is needed, but often goes unrecognized and unaddressed. As a business community, we must continue to create access to capital, access to leadership, and access to contracts. The easiest way to support an emerging entrepreneur is to hire and mentor them.

Through Recharge & Recover PHL, the Chamber is working with our members to make Greater Philadelphia a place known for investing in and growing small, Black- and brown-owned businesses.

Upcoming Event

[Virtual] Young Professionals with a Purpose
Wednesday, June 23, 2021 | 4:00 – 5:00 p.m. | Virtual

Here more from Atif Bostic, as well as other young professionals making an impact , at the Young Professionals Council’s upcoming Young Professionals with a Purpose program. From creating opportunities for people of color in STEM fields to ensuring food justice and social equity in our communities, hear from young leaders acting with purpose to uplift and empower our region.