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Ford Motor Company announces a
partnership with Babson College and participating
Historically Black Colleges and Universities (HBCUs) to
launch the first ever academic program to focus on black
entrepreneurship.
Ninety nine percent of all businesses in the U.S. are small,
and create 75 percent of the net new jobs. Overall, minority
small firms are growing at 30 percent versus seven percent
for all U.S. firms, according to the most recent report from
the Commerce Dept. Census Bureau.
While blacks are twice as likely as whites to start a
business, black businesses have been among the least likely
to grow or survive – due to the marked lack of educational
and support programs to focus on black entrepreneurship.
NBA Legend, Earvin "Magic" Johnson will be recognized at the
Ford launch with an award of excellence for his success as
an entrepreneur.
DEABORN, Mich., June 25, 2004 – Ford Motor Company announces
a partnership with Babson College and participating
Historically Black Colleges and Universities (HBCUs) to
launch the first ever academic program to focus on black
entrepreneurship.
Ford is making the proven success of Babson College’s
entrepreneurship curriculum and faculty available at HBCUs
for the first time, through several teaching tools: business
curricula focusing on entrepreneurship, case studies of
successful black entrepreneurs, an exchange program between
the HBCUs and Babson College faculty and symposia that
“teaches the teachers” how to impart entrepreneurship
knowledge.
“Ford recognized a need in the black business community to
educate and develop the next generation of black
entrepreneurs,” said Darryl Hazel, president, Lincoln
Mercury, Ford Motor Company. “The partnership is designed to
create the right materials and environment to help black
students develop their entrepreneurial thinking and skills –
a one-of-a-kind program.”
Babson College was ranked first in entrepreneurship
education in 2003 by U.S. News & World Report. “We of course
wanted to partner with the best in the business, as Babson
College continues to be the recognized leader in
entrepreneurship education,” said Hazel.
The participating HBCUs are: Clark Atlanta University
(Atlanta, GA), Jackson State University (Jackson, MS),
Morehouse College (Atlanta, GA), North Carolina A&T
(Greensboro, NC) and Southern University (Baton Rouge, LA),
Grambling State University (Grambling, LA).
Framing the Issue
Ninety nine percent of all businesses in the U.S. are small,
but create 75 percent of the net new jobs. Overall, minority
small firms are growing at 30 percent versus seven percent
for all U.S. firms, according to the most recent report from
the Commerce Dept Census Bureau.
While blacks are twice as likely as whites to start a
business, black businesses have been among the least likely
to grow or survive – due to the marked lack of educational
and support programs to focus on black entrepreneurship.
“The high level of entrepreneurship among African Americans,
combined with the dearth of business cases written on
African American entrepreneurs, underscores the tremendous
need for a program like the one Ford has helped make a
reality,” said Dr. Steve Spinelli, director of the Arthur M.
Blank Center for Entrepreneurship at Babson College and
co-director of the new program. Spinelli is also an
entrepreneur, as co-founder of Jiffy Lube International.
Not only do black businesses struggle harder to survive, but
blacks face the larger issue of a wealth gap in the U.S.
“Blacks spend $700 billion annually in the U.S., but less
than seven percent of those dollars return to the black
community,” said George Fraser, founder of one of the
largest black networking conferences, FraserNet. “Blacks
control only two percent of the nation’s wealth.”
According to Fraser, there are several cultural reasons for
the low number of black entrepreneurs. “Blacks have less
exposure to entrepreneurial role models, less access to
capital; they have smaller capital investment, leading to
less financial leverage, and fewer years of education and
business experience,” said Fraser. “The new program helps
address these critical areas.”
Ford’s Commitment
Ford has a strong track record in creating opportunities for
black entrepreneurs, and in turn, helping to address the
wealth gap of the black community.
Ford leads the auto industry in number of black auto
dealers. Ford has 209 of the industry’s 529 black dealers,
or 40 percent. Ford purchases more goods and services from
black companies than any other company in the industry, with
$1.3 billion in purchases in 2003.
The new program builds on that leadership by focusing on
creating opportunities for young black entrepreneurs – the
next generation of America’s entrepreneurs.
“This program is making the American dream possible for
young black entrepreneurs in a way that is critical, but has
up until now gone unaddressed,” said Ray Jensen, a graduate
of the historically black university, Howard University, and
director of Supplier Diversity Development, Purchasing, Ford
Motor Company. “It addresses the need for educational and
networking support, and in time, will help create more black
entrepreneurial role models.”
Supporting black entrepreneurship makes good business sense.
“When we create opportunities for entrepreneurs, they seize
those opportunities and bring wealth back to the community.”
said George Frame, executive director, Dealer Diversity
Development, Ford Motor Company. “As that wealth is spread
around the community, they support us by buying Ford cars
and trucks – so that’s a win situation for all involved.”
The “Magic” Touch
Johnson, who is being recognized by FraserNet with a
Visionary Leadership award for entrepreneurship.
“We want more African American entrepreneurs to understand
that they can put a business right in their own community,
hire 20-30 employees, which in turn helps drive the property
value in that community,” said Johnson. “Instead of turning
to entertainment and sports, we’re hoping our kids will want
to grow up to be good business leaders.”
Source:
Ford Motor Company |
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