The New California Dream: Empowering Black and Brown Entrepreneurs CCCAOE Spring 2022 Conference

From the beginning California has had an entrepreneurial spirit; however, the California Dream has grown out of reach.

Every Californian should have the equal opportunity to become an entrepreneur. Entrepreneurs should have the benefit of accessing capital to start a business that has been vetted and will result in a value-add to their community. This value includes creating jobs, generating taxable revenue, and engaging in civic leadership that enhances economic stability and prosperity. However, California is home to some of the widest income inequality in the nation and its innovation economy is contributing to the racial wealth gap. For most Black and Brown people having a lack of access to capital, mentors, and know-how make it difficult for businesses to launch and grow to profitability. Those that do not have the social or financial capital are left out of California’s innovation engine and wealth-building opportunities that come with business ownership.

Recognizing a tremendous opportunity to unleash thousands of entrepreneurs and innovation from within underserved communities, ESO Ventures and the Bay Area Community College Consortium are creating an entrepreneurial support system through a public-private partnership to provide confidence, competence, and capital to build and sustain viable businesses from talented but divested communities. This model has a simple promise that if an entrepreneur does the work to develop a viable business concept, then California will provide the "Friends & Family" money to get it started and they’ll have an opportunity to earn college credit while gaining additional business knowledge along their journey.

ESO Ventures, started in Oakland, California, recognizes that entrepreneurs of underinvested communities of color can contribute greatly to the ownership, job creation and innovation within their community. ESO serves as an incubator, accelerator, and capital provider. ESO, in partnership with California Community Colleges, plans to launch and sustain over 3,000 new businesses in the state of California creating $3.5B in taxable income and creating over 60,000 new jobs over the next 10 years.