Theory of Change: Accessibility solutions for the future of entrepreneurship
For a future that works for all communities, we need to work together. AMP was founded on the premise that a new and different approach to supporting entrepreneurship for Black Americans — one that is anchored in community, knowledge, access, and technology — can solve for systemic roadblocks to economic and racial equity.
Those roadblocks are represented in statistics today, where disparities in access to start-up capital and financing are a serious barrier to success for diverse entrepreneurs. According to Federal Reserve data, Black business owners in 2021 receive less business financing, less frequently, and at higher financing rates.* Network disparities also limit access to veteran expertise and support services that can make a meaningful difference in business success.
Black entrepreneurship has an access problem, which is reflected in the jarring reality that while 30% of all small businesses fail in the first two years, 80% of Black-owned businesses fail within the first 18 months.
It’s a problem we aim to solve.
The AMP Theory of Change
Our theory of change is that access to knowledge, networks, and financing solutions can give hard work the same horsepower for every individual and in every community, and, if that can be achieved, economic and racial equity are assured.
AMP aims to create opportunities for innovation and progress through our programs, technology products, and community of values-aligned entrepreneurs, industry experts, resource providers, and investors.
Programs, Products, and People
AMP provides access solutions for fundraising, expert advisory relationships, and business development directly to entrepreneurs and creators who need them. Our Watt Program accelerator is a vehicle to provide direct support, enabling us to lean in and add tangible value for small businesses, startups, creative projects, and non-profit organizations.
We leverage insights and learnings from the Watt Program to build free-to-use technology products that scale our offering and iterate and optimize for the best possible results. Our products serve our community and fuel collaboration with organizations, institutions, and individuals who seek to support the same audience.
AMP aims to have cooperative relationships with partners interested in directing capital and resources to the entrepreneurs and creators we support. Where possible, we rely on existing programs to drive results for our community members — if somebody has expertise or resources that we don’t provide, we’ll work to introduce them in our programs and solutions.
Our partners in turn have access to an ecosystem of vetted opportunities, a third-party resource for managing financial and personal commitments with efficacy, and a community connection to culture and talent through contact and content. We work together with them to fulfill our commitment to make entrepreneurship viable in every community.
TLDR
BIPOC entrepreneurs should have access to the same support structures that make white-owned businesses more likely to succeed in 2021 and beyond — and we’re building programs and solutions to make that the reality.
Give us a shout if you want to build a business or project with support and attention from a tech-enabled community of supporters, investors, and peers. We offer technology solutions and collaboration to make entrepreneurship viable for everyone with a good idea.
If you want to support our mission through a partnership or by providing strategic services to our community, we’d love to hear from you. Visit us at https://amp.community to learn more and get involved.
*Fundera, Racial Funding Gap Shows Black Business Owners Are Shut Out From Accessing Capital (2021)
** CNBC, Why Black-owned businesses are struggling to stay afloat (2021)
