100Knoxville was inspired by a Memphis initiative to help Black-owned businesses increase their revenue.
KNOXVILLE, Tenn. — According to industry reports, 80% of Black-owned businesses fail within their first 18 months. That’s compared to 20% of all new businesses failing within a year. That’s why organizations like 100Knoxville were created, to help Black business owners succeed.
Frank James and Eboni James own Kids Cove Drop-In Child Care Center. Parents can drop off kids and pay by the hour, instead of by the day, week or month like other childcare facilities.
“They may want to use an hour. Maybe they have an appointment or maybe they want to just have a date night or whatever, and so that’s the difference whereas most people you have to have a commitment at your daycare or you have to have a waitlist, but you only pay for what you use and we’re open 7 days a week,” said Eboni.
They’ve also completed 100Knoxville programs, which aim to help Black businesses grow and achieve success.
“I’m super grateful for that opportunity because they saw the vision, they saw the goal and they were able to step in immediately and give us all the tools and resources that we need,” said Eboni.
100Knoxville was inspired by a Memphis initiative to help Black-owned businesses increase revenue. It was started by the Knoxville Entrepreneur Center, which said there are 97 Black-owned businesses with employees in Knoxville, compared to more than 6,000 white-owned businesses.
Kandis Troutman is a business owner and a facilitator for 100Knoxville, coaching new entrepreneurs.
“I started off facilitating, just the 100Knoxville grant program, which is the program that is 5 weeks long, five mentees, five mentors, and then group coaching, and then at the end they get $10,000. That just started last year, the years before, each participant used to get $5,000,” said Troutman.
Troutman said she now is the facilitator of other programs that help entrepreneurs get ready for the grant cohort program. She said 100Knoxville is important because it creates a safe space.
“There is a comfort and a safety that comes with being with your own — because Black people have their own culture, we have our own language, we have our own nuances. There are other issues that Black people have to deal with that white people don’t. So we are allowed to talk about racism and systemic racism and how it affects capital and how it affects your access to it. We have really raw conversations that sometimes can’t take place in those mixed environments,” said Troutman.
Frank said he was thankful for the extra support.
“Kandis and the 100Knoxville has been invaluable for us. They provided access to mentorship, resources, and just let alone networking as well. So being around a group of people that actually care about your success and give you the tools that you need to succeed,” said Frank.
Eboni added that in their year and a half of being open, they’ve enrolled almost 1,000 kids.
“The fact that we have almost 1,000 kiddos tells us we were right, we’re not the only parents that would like that flexible, reliable and safe childcare in the community. Our goal is to really support and empower modern-day families to go out and thrive, not just their children but also the parents as well, whether it’s academically, whether it’s within their career or just their social life. Our goal is just to be there and empower them and hire people that feels like family,” said Eboni.
She said they’re looking to expand locations in the future.
100Knoxville is accepting applications for its “Positioned to Profit” class in April. It’s a five-week course to help entrepreneurs grow and scale their businesses. Applications are being accepted until March 18.