PHOENIX — Good things are happening in Arizona, thanks to a new business accelerator program for minority entrepreneurs.
In 2022, the Greater Phoenix Economic Council (GPEC) released Arizona’s State of Black Business report. Data from the report revealed that Black-owned businesses close more frequently than others.
Dr. Velma Trayham, a self-made economic empowerment specialist, told ABC15 she knew something needed to be done to fix that.
“Listening to that, I thought ‘Wow I need to respond to this data,’” said Dr. Trayham.
Dr. Trayham is the CEO of ThinkZILLA Consulting Group in Arizona, but recently founded Millionaire Mastermind Academy, INC., an economic empowerment program that provides a roadmap for entrepreneurial success.
Dr. Trayham said that through lived experiences, she knows personally how change can happen.
“The first three years into my consulting company, we went after 10 contracts, and we were declined all 10. So, I started to request a debriefing and I actually learned that we scored higher than some of the companies that were winning deals,” Dr. Trayham said. “There were some systemic issues, but what I really learned is how to crack the code to help other minority business owners get more opportunities.”
Dr. Trayham said she helps Black business owners understand that the word ‘no’ doesn’t have to be a deal breaker.
“When entrepreneurs, especially African American entrepreneurs are told ‘no,’ they think it’s the end all and it’s not,” Dr. Trayham said. “It can just be something really small that they need to tweak. And so when given the right tools, and given access, that’s when things begin to change.”
In response to the GPEC report, Dr. Trayham said she came up with an action-focused plan that offers mentorship, education, and ways for these entrepreneurs to find access to financing.
“Most Black entrepreneurs create their business out of necessity,” Dr. Trayham said. “They don’t have the operational capacity. Meaning the capital, understanding staffing, understanding how to become an employer firm, [and] creating job opportunities in the local community.”
To help her launch the nine-month business accelerator program for minority business owners, Dr. Trayham enlisted the help of some heavy-hitting Arizona business professionals.
“JP Morgan Chase, Bank of America, APS, City of Scottsdale, these companies, they said, ‘I believe in this,’” Dr. Trayham said. “And that’s how the Impact AZ program came to life, with the goal of tightening the racial wealth gap through entrepreneurship.”
On January 16, the first-ever group of Impact AZ graduates celebrated at the Arizona Public Service main facility and received certificates to commemorate nine months of hard work.
Celeste Talley was one of the graduates.
The Valley-based caterer is among the 37 groundbreaking Impact AZ graduates who are already getting unique business opportunities, including a $100,000 line of credit for her catering company.
“With the capital I received, I was able to actually go to a manufacturer for this lovely cheesecake that we have here,” she said, pointing to her culinary creation. “So I’m going to be able to get my cheesecake in stores and really scale my business tremendously.”
Talley isn’t the only success story being celebrated.
“One of our businesses won a contract with the NFL,” Dr. Trayham said.
Dr. Trayham said that among the 37 first-year Impact AZ grads, 22 public and private partnerships have been created. Forty percent of these graduates have also been able to expand their business operations and collectively the group has secured $2 million in contracts, according to Dr. Trayham.
“Some may say, those are small numbers but it’s not small when you compare to what’s not happening,” Dr. Trayham said. “And when you think about what can happen within the next decade if we continue to support this underserved and excluded community.”