Entrepreneurs invited to join program for Black-owned business growth

Designed to make an impact for Black-owned businesses in the new year and beyond, IMPACT AZ 2025 focuses on supplier diversity readiness to close the racial wealth gap for diverse business owners.

The Millionaire Mastermind Academy program is accepting applications from serious entrepreneurs interested in a solutions-driven accelerator program that will help them grow business with corporations, expand customer discovery and technical assistance.

According to a press release, IMPACT AZ 2025 is a direct response to the State of Black Business Report, which highlighted both the financial gaps and the opportunity: The Black community is the fastest-growing demographic in Arizona, with 33% growth from 2010 to 2020.

The nine-month program is a collaboration between the Millionaire Mastermind Academy, a nonprofit that has mentored more than 8,000 diverse women entrepreneurs while addressing barriers to economic mobility, in conjunction with the Arizona Black Chamber of Commerce.

“While Arizona continues to grow its commitment to diverse business ownership, institutional barriers to success such as lack of access to capital and technical assistance are still a reality,” said Dr. Velma Trayham, founder of Millionaire Mastermind Academy. “That’s what we’re here to change. This unique program invites more voices to the table and more support in developing and realizing entrepreneurial goals.”

The application portal opened Jan. 10 with a deadline of March 15. The accelerator program will kick off April 24.

The Millionaire Mastermind Academy’s Scottsdale office, located at Arizona State University’s Skysong 3, will provide a physical space for entrepreneurs to meet with mentors and corporations as part of the Supplier Diversity program. The space will also support collaboration, networking opportunities and round table discussions for business growth, the release stated.

“For Arizona to thrive, attract industries and be a place people want to live, work and raise their families, we cannot afford — financially or morally — to leave anyone out,” said Teniqua Broughton, executive director, State of Black Arizona. “This is not about helping one group at the expense of another. We must continue to make intentional, targeted investments of political, social and business capital to aid in our priority of building a better ecosystem for Black-owned businesses and entrepreneurs. It’s a matter of good business which creates greater opportunities for all Arizonans.”

“Breaking down barriers and helping Black business owners overcome obstacles to entrepreneurship, we are creating meaningful economic opportunity through the power of supplier diversity programs, which are more critical than ever to businesses of all sizes,” Robin Reed, CEO of the Black Chamber of Arizona, added.

The Millionaire Mastermind Academy expanded to Arizona two years ago and has helped minority women nationwide gain the entrepreneurial resources needed to succeed in business, while awarding more than $200,000 in scholarships and more than $50,000 in seed funding. The program also offers a Real Estate Accelerator Program to help minority women create diversity in the real estate industry.