The Russell Innovation Center for Entrepreneurs (RICE) has received a $1 million grant from PayPal Holdings, Inc. to launch a PayPal Retail Academy to help Black entrepreneurs based in Atlanta grow their businesses.
As an extension of PayPal and RICE’s shared missions to empower underrepresented entrepreneurs, the PayPal Retail Academy will educate participants on every aspect of successfully starting and scaling a retail business.
The initiative is set to launch in January 2024.
The curriculum will include training on non-traditional retail paths, up-leveling checkout and digitization, developing global marketing strategies, and navigating supply chain issues. Other key components will include research and recommendations to eliminate some of the barriers underrepresented retail SMBs face.
“Beyond education, this partnership symbolizes growth for our entrepreneurial community,” RICE President and CEO Jay Bailey said in a press release. “We recognize the paramount importance of harnessing retail avenues and embracing digital transformation. The PayPal Retail Academy will serve as a conduit for this knowledge, empowering RICE Stakeholders to navigate the complexities of retail with resilience and innovation. Every facet of the Academy is meticulously designed to elevate entrepreneurs to new heights.”
Participants in the PayPal Retail Academy will be eligible to receive grants ranging from $2,500 to $10,000 alongside mentoring and coaching from PayPal employees.
RICE will manage and facilitate the formation of the Academy. which will be open to all RICE member companies and businesses in the Atlanta metro area with a focus on underrepresented communities.
“Empowering entrepreneurs and helping strengthen small businesses are key to PayPal’s mission to make our financial system more accessible and inclusive,” PayPal President and CEO Dan Schulman said in the release. “Through invaluable partnerships with organizations like RICE, we can create greater economic opportunity and build thriving communities.”
At 54,000 square feet, RICE is the largest business incubation hub dedicated to providing resources and building Black-owned businesses in the United States. Currently, the non-profit organization supports more than 360 Black-owned businesses from ideation to scale. RICE previously received a grant from PayPal to assist businesses in their recoveries from the Covid-19 pandemic.
For more information, visit www.russellcenter.org.