Magnify Mastermind is the MMSDC’s latest update to Mastermind programming it began nearly four years ago. The next group, starting Fall 2020 is designed specifically for Latina and Black Women Entrepreneurs.
Business owners are curated into dynamic peer learning groups. Each group will meet regularly for six (6) months to discuss challenges, devise solutions, and gain resources and insight to drive market leadership and growth.
In order to participate, all admitted applicants must commit to the following:
The Mastermind runs from October 2020 to April 2021.
All selected participants must be available to attend the first virtual program kick off and orientation meeting on October 23rd, 11:00am- 12:30pm EST.
Comparable programs charge $1,000 or more. No other national program combines mastermind principles, corporate access and connection to corporate SMEs exclusively for Black and Latina women.
Magnify is a program, not a workshop or conference. Participants will benefit from the programming and resources provided to ensure that they have the infrastructure, community, development and support to scale their businesses. Direct access to the top subject matter experts for programs like EY Velocity 7 Drivers for Growth fosters an environment in which participants may accelerate their growth journey to market leadership.
HOW IS THIS PROGRAM DIFFERENT FROM OTHER PROGRAMS?
Mastermind groups were popularized, though not originated by best-selling author Napoleon Hill in his books, The Law of Success and Think and Grow Rich.
In short, a Mastermind group is, “A friendly alliance with one or more persons who will encourage one to follow through with both plan and purpose.”
Further, Magnify Mastermind is designed for Black and Latina women business leaders. This program was created to provide them with the best-in-class tools necessary for advancement in business, regardless of industry.
These women business leaders will engage on a weekly basis, offer business experience insight, receive feedback from a cultural lens, and focus on key principles to catapult them to the next level. In addition, the direct access to EY Velocity experts will assist these smart leaders ready to "work on" their business to accelerate growth.
WHY IS IT IMPORTANT FOR M/WBEs TO SUCCEED?
Small businesses tend to hire from the community, creating jobs for neighborhood residents. Therefore, opportunities for minority entrepreneurs to succeed are critical for economic empowerment in minority communities. For example, in African American communities, where currently there is virtually zero liquid wealth coupled with higher than average rates of unemployment, MBE growth is vital to the community.
FREQUENTLY ASKED QUESTIONS
WHY MAGNIFY MASTERMIND IS IMPORTANT
Minority Women, more specifically Black and Latina women have unique experiences with bias in the marketplace. In fact, many will tell you that they face a double bias due to both their race and gender.
IS THIS PROGRAM ONLY FOR MINORITY WOMEN?
Yes, the programming is designed for minority women, with specific content to fill the resource gap and address the inequity among Latina and Black WBEs.
WHAT ARE THE DIFFERENCES IN BUSINESS?
Women-owned firms are still in the minority, and the hurdles faced by women who have embraced entrepreneurship are vast and often very different than those experienced by their male counterparts. Most women’s experiences are different, but women of color face particular hurdles as evidenced by data. For example, according to the Federal Reserve System’s 2016 Small Business Credit Survey, African American and Hispanic women are more likely than their non-minority peers to identify access to capital as a challenge. African American and Hispanic women also reported being less likely to receive some or all of the financing they requested.
WHY IS IT NECESSARY TO HAVE PROGRAMMING SPECIFICALLY FOR MINORITY WOMEN?
Most programs that currently exist for WBEs are designed for women, however few if any acknowledge that the experiences of white women and minority women are not generally the same. The truth is minority women have additional challenges as a double minority. Currently existing programs are not sufficient enough to close the equity gap. According to the Federal Reserve Bank Kansas City Report, another factor that slows growth is a lack of educational resources and mentors to help minority women entrepreneurs ramp up their business knowledge.
HOW IS THIS PROGRAM DIFFERENT FROM OTHER PROGRAMS?
Magnify is a program not a workshop or conference. It is designed for Women of Color to engaged on a weekly basis, offer business insight, direct feedback, best practices learning, strategic introductions, high-proximity opportunities and engaging with corporate mentors who are buyers, decision makers and influencer's.
WHAT CAN YOU DO TO SUPPORT IF YOU ARE NOT A MINORITY WBE?
Acknowledge the need for specific programming but accept that minority women have unique experiences and needs as a result of double biases, stereotypes and indicative of the equity gaps. Let’s support each other.
WHO WILL FACILITATE THIS PROCESS?
EY is the lead sponsor and has also provided access to content, business leaders and multiple best-in-class entrepreneurial recognition programs. MMSDC hired Dee Marshall, CEO of Diverse & Engaged, an MWBE firm to drive the process.
HOW LONG IS THE PROGRAM?
The program is 6 months long. We begin in October 2020 and end in April 2021.
HOW OFTEN ARE THE MEETINGS HELD?
Each small group will meet weekly in addition to a monthly Master class with all participants.
HOW IS GENDER DIVERSITY AND RACIAL DIVERSITY DIFFERENT?
Both are important, however not equal because racial discrimination stems from a historical legalized discrimination based on skin color.
CAN ANYONE JOIN MAGNIFY?
Any entrepreneur can apply if she is a full-time business owner, 100% minority woman-owned, certified or looking to become certified in the near future.
In addition, a limited number of spaces are reserved as one (1) millenial will be included in each of the five (5) small groups.
Due to the intimate nature of this experience and the high touch support available for each woman inside the mastermind, capacity is limited to 25 women per group. Each group is then curated into small groups with five members, including at least one millenial participant.
The Requirements for Mastermind Members
Ideal Participants: Latina and Black Women Entrepreneurs in business 2-10 years and grossing at least $2M in annual revenue.
Interested in becoming a Group Leader?: Latina and Black Women Entrepreneurs grossing $5-20M in annual revenue should contact us at firstname.lastname@example.org.
Participant Costs: Participants will pay a significantly reduced rate of $200 for the six month program. Comparable programs start at $995.
Scope: For Group I, the program is open to any Latina or Black woman M/WBE based in the United States. Subsequent groups may expand geographic reach.