Adidas Launches Cultivate & B.L.O.O.M. Program to Elevate Black and Latinx Entrepreneurs
Photo: adidas Cultivate & B.L.O.O.M
Shopping POC-owned businesses is one thing; elevating them to thrive amongst the competition is something else. According to a 2021 Harvard Business Review report, 17% of black women are in the process of starting or running a new business, compared to 10% of white women and 15% of white men; however, only 3% of black women are running ‘mature’ businesses. Access to outside capital and investors, the review states, is one of the major reasons for this. Previous Harvard research found that 61% of Black women self-fund their total start-up capital. Without proper funding and outreach resources, many new businesses begin to falter after their launch date.
In partnership with Blavity,org and Impact Hub, adidas is aiming to close this opportunity gap for social entrepreneurs of color with Cultivate & B.L.O.O.M. (Building Legacies Out of Movements), a nine-month social amplification program. The three stripes hand-picked eight black and latinx social entrepreneurs to participate in their first cohort for the program, where they attended fireside chats, adidas mentorship summits, and workshops. Additionally, each cohort member received $100,000 to further their businesses.
After graduating from the program, each of the eight women became partners in adidas’ Innovation Network, a network of “social impact partners that seek to drive forward change within their communities and organizations.” For Ayesha Martin, adidas’ senior director of purpose, communities, and social impact, programs like Cultivate & B.L.O.O.M. are just the tip of the iceberg when it comes to effectively uplifting black and brown entrepreneurs.
“We are committed to changing lives through sport, and are excited about the opportunity to start to address and remove systemic barriers black and latinx community change-makers on the rise face,” says Martin. “This is just the beginning, with so much more to do.”
Check out the eight women selected for the first Cultivate & B.L.O.O.M. program by clicking the button below.