Black-Owned Business Support Ecosystem
Prosper
Economic Equity
Prosper is a coalition of community, civic, and business leaders committed to creating a more vibrant, racially and gender-inclusive economy in Birmingham, Alabama. Prosper tasked Fourth Economy with examining the ecosystem supporting Black-owned businesses, including its participants, strengths, weaknesses, and areas of opportunity for impact.
OUR APPROACH
Prosper tasked Fourth Economy with examining the ecosystem supporting Black-owned businesses, including its participants, strengths, weaknesses, and the areas of opportunity for impact.
Our Approach
The project team analyzed Birmingham’s economy, industries, and small business trends. Fourth Economy built relationships through interviews with business owners, key stakeholders, and community members to uncover qualitative trends and insights. We also hosted large facilitated discussions to engage the community in co-creating strategies to advance economic equity in Birmingham. These qualitative insights were paired with quantitative analyses to understand the broader Birmingham economy and specific trends within the small business community. These combined insights informed the final report, which inventories organizations and assets comprising the ecosystem supporting Black-owned businesses, as well as larger economic opportunities, challenges, and strategic recommendations that can positively impact Birmingham and its Black residents.
The Results
The tools developed in the report provide multifaceted support to Birmingham’s small business community. An ecosystem database was created, inventorying all assets and organizations that comprise the ecosystem supporting Black-owned businesses. This tool helps business owners navigate and utilize the ecosystem better, while also helping organizations identify areas of synergy and opportunity for collaboration or program creation. The report includes findings of our economic analysis, including data assessments and qualitative insights from interviews and community meetings, which are leveraged to present strategic recommendations for Birmingham to pursue. These recommendations are presented for consideration by ecosystem organizations, local government, and philanthropy for future investment.
View the final report: Operation: Backing Black Businesses
Location
Birmingham, AL