How It Started
As serial entrepreneurs, the ladies of The Collective wanted to do more for their fellow business owners and our community. In May 2020, this vision was implemented after securing 1400 sqft of space and repurposing it as co-working, production, event, and class space. In October 2020, the vision expanded and an additional 1400 sqft suite was secured, and allowed eight businesses to grow and expand by offering private, dedicated suite space.
Although growth was incredible, The Collective wanted and needed to do more to support the entrepreneurial community. ENTER — Blank Slate.
Why the name Blank Slate?
We wanted a name that embodied the work we plan to carry out with this expansion, allowing other entrepreneurs to carve out their own space in their respective industries.
Black women represent 42% of new women-owned businesses—three times their share of the female population.
Sweat equity isn’t a new term for small business owners. Black women represent 42% of new women-owned businesses, 3x more than their population share. Yet, black business owners who apply for funding have a rejection rate three times higher than their white counterparts. Lack of access to funding limits other opportunities that others can utilize to grow their businesses. This doesn't look or sound like a level playing field to us.
In light of significant conflicts stemming from racial injustices, many big box stores are attempting to be more inclusive of small brands owned by black women; in the name of equality. The only problem with this - the majority of the small business that would love to take advantage of these opportunities aren't in the financial position to do so. While equality in retail is a grand gesture, equity across financing/funding options would serve the majority better.
Why Blank Slate is Needed
Dream
Minority business owners have amazing ideas. However, many don’t always know where or how to start. We are faced with the unknown and often without a network that can provide insight, causing a playing field that’s not leveled.
We provide the “how” with our network of entrepreneurs (in different stages of growth and business development) and small business coaches & consultants.
Build
Building a profitable brand can prove itself difficult when access to start-up capital is extremely limited, especially for women of color. Over 87% of minority small business owners utilize their 9-5 income to finance their business.
We work with entrepreneurs in developing business plans & pitch decks to apply & compete for funding. We are also working to raise capital in order to create our own funding opportunities.
Grow
In the age of e-commerce, we can often forget the unique advantage of having a brick-and-mortar storefront. Unfortunately, for most small business owners — this expense is a luxury that most of small business owners cannot afford.
We provide dedicated retail space for our collective's small brands, eliminating the expensive overhead of having your own standalone space.