Walmart gives $800K to Atlanta organization for Black entrepreneurship
Summary
Walmart is giving a $800,000 grant to the Russell Innovation Center for Entrepreneurs (RICE), a nonprofit dedicated to developing, growing and scaling Black entrepreneurs, the retail giant announced Monday. The funding will bolster efforts to train business owners who produce consumer goods.The announcement comes on the heels of another large corporate gift to RICE. It will also be used to support the earlier stages of RICEs entrepreneurship curriculum and Walmart employees will help teach business owners in the programs about what the retailers buyers, procurement officers and shelf managers are looking for.Were going to be the place that when you see RICE on the head of any application that comes in, Walmart will know that they have to give it a good look because were going to prepare these entrepreneurs to win, to be shelf ready, to be retail ready, said Jay Bailey, president and CEO of RICE.Bailey also hopes that by having Walmart associates teach entrepreneurs how to get on Walmart shelves, it will boost their confidence and belief in their business.The PayPal Retail Academy will teach up to 50 entrepreneurs about non-traditional retail paths, how to develop global marketing strategies and navigating supply chain issues. The new academy will launch in January 2024.Currently, RICE supports more than 360 Black-owned businesses. Yaminah Childress is the CEO of Yany Beauty and will be pitching Walmart in late October to carry their mens skincare line and a hair oil.Our vision for the future is to be on shelves at Walmart, Childress said.