December 16th 2024.
The CEO and founder of Operation HOPE, John Hope Bryant, recently made an exciting announcement at the fall graduation ceremony for Albany State University. According to a report by WALB, Bryant has donated a whopping $1.8 million to 70 deserving graduates who have shown a keen interest in entrepreneurship. As the commencement speaker for the event, Bryant delivered the news to the graduates on December 14th in Albany, Georgia.
Each graduate will receive a generous amount of $25,000, along with the support of a "special forces team" to help kickstart their business ventures. This team will provide them with valuable resources such as a free domain name, a personalized website, a payment system, and even a Shopify account for e-commerce purposes. Bryant, who is not an alumnus of Albany State, believes in the importance of supporting Black-owned businesses and hopes to encourage more individuals to pursue their entrepreneurial dreams.
During his speech, Bryant emphasized the potential for greatness within every community, stating that there is a Steve Jobs, an Oprah Winfrey, and a hero waiting to be born in each one. He believes that it is up to someone to recognize and nurture that potential, which is why he is using his own power and resources to help these graduates succeed. "That's really the whole point of power," Bryant explained. "You gather it so you can give it away."
Not only will the graduates receive financial support and payment systems free of charge, but they will also have the opportunity to sit down with a lawyer and accountant to discuss their business plans. Additionally, they will have a designated business manager and e-commerce executive to guide them along the way. This level of support and mentorship is crucial for Black entrepreneurs, and historically Black colleges and universities like Albany State play a vital role in producing successful business owners.
According to a report by global management consulting firm McKinsey & Company, there is a significant opportunity for HBCUs to train and develop the next generation of Black entrepreneurs and help them scale and sustain their businesses in their communities. Other venture capitalist firms, such as Andreessen Horowitz and SoftBank, have also pledged to invest millions of dollars in Black entrepreneurs, showing a growing interest in uplifting and supporting this community.
Dr. Lawrence M. Drake, II, the interim president of Albany State, believes in the power of Bryant's message and invited him to speak at the commencement ceremony to inspire and motivate the graduates. "John and I are good friends, and we've known each other for a while," Drake shared. "I also thought he could relate to the audience effectively. He and I both share a similar journey to many of those students sitting there today."
The criteria for selecting which graduates will receive the grant is still being finalized, but it will likely consider factors such as GPA, business goals, and an essay. Dr. Drake stated that the criteria would be confirmed after the holiday break, and he is excited to see which graduates will benefit from this incredible opportunity. With Bryant's generous donation and support from other venture capitalists, the future looks bright for Black entrepreneurs and business owners.
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