September 2nd 2023.
McKinsey & Company’s Consumer practice and the McKinsey Institute for Black Economic Mobility have partnered with the New Voices Foundation to help accelerate the growth of Black-owned businesses. Through the collaboration, McKinsey & Company will provide strategic support to New Voices member businesses by means of the Next 1B: Scalers program and work directly with the New Voices team to expand and refine their operations, capacity, and impact.
Tiffany Burns, Senior Partner at McKinsey, said of the partnership, “Despite increasing demand from consumers and retailers, Black-owned brands face outsized challenges to profitable scaling. We know that improving the success rate of Black-owned businesses is an essential component of improving economic mobility for communities. We believe that, together with New Voices, we can change the odds by working hand-in-hand with these entrepreneurs to create bold and achievable growth plans.”
The Next 1B program is being implemented for five New Voices Family businesses this year. Each brand will work with a dedicated McKinsey team to understand the full potential of their marketing, sales, product and operations, as well as sequence their growth levers and create a roadmap for success. They’ll also receive guidance on pressing, near-in business questions, such as pricing, digital media, or talent strategy.
This effort builds on the long-term commitments that both McKinsey and New Voices Foundation have made. McKinsey’s 10 Actions for Racial Equity includes a commitment of $200 million in pro bono work to advance racial equity and doubling spending with diverse suppliers. At New Voices, this builds on the impact that they’ve already achieved within their network of 30,000+ Black and women of color entrepreneurs, which they’ve supported through 1,300+ hours of business education, mentoring, and coaching, as well as significant networking opportunities and $25 million+ of new capital for entrepreneurs.
Richelyna Hall, Chair of the New Voices Foundation, said of the collaboration, “We’re excited to work with McKinsey to expand the New Voices Foundation’s impact on people of color and woman-owned businesses. McKinsey brings its considerable expertise on scaling businesses profitably, and they’ve demonstrated their commitment to small and minority-owned businesses.”
This partnership comes alongside the 1-year anniversary of McKinsey’s Next 1B program launch. Over the past 12 months, Next 1B has worked with over 100 Black-owned businesses in its 2-month-long capability-building program, Founders, and has led growth projects for several businesses through the Scalers program.
Jason Crain, President of Slutty Vegan, Inc., commented, “The Next 1B Scaler program has helped us create more equitable opportunities for our business. We are grateful for this collaboration; it provides best-in-class resources that add real value to founders. The work has helped us validate strategy, quantify assumptions, and create actionable insights.”
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