August 30th 2023.
PayPal has committed to creating a retail academy in Atlanta with a $1 million contribution to The Russell Innovation Center for Entrepreneurs. This academy, called the PayPal Retail Academy, will provide up to 50 business owners with a curriculum of coaching, specialized tools, and resources to help them succeed in the retail sector.
The entrepreneurs in the academy will receive grants of up to $10,000, as well as mentorship from PayPal employees. Dan Schulman, the President and CEO of PayPal, said: “Empowering entrepreneurs and helping strengthen small businesses are key to PayPal’s mission to make our financial system more accessible and inclusive. Through invaluable partnerships with organizations like RICE, we can create greater economic opportunity and build thriving communities.”
Jay Bailey, President and CEO of RICE, will manage and facilitate the formation of the Academy, which is set to launch in January 2024. Bailey commented: “Beyond education, this partnership symbolizes growth for our entrepreneurial community. We recognize the paramount importance of harnessing retail avenues and embracing digital transformation. The PayPal Retail Academy will serve as a conduit for this knowledge, empowering RICE Stakeholders to navigate the complexities of retail with resilience and innovation. Every facet of the Academy is meticulously designed to elevate entrepreneurs to new heights.”
The entrepreneurs in the academy will receive MBA-level retail training at the facility. Furthermore, RICE currently supports 360 Black-owned businesses from ideation to scale, making it the largest business incubation hub dedicated to providing resources specifically for Black entrepreneurs in the United States.
This is an exciting development that will be a major help to many entrepreneurs in Atlanta, and it serves as an example for other companies to follow. The PayPal Retail Academy is sure to be a great success.
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