Today, the CLT Alliance Foundation is announcing increased support for entrepreneurs and employers with the goal of growing businesses and growing business leaders.
Small businesses and entrepreneurs play a critical role in the Charlotte Region, and growth in this segment is a catalyst for economic prosperity throughout the region. Likewise, when companies diversify their corporate boards, leadership, and workforce, as well as increase supplier diversity, studies show they’re more likely to yield better results, innovate more, retain talent, and generate economic opportunity among diverse communities.
The CLT Alliance Foundation has brought on dedicated professionals to establish a coordinating hub for entrepreneurs and employers seeking resources to strengthen their business through capital, connections, customers, and talent. The Foundation will:
- Seek to effectively serve entrepreneurs and employers through consultation, cohorts, and facilitation to existing resources related to small business and talent development.
- Build intentional connections between employers and entrepreneurs, helping match the readiness of vendors with employers committed to prioritizing and diversifying suppliers.
- Expand its signature program, Scale Up CLT, through the addition of resources designed with input from small businesses and entrepreneurs to provide the support they need.
“We know that significant challenges remain that prevent diverse entrepreneurs and corporate professionals from maximizing their potential in our community,” CLT Alliance Foundation Board Chair Christopher Moxley said. “Our expanded focus seeks to play a pivotal role in addressing these challenges head on. And in doing so, helps grow diverse businesses and business leaders for the betterment of our entire region.”
National and local data and studies underscore the importance of this work:
- Expanding entrepreneurial opportunity leads to more jobs, higher incomes, greater productivity, wealthier communities, lower inequality, and less poverty.
- New businesses are leading indicators of GDP growth; in the last 30 years, strong periods of overall economic growth are preceded by the number of new businesses launched.
- Small businesses have accounted for 65% of all net new job creation in Charlotte/Mecklenburg since 2000.
- People who start businesses earn higher lifetime incomes, including 10% higher salaries.
- Supportive ecosystems can ease or negate the effects of structural obstacles to business building for business owners of color and add $290 billion in business equity.
- In 2022, the share of new Fortune 500 board seats going to underrepresented groups declined: 40% of seats went to women (compared to 45% in 2021), and 34% went to racial or ethnic minorities (compared to 41% in 2021).
- The highest performing and most effective boards will not lose sight of the need to build diverse boards that address their strategic opportunities and challenges.
The work will be led by CLT Alliance Foundation President Nate Hogan and a team of three dedicated professionals. Lauren Wooden joins as executive vice president and Jonathan Evans will continue in his role as program manager. The team will also consist of a director of small business. The process to fill that role is underway.
Meet the team leading the work.
Hogan brings 25 years of experience as an entrepreneur, intrapreneur, and senior executive with proven success in defining strategic vision, providing transformational leadership, advocating for equity in urban public education, leading high-performing public and nonprofit boards, and driving business growth in hyper-competitive markets.
“I’ve never been more excited about a career opportunity and I have been preparing for this work my entire life,” Hogan said. “Whether it’s growing up with what seemed like an unimaginable amount of adversity, learning from mistakes I made as an entrepreneur, growing businesses inside large corporate environments or leading the charge for equity in public education, I am ready to listen to community and employers alike, with a goal of collaboratively eliminating barriers to economic opportunity. I am grateful for the confidence that Janet LaBar, Christopher Moxley, The CLT Alliance Board and the broader CLT Alliance team and staff have in me and I’m ready to get to work!”
