MassINC, a Massachusetts-based independent research firm, and policy think tank, recently published a report on how to support entrepreneurs of color in the state. The report, titled “Unleashing the Potential of Entrepreneurs of Color in Massachusetts,” outlines a comprehensive strategy to create a more equitable economy through the COVID-19 recovery. As part of this report, MassINC details a three-pillar plan for business success and highlights programs already operating in the Merrimack Valley as models of equitable drivers for entrepreneurial success.

The report lays out three “essential ingredients” to business success: skills and relationships, access to capital, and access to markets. A vital tool to increase access to capital is what the report refers to as “accelerators.” As the report details:

“Accelerators typically provide office space, technical assistance, and mentorship to a cohort of startups for their first few months. […]  Evidence indicates businesses served by accelerators are more successful in gaining venture capital and new customers than similar businesses.”

The report recognizes the Revolving Test Kitchen in Lawrence as a prime example of an accelerator that not only provides essential assistance to startups but does so equitably and inclusively, ensuring that entrepreneurs of color have an increased chance of success.

The Revolving Test Kitchen (RTK)—a collaboration between the Lawrence Partnership, NECC, MVPC, the City of Lawrence, Lupoli Companies, and E Para Todos—is an incubator to invest in small, local food-based businesses in Lawrence. MVPC recently worked with the Lawrence Partnership to secure $600,000 in funding from the U.S. Economic Development Administration to expand the RTK initiative, furthering the program’s work of supporting minority-owned businesses in Lawrence. The Merrimack Valley Planning Commission is proud to have fought for this transformative investment.  Entrepreneurs are one of the Merrimack Valley’s most valuable assets. Expanding the Revolving Test Kitchen is an investment in entrepreneurship, giving people more pathways to wealth. We are proud to see the Revolving Test Kitchen used as a model for other communities seeking to support entrepreneurs of color. The Lawrence Partnership’s leadership on this will make the entire Merrimack Valley more resilient and prosperous as a result.

You can read MassINC’s full report here.

For more information on the revolving test kitchen, click here.