Invest Newark celebrated the graduation of 16 small business owners from its Executive Business Accelerator Program during a recent ceremony held at Newark City Hall. Among the graduates, 19% identified as Hispanic or Latino, 81% as Black or African American and 70% represented women-owned businesses.
The seven-month program provides established small business owners with over $100,000 in annual revenues and at least one other employee with practical training in areas like strategic planning, marketing, financial management, procurement and sales.
To complete the program, graduates must develop and present a customized three-year growth plan for their business.
Newark Mayor Ras Baraka highlighted the program’s vital role in supporting the city’s economic growth and entrepreneurship ecosystem.
“The Executive Business Accelerator Program is helping small businesses in Newark grow and thrive,” Baraka said. “By equipping local entrepreneurs with the knowledge and resources they need, this program is strengthening our city’s economy and ensuring long-term success for our businesses.”
Since 2020, the program has supported more than 60 Newark-based CEOs across industries such as hospitality, construction, food manufacturing and accounting. Data collected in 2023, following the graduation of the previous cohort, shows that 76% of alumni businesses reported increased or maintained annual revenues, 77% were profitable, and 77% hired local full-time staff. Graduates are also eligible to compete for Business Development Grants, with $15,000 in total grant money available for each cohort.
“This program continues to prove its value by helping businesses reach new heights,” Marcus Randolph, CEO of Invest Newark, said. “We are proud to support entrepreneurs who are committed to growing their businesses and contributing to Newark’s economic future.”
Graduates of the 2024 cohort include the following businesses:
This initiative is part of Invest Newark’s ongoing commitment to supporting local and BIPOC-owned businesses, fostering an inclusive entrepreneurial ecosystem, and driving equitable economic growth in the city.
