The Factory in Raleigh wants to attract more Black entrepreneurs
Add Axios as your preferred source to
see more of our stories on Google.
Photo courtesy of The Factory
A new coworking hub open in Raleigh's Glenwood South neighborhood wants to be the go-to place for Black entrepreneurs.
- The Factory, located at 811 W. Hargett St., offers meeting and event space, as well as tools and storage for entrepreneurs who make their own retail goods.
Why it matters: Just 4% of Black-owned businesses in Raleigh had employees, one recent analysis found. The Factory could provide a stepping stone to growth for some small businesses, Johnny Hackett, its founder and CEO of Black Dollar Corp., told Axios.
- Entrepreneurship can be an effective path to reducing the wealth gap between white and Black households.
- A Black business owner is typically 12 times wealthier than Hispanic or Asian business owners, according to the Path to 15|55 initiative, a group that advocates for investing in Black-owned businesses.
Black Dollar was able to fund the creation of The Factory after winning grants from Walmart and the nonprofit SEED Spot.
Details: Before launching The Factory, Hackett created the Black Friday Market in downtown Raleigh. It provides a storefront for dozens of Black-owned retailers.
- But many of those retailers, he said, needed a place outside of their own homes to store their goods or manufacture them.
Inside of The Factory, individuals can use:
- Screen printing, heat press and embroidery machines
- Label makers and refrigerated storage
- A painting area
- Candle-making equipment
What they're saying: "There are a lot of Black businesses that have been started during the pandemic," Hackett said. "There is now a big opportunity to give them assistance or help with the foundation."
What's next: Hackett said that he and his partners are already in discussions about how to replicate its services to other cities, such as Durham.