Many of the Entrepreneurs Finding Success with Rising Tide Capital are Black, Over-40 Single Mothers
Rising Tide Capital (RTC) says most of the entrepreneurs it helps succeed are not your typical young, white techie bros. Instead, the business development non-profit’s average entrepreneur is a black, single mother over 40 years old. And these women are making strides as thriving business owners.
RTC’s mission is “to assist struggling individuals and communities to build strong businesses which transform lives, strengthen families, and build sustainable communities.”
Headquartered in Jersey City, New Jersey, RTC also has a presence in Newark, the South Side of Chicago, Charlotte, and Charleston.
Led by co-founder and CEO Alfa Demmellash, the organization says that within two years of graduating from its Community Business Academy, its entrepreneurs “achieve a 112% increase in their business sales, a 58% increase in household income, and a 54% reduction in the use of public assistance.”
RTC recently announced the launch of its Urban Entrepreneurship Accelerator. The accelerator will offer participants affordable housing, co-working spaces, and on-site training and support.
The accelerator opened in May and is located at 311 Martin Luther King Blvd. in Jersey City.
“Since our founding 15 years ago, my co-founder Alex Forrester and I have always envisioned creating a space that would serve as a hub for innovation and growth where our entrepreneurs—most of whom are economically disadvantaged—could gather under one roof to learn, collaborate, create, and even live,” Demmellash said to ROI-NY.com at the time of the opening.
“311 Martin Luther King Blvd. represents the realization of that vision and our commitment to the Greenville section of Jersey City, which has been our home since our founding,” she added.
Additionally, according to a press release, RTC “is also helping to revitalize an underserved neighborhood by populating a formerly abandoned building with local entrepreneurs who it is empowering to rebuild their neighborhood and build wealth” in Jersey City.
Kim Sumpter is one of RTC’s success stories. Sumpter is the founder of Wax Kandy, a maker of hand-poured, vegan wax candles and custom candle favors. She graduated from RTC’s Community Business Academy in 2014.Kim Sumpter (Waxkandy,.com)
“What is so wonderful about the organization is that they invest their energy in every single entrepreneur’s dream as they take a sincere interest in each of our individual journeys. I have been granted opportunities that I would have never been able to experience had it not been for Rising Tide Capital. They have laid down a solid foundation and continue to offer the tools and information that I need to keep learning and growing as I build my business,” she said in a testimonial about her experience with RTC.