RICE CEO Jay Bailey spoke with rolling out about the investment and gave tips to entrepreneurs looking to gain capital.
On Feb. 29, the Truist Foundation announced a $2 million investment in the Russell Innovation Center for Entrepreneurs (RICE) to foster mentorship, offer essential business resources and support Black entrepreneurs. This investment aims to broaden their access to critical capital and financial literacy opportunities. The day also featured a panel discussion focusing on how Black entrepreneurs can secure access to capital and business resources.
RICE CEO Jay Bailey spoke with rolling out about the significance of this investment and shared insights for entrepreneurs seeking capital.
You mentioned the importance of making friends before you need them. How significant is this in entrepreneurship?
One of the biggest mistakes entrepreneurs make is believing they can go it alone. Entrepreneurship can be a lonely, anxiety-inducing journey, and genuine relationships are invaluable. I met Lynette Bell over 17 years ago, and today, our friendship has blossomed into something remarkable. True networking isn’t about what you can get but what you can give. It’s about nurturing authentic relationships, even when you don’t realize their immediate significance.
How can entrepreneurs convince investors to invest in their vision when it’s just a dream?
While it may start as a dream, it’s crucial to approach it with tangible plans. It’s not merely a dream but a vision backed by action. Investors need to see a well-thought-out strategy, a clear roadmap from conception to execution. It’s about demonstrating how your idea can evolve into a successful venture through meticulous planning and unwavering commitment.
If you could send a message to all small businesses or entrepreneurs, what would it be?
Don’t give up. The livelihood of countless individuals hinges on your pursuit of your dream. Your business could enable someone to send their child to college or purchase their first home. It’s essential to remember that every corporate giant, from Truist to Walmart to Coca-Cola, began as a small entrepreneurial venture. Small businesses are the backbone of the global economy. Stick with your vision, and remember, you don’t have to go it alone. Seek out your community, whether it’s through platforms like RICE or other collaborative spaces. As the African proverb goes, “If you want to go fast, go alone. If you want to go far, go together.”
