Jerome “JYD” Williams joins a Network of Untapped Entrepreneurs committing $5 million for Canadian Black entrepreneurs

BY SIMONE J. SMITH

“$5 million dollars; what is this about?” I briefly read through the press release, and immediately jumped on my computer. This was huge!

The best part of this pandemic is that there has been an overwhelming emergence of programs that have been made available for our community. It is important that during this time, we all figure out a way to pivot through it all. Gas prices, food prices, living prices, mortgages, it is all getting to be too much, but I would like to introduce a group of individuals who are willing to help those of us, who are willing to help ourselves.

At the end of 2021, former Toronto Raptor and founder of Alumni Pro Global Sports, Jerome “JYD” Williams, the Network of Untapped Entrepreneurs (NUE), and the Black Entrepreneurship Through Acquisition Incubator (BETA-i) have partnered and committed $5 million in funding for BETA-i’s Canadian entrepreneurship-in-residence program. This unbelievable announcement kicks off a five-year joint venture with BETA-i and NUE. Let me tell you all about them.

Network of Untapped Entrepreneurs (NUE) is an impact investment initiative focused on closing economic wealth gaps by supporting BIPOC entrepreneurs. Their mission is to invest in and grow the network of untapped BIPOC entrepreneurs as well as support the growth of BIPOC-owned businesses. In addition to private investors, NUE is supported by Alumni Pro Global Sports (APGS). APGS advisors and investors include NBA Hall of Famers Julius “Dr. J” Erving, George Gervin, Spencer Haywood, Allen Iverson, Dikembe Mutombo, and Mitch Richmond, and NFL Hall of Famer Ray Lewis.

“BIPOC entrepreneurs continue to be impacted by systemic barriers that impede their opportunities for success and are difficult to navigate alone. BETA-i aims to level the playing field by mitigating entrepreneurship risks and providing business owners with the tools, knowledge and access to services to support their opportunities for success.” Joe Halstead (Board Chair at BETA-i)

Founded in 2020, BETA-i is the first Black-focused incubator in the world and the first Canadian, non-profit organization to use the Entrepreneurship Through Acquisition (ETA) model and adapt it to meet the needs of BIPOC entrepreneurs. Headquartered in Toronto, the organization’ entrepreneurship-in-residence program equips aspiring business owners with the tools to: locate, acquire, manage and grow a privately held company.

“We will help BETA-i’s Black and IPOC entrepreneurs navigate the legal and regulatory challenges they face and offer training and mentorship. Our contribution is one small way our firm can work to remove the barriers that disproportionately affect BIPOC entrepreneurs.” Paul Davis (Partner with McMillan LLP)

BETA-i have partnered with McMillan LLP, a leading business law firm serving public, private and not-for-profit clients globally, and the Business Development Bank of Canada a financial institution devoted to supporting Canadian entrepreneurs. In even more incredible news, McMillan LLP and Business Development Bank of Canada joined the Canadian Aboriginal and Minority Supplier Council (CAMSC), and the National Aboriginal Capital Corporations Association (NACCA) organizations who continue to be important and valued partners of Beta-i.

I had an opportunity to catch up with Wayne Isaacs, and the Junkyard Dog himself Jerome Williams. As important components of this initiative, they shared with me why this program is not only imperative, but also game changing.

“As an Investment Banker on Bay Street, and a serial entrepreneur, I have spent many hours in boardrooms,” Wayne tells me, “And very rarely do I see someone across the table that looks like me. I want this to change. There is an inordinate amount of talent that does not get leveraged; young people who have no idea that these opportunities exist. It is part of my purpose to get them the help they need.

What this program does is help entrepreneurs acquire and operate a business. We are not an incubator to start new businesses. We want the entrepreneurs involved in the program to learn to evaluate a business, and then take that business to the next level. Two entrepreneurs have signed on, and are closing business in 2022. Have to admit, it is impressive to see the progression.”

During his time in the NBA, Jerome Williams was observant of everything that was happening around him. He noticed a pattern that didn’t sit well with him.

“There were very few Black people in organizations involved in this sphere. Yes, of course there were the players, but there are so many opportunities that you notice unfilled by people of colour. In my mind I was like, these opportunities could be turned into a business. While inroads have been made in the last year to foster a more inclusive environment for business and entrepreneurship, there is more work to be done in addressing the systemic barriers that disproportionately affect Black business owners.”

Jerome shares with me another pattern he has witnessed. “Black entrepreneurs are not able to get business loans. We, as a community, have to provide financial opportunities for our young Black entrepreneurs. They are an untapped source of entrepreneurial potential.

I am proud to be an ambassador for BETA-I; they are creating a foundation for future generations of BIPOC entrepreneurs to thrive and I am happy to do my part to support Canadian business owners in fulfilling their dreams.”

I am happy to announce that NUE will bring the BETA-i program to BIPOC entrepreneurs in the United States. Very impressive work, and it goes to show that when you are able to constructively collaborate, everything is possible.