President Obama initiated a new program in February 2014, called "My Brother's Keeper," with the sole purpose of "Helping more of our young people stay on track. Providing the support they need to think more broadly about their future." Supporting this program is a new initiative by the U.S. Small Business Administration (SBA) to launch a campaign around the nation that focuses on fostering the entrepreneur spirit among young men of color.
The importance of supporting entrepreneurship
Why? The SBA points out that 15 percent of businesses are launched by people of color. Latinos and blacks are leading the pack in starting their own businesses at three times the national average. Entrepreneurs add jobs and boost the economy, yet young people of color often lack the education and social tools necessary to become entrepreneurs. The new SBA program is going to help these young men do just that.
How the SBA will help
In communities across the country, the SBA plans to work with local business partners in holding community round table discussions that will teach young men of color in under served areas to learn the skills needed to start their own businesses. Through donations from nonprofits and corporate donors, the program has accumulated more than $300 million to launch the program. The program plans to begin in September.
One well-known entrepreneur will be personally assisting in the effort. Muse Recordings owner Mike Muse of New York plans to conduct a series of seminars himself, focusing on what he knows best as an entrepreneur, teaching young men how they can develop entrepreneurship skills in the fields of music, film, fashion and sports.
For more details about the program, visit www.whitehouse.gov/my-brothers-keeper