Highlights
EY EAN Program Builds Leadership Skills of Black and Hispanic Entrepreneurs
The numbers tell the truth. Black
and Hispanic/Latino entrepreneurs
are a major economic
force and growing. More than
four million minority-owned
companies generate sales of approximately
$700 billion. These impressive numbers
are despite the continued barriers to obtaining
capital for business growth and landing
corporate contracts. EY decided to do
what it could to help minority executives
break through these barriers and become
leaders of growing companies by accelerating
leadership skills development. The
EY Entrepreneurs Access Network (EAN)
program offers coaching by EY executives,
a leadership development curriculum, and
networking with investors, industry leaders,
vendors, potential customers, and others.
It is a remarkably productive program for
minority executives who are already successful
and ready to take their programs to
the next level.
ADDRESSING BARRIERS
TO GROWTH
The voice of authority on EAN is Cynithea
Reeder, whom everyone knows as Nit (pronounced Neat). Nit serves as the EY Americas
Markets Communications Leader, however,
her passion lies within her volunteer
role as Director of the EY Entrepreneurs
Access Network (EAN), of which she is a
co-founding architect. EAN is a 12-month
business accelerator program for Black
and Hispanic/Latino CEOs and Founders
of emerging and established diverse-owned
companies. This business executive platform
focuses on strengthening leadership skills
through various approaches to grow and
scale businesses. EAN components include
assessments, one-on-one coaching with EY
executives, a customized curriculum, online
tools, networking events, and promotional
exposure.
The program was the brainchild of Sam
Johnson, EY Americas Vice Chair of Accounts.
He noticed there was a lack of diversity
in some EY programs. After research
to understand why diversity was lacking,
it became apparent that Black, Hispanic
and Latino entrepreneurs faced more significant barriers than their
counterparts.
Nit was not only qualified professionally to be the EAN Director,
but she was also qualified personally. Her grandfather started the first
Black-owned business on Main Street in Greenville, South Carolina in the
1960s. He was successful despite the many barriers he faced, including a
lack of business connections and acumen, and funding. Nit’s grandfather
had banked for over 20+ years at one bank, but when he decided to start
a business, the bank turned down his funding request. He had to go to
Atlanta to find the needed capital. Nit’s background led to her passion
for helping diverse leaders break through these similar barriers that still
exist 60 years later.
FOUR C’S AND THE SECRET SAUCE
The EAN program is for Black and Hispanic/Latino founders, co-founders,
CEOs and presidents of their companies. “We address the four C’s
in the EAN program, which are coaching, curriculum, community, and capital alignment,”
explains Nit. These areas are uniquely addressed through the lens of growing and expanding
a minority-owned business.
The program is supported overall by the first C, which is one-on-one coaching by
relationship ambassadors (RAs) who are EY leaders and professionals across various
industries and geographies. “The RAs are a key ingredient to the secret sauce for EAN’s
success. They provide access to their professional and personal networks,” says Nit. The
ambassador's goal is to become a trusted strategic advisor to each participant, to help guide
them throughout the full 12 -month term and some bonds continue after the program. Lee
Henderson, Americas EY Private Leader and the EAN Executive Sponsor, is a relationship
ambassador who helped highlight an EAN member in a national commercial. Lee is also
one of the many EY partners and professionals committed to being a volunteer and ally of
the program year over year, since its inception.
The second C is for the curriculum, which is customized to the stage of the participant’s
business, with distinct parts that are based on the EY 7 Drivers of Growth, a framework
designed to enable ambitious leaders to think differently about their business and growth
strategy. The virtual and in-person learning sessions feature various external collaborators,
including bank representatives, marketing and branding resources, venture capitalists, and
government officials.
The third C, community, is a powerful component. EAN provides business leaders with
a safe place to speak freely on the obstacles they face, with understanding peers. The program also provides EAN
cohort members access to
the broader EY entrepreneurial
community. Participants
are invited to events
hosted by the EY Entrepreneur
Of The Year R and the
EY Entrepreneurial Winning
WomenTM programs,
which all share the mission
of helping the ambitious innovate
and lead.
The fourth C is capital
alignment. EAN leverages
the EY expansive network
to align program participants
with the right funding
resources. To ensure
the appropriate connections
are made, Travis Lay,
an EY Strategy and Transactions
Senior Manager,
volunteers as the EAN
Capital Pillar Lead. Travis
uses his deep knowledge
and experience in mergers
and acquisitions, venture
capital and other funding
transactions to add impact.
The program hosts
four capital learning sessions
each year, covering
topics like leveraging certifications,
obtaining capital,
storytelling, approaching venture capitalists, and identifying capital needs. To date, EAN has
aligned entrepreneurs with almost $27 million in funding support.
ADOPTING A GLOBAL PERSPECTIVE
While business incubator programs are looking for companies, EAN is a business accelerator
seeking leaders. The EAN four C's methodology is foundational in helping business
leaders further develop or expand their current skills and perspectives for greater growth
and scalability. “To grow and scale are not the same thing,” explains Nit. “You can grow
business revenues, but scaling refers to expanding the business' footprint into new industries
or geographies. Scaling is very intentional because it requires developing a new viewpoint
and operating with a broader mindset.”
Whether a company's ambition is to go global, or not, having the broader mindset can
lead to enhanced business acumen, greater industry learnings, strategic connections, technology
insights and heightened leadership styles. Measuring the program's success includes
companies that have grown due to program participation. Nit describes her experience with
a program participant. “After a cohort member completed an EY 7 Drivers of Growth (7D)
detailed session, at an EY sponsored conference, she shared that because of the 7D session, her
company can potentially hire an additional 230 people to address expanded service needs.”
EY tools like 7D, entrepreneurs on-line library, C-suite conferences, disruptive technology
learnings, EAN digital directory, environmental and social governance services,
professional networks, and other various resources are an example of the investments EY
has and continues to develop to help emerging and established enterprises sustain growth.
In fact, an EAN participant attending one of the executive technology events said he was
a better leader because it made him think
differently about human capital. Instead of
replacing people, he discovered the value in
upskilling. Accelerator programs are great
ways for CEOs and founders to expand their
leadership capacity.
A natural question is: How does EY
benefit from the EAN program? “First, DEI
is in the DNA of EY. We understand the
community impact and economic value of
a more inclusive society," says Nit. "Secondly,
there is also the opportunity for these
emerging businesses to turn to EY in the
future for more in depth support and services
to further scale their company.” The
EAN program builds loyalty, but Nit makes
it clear that the goal of the EAN program
is not to create future clients. The goal is
to bring more equity to entrepreneurship,
and by doing so, there is a ripple effect in
communities. There will be more business
growth, more jobs created in the communities
served, more generational wealth,
and more founders of new minority-owned
businesses.
ENTREPRENEURS WANT
A HANDSHAKE
Nit is clear, “No one wants your handouts;
they want your handshake. People should
realize that working with diverse-owned
businesses is strategic, not charity. It is
strategic business.” The proof is in the
EAN program success stories, and there
are many.
Josie Lopez is the Co-Founder of Advancio,
a talent solutions company. She
helps businesses reach their full potential
through high-skilled tech talent. She is also
the co-founder of The Geeks Group which
drives tech innovation and promotes sustainable
development. Lopez describes her
EAN program experience this way.
“The impact of the EY EAN Program
on our business has been nothing short
of transformative. The program's strategic
insights and access have enabled us to
achieve remarkable growth and operational
efficiency over the last 12 months. Through
the EY EAN Program, we've gained access
to a wealth of industry expertise and cutting-
edge tools that have allowed us to make
informed decisions, optimize our processes,
and drive innovation across our organization.
One such resource is the EY Tech
University. Shout out to the team for identifying
the need and proactively creating a
program that ignites curiosity and pushes
the boundaries of what is possible. If I had
to summarize and say what the biggest takeaway
is, it is the emphasis on collaboration
and partnership that has helped us forge
new connections and networks that have
expanded our reach and market presence.
The strategic guidance, resources, and opportunities
have enabled us to elevate our
business to new levels of excellence.”
LOPEZ ALSO DESCRIBES
HOW THE PROGRAM
DEVELOPED LEADERSHIP
ABILITIES.
Navigating the terrain as a diverse female
leader comes with unique challenges. It's
a battle to claim our rightful place at the
decision-making table while wrestling with
our internal struggles of self-doubt and the
imposter syndrome. Simultaneously, we
are driven by the mission to sow the seeds
of change for the generations to come,
bridging the gap of generational debt.
In the context of these complex dynamics, the program's most profound
impact on my leadership journey has been the access and embrace
of a network of peers who intimately comprehend the daily battles we
face. This alliance has empowered me with a newfound wellspring of
self- assurance — confidence not only in myself but also in the strengths
of my colleagues. It has emboldened me to question established mindsets
and conventions, and to embrace the role of an agent for positive change.
KENDRICK FAISON IS THE PRESIDENT AND
CEO OF SPATIAL GIS. HE SAID THIS ABOUT HIS
PARTICIPATION IN THE EAN PROGRAM.
The EAN Program has been a transformative experience for our company,
granting access to tools and resources previously beyond our reach
due to financial constraints. With the guidance of EY staff members,
we've been able to navigate a vast array of services that have facilitated
our scaling efforts. As a result, we are now poised to grow exponentially
and enhance our competitiveness and wealth-building potential. The
connections within our EAN alumni group, especially among successful
Black and Latino business owners, have been another invaluable aspect.
The courage, network, and access to EY's clients and services provided
through EAN have been priceless.
AS FOR LEADERSHIP SKILLS,
FAISON HAD THIS TO SAY.
Participating in the program has dramatically enriched my ability to lead
and manage a multimillion-dollar enterprise. The training throughout
the program not only sharpened my existing leadership skills but also
helped me devise a strategic plan to expand our business. The growth
in my leadership abilities has been palpable, and I attribute much of this
progress to the insights and experiences I gained through the program.
Eric and Ryan Cruz lead Muvez, which produces slip-on shoes with
removable insoles. They just closed on a round of private funding. Eric
says the knowledge he gained through the EAN program guided him in working with investors,
one of the most challenging aspects of business sustainability.
A cross-marketing partnership between Nancey Harris, Co-Founder and COO of Vontélle,
a producer of fashion-forward eyewear, and Waleed Cope, Founder and CEO of The Soap
Box, a firm offering premium garment and sneaker care services, revealed untapped potential
and paved the way for both to grow. Harris and Cope met through EAN.
Waleed Cope and EAN alum Jessica Johnson-Cope own and run The Soap Box. Walmart
Markers Studio recently hired the Soap Box to perform sneaker cleaning for the Rock The
Bells concert. Effectively leveraging data has been a key piece of the entrepreneurs' successful
business strategy – whether for marketing or decision-making around product offerings.
Through the relationship with EY, Waleed Cope has been able to access key insights and
apply those best practices to the business, accelerating its growth. In fact, due to relationships
fostered by EAN, the Soap Box will soon be venturing to another state.
ACHIEVING NEW HEIGHTS
These are just a few examples of how the EAN program enables Black and Hispanic/Latino
entrepreneurs to grow and scale their businesses. Encouraging and strengthening diverse
entrepreneurs will strengthen communities, and stronger communities will build more robust
economies. EY and its entrepreneurial ecosystem is making change happen by providing the
exact resources the entrepreneurs need to succeed. The EAN program is for the ambitious,
who believe a handshake representing broadscale support for enterprises can help diverse
entrepreneurs achieve new heights. Just ask the 289 founders already members of the EAN community.