Association for Enterprise Opportunity Launches Tapestry Project Action Lab In Five Markets

WASHINGTON, May 6, 2019 /PRNewswire/ -- The Association for Enterprise Opportunity (AEO), a national nonprofit organization dedicated to changing the way that capital and services flow to underserved Main Street businesses, today announced the official launch of the Tapestry Project Action Lab to amplify the success of Black business development efforts. Under the umbrella of AEO's larger Tapestry Project, the first wave of the initiative is comprised of cohorts in Atlanta, New York City, Raleigh, Minneapolis, and Detroit.

AEO's report, The Tapestry of Black Business Ownership in America, explored three acute challenges whose interlinkage impedes Black business development: a massive wealth gap, credit gap, and trust gap. The report recommended addressing all three challenges simultaneously, which was the impetus behind the creation of the Tapestry Project Action Lab. Each geographical cohort in the Action Lab includes multiple organizations collaborating on the ground with a local Community Development Financial Institution (CDFI) to develop strategies that address the interlinkage analyzed in the report. The cohorts will also test new ideas in the marketplace based on shared best practices and insights.          

"The purpose of the Tapestry Project is to provide the infrastructure that is critical to supporting the ideas and projects that propel the growth of Black-owned businesses, unlocking their potential," said AEO President and CEO Connie Evans. "The Action Lab is a vital step to reaching that goal, and we are grateful to the W.K. Kellogg Foundation, whose support and generosity made it possible for AEO to bring this trailblazing program to fruition." 

Said AEO Vice President of Innovation Engineering Hyacinth Vassell: "The Action Lab, together with the Tapestry Project Innovation Registry, gives AEO the power to map the landscape of projects, interventions, and innovations that are happening all across the country-- finding better, faster solutions for Black business owners. This also underscores our commitment to helping underserved entrepreneurs by strengthening the organizations that support them."

The Tapestry Project Action Lab is one of several initiatives coming out of the new AEO Innovation Hub. The Hub is the central point for the introduction of impactful new methods, products, services, and ideas into the small business ecosystem. Designed to solve market challenges, spur innovation, and drive transformational, system-level change for underserved entrepreneurs, it has five primary directives: 

• Engagement in cohorts and partnerships that discover and develop innovations that increase access to capital, trusted guidance, and more.
• Organization and promotion of convenings that enable the sharing of ideas and insights that can drive performance on Main Street.
• Pursuit of an advocacy strategy that gives voice to the needs of organizations that serve microbusinesses, and empowers them to support the policy interests of the business owners they serve.
• Continuation of research that gives widespread access to information and data critical to market actors in the microbusiness landscape.
• Deployment of flexible seed capital to accelerate development of emerging entities.

Organizations that focus primarily on Black business development can get involved with AEO's Tapestry Project by joining the Tapestry Project Innovation Registry. The online resource connects existing projects that help Black business owners with opportunities for more funding and attention. To join the registry, please contact Hyacinth Vassell at [email protected].

About Association for Enterprise Opportunity
The Association for Enterprise Opportunity is the leading voice of innovation for microfinance and microbusiness. Our mission is to create economic opportunity for underserved entrepreneurs throughout the United States. We engineer transformational change through research, convening, incubation, and advocacy to foster a robust and inclusive marketplace. For more information, please visit www.aeoworks.org

Media Contact:
Marissa Hermo
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SOURCE Association for Enterprise Opportunity