“I couldn’t be an island out there alone,†says Redmon, who is not a part of the NewMe group, but who believes entrepreneurs benefit from collaborative experiences and team input. “I’ve found the only way to survive is to have a bodyguard. If you don’t have a bodyguard big enough, you most likely are not going to survive.â€
For innovators to gain traction in this sector, they must protect their concepts as well as successfully execute their business models. “In order for the ecosystem to accept African Americans as a viable source for talent to build meaningful ventures, we have to have evidence of repeatable success,†says Syncom’s Smith. “The burden is on entrepreneurs who have received capital to create valuable and meaningful institutions. Despite historical and contemporary examples of unfairness and inequity in accessing capital, success is often the great equalizer.â€