Entrepreneurship in historically-underinvested communities matter

We know that entrepreneurship drives safe, connected neighborhoods with the opportunities and resources to thrive.

Reimagining Stronger Neighborhoods Through Entrepreneurship

Too often, businesses are taught to focus solely on making money, without being encouraged or supported to recognize their broader role in shaping communities and driving social change. The truth is, entrepreneurs do more than generate income — they solve real problems. From food access to youth opportunity, from safety to culture, local businesses have the power to strengthen the places we live. The Renaissance Project exists to unlock this potential by creating spaces for learning, connection, and inspiration where entrepreneurs, community leaders, funders, and neighbors come together to imagine what’s possible — and take action.

Exploring Questions That Unlock Possibilities for Change

  • 1 in 4 households in NYC face food insecurity. Many local entrepreneurs are already leading the way — how can more join them?

  • Youth unemployment is twice the city average in many neighborhoods. How can entrepreneurship create pathways to prosperity for young people?

  • Every dollar spent at a local small business generates 1.5x more community wealth. What would it take to grow that impact citywide?

The Problem

A growing informal economy exists within low-income communities, powered by people with ideas, side hustles, and off-the-books businesses that keep families afloat and meet everyday community needs. Yet, these entrepreneurs face systemic barriers and lack the long-term support and resources needed to turn their vision into sustainable businesses that can transform their lives and neighborhoods.

The Stats

  • 60% of small businesses fail within five years — most often due to lack of capital, mentorship, and infrastructure - (Source)

  • Roughly 50 million Americans live in households earning less than 125% of the federal poverty level (Source)

  • Microbusinesses account for 20.1% of all private-sector workers across New York State - Source

  • 57% of New Yorkers say they need a side hustle to make ends meet. - Source

  • Low-income neighborhoods house 22% of Americans but just 7% of employer businesses. Source

  • More than 1 in 5 new businesses in recent years were started out of necessity — by people who had no choice but to hustle. - Source

The Solution

We believe that when entrepreneurs succeed with purpose, entire neighborhoods become more prosperous, resilient, and connected. We equip low-income entrepreneurs in under-resourced neighborhoods with the training, coaching, and resources they need to build businesses that generate income, create jobs, and solve pressing community challenges.

Progress Principals  

  1. Build together, not alone (apart) /  Collaboration over Competition: We all have a part to play, and we are stronger together. The ultimate goal is to foster thriving entrepreneurs and communities.

  2. Build to Give: Wealth and resources are not an end in themselves, but a means to bless others, meet needs, and multiply opportunity. 

  3. Pursue Human Flourishing: True prosperity is holistic — the well-being of body, mind, soul, and relationships. Entrepreneurship should contribute to people living whole, flourishing lives.

  4. Multiply Impact: Progress means multiplying resources, opportunities, and impact — scaling for the benefit of many, not just a few. 

  5. Speak worlds into being: The language we use shapes how we see ourselves and what we believe is possible. We speak life, possibility, and progress — because our words cast the vision for the future we are building.

  6. Practice Stewardship over ownership: We are caretakers of the resources entrusted to us — money, time, talent, and relationships. By stewarding well, we multiply opportunity and create lasting impact for generations.

  7. Rest is resistance: We don’t wear ourselves out to get rich. We build in balance, with intention, because true progress means creating wealth, health, and lasting impact.

  8. Build on wisdom: True progress is built on wisdom, knowledge, and understanding. These are the pillars that establish lasting businesses and thriving communities.

  9. Justice Over Injustice: Wealth gained without justice will not endure. Progress requires fairness, integrity, and equity — because businesses built on justice create lasting prosperity for people and places.

  10. Progress is intentional, orderly, and phased — step by step, stage by stage, nothing all at once.

  11. Imagine, then innovate, one step at a time: We learn by doing, testing, and refining—not waiting for perfection.

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