"Three African-American Women Establishing Business Education Institutions to Bridge the Racial Wealth Disparity"
Three successful Black entrepreneurs, Rachel Allen, Ebony Cochran, and Jessie Hayes, have joined forces to create a unique business school initiative in Detroit. The school is designed to address the racial wealth gap that has long affected Black female entrepreneurs, particularly in the city.
Ebony Cochran, a trailblazer in her own right, started her first business blocks away and became the first Black woman to own a Little Caesars Pizza franchise in Michigan. She recently launched the Detroit Wealth Club, a 7,300-square-foot space offering tools for wealth generation through entrepreneurship, financial planning, credit literacy, and real estate ownership. The club is already operational and has received investment from Cochran's personal fund, a $50,000 Motor City Match grant, and $10,000 from the Build Institute.
Rachel Allen, another successful Black entrepreneur, is also involved in the creation of the business school. She founded Operations School (OSchool), a nonprofit that has helped 2,000 entrepreneurs and nonprofit leaders with legal registration, operations, and marketing. Allen used $200,000 of her own money before securing a $2.8 million Small Business Support Hubs Grant from the Michigan Economic Development Corporation. The specific details about the school being created by Allen are not provided.
Jessie Hayes, founder of The Hayes Institute of Esthetics & Entrepreneurship, adds another dimension to the initiative. Michigan's first business school focused on multicultural skincare and ownership in the beauty industry, The Hayes Institute offers 750 hours of specialized training in multicultural skincare, acne treatment, and product development, tailored to the needs of Black women. The Institute stands on the legacy of Hayes's family's entrepreneurial and leadership spirit and combines state-approved esthetics licensing with entrepreneurial training.
The trio's business school aims to create pathways for sustainable business ownership and economic empowerment. By fostering education, networking, and mentorship within the community, they hope to address the systemic barriers that hinder Black female entrepreneurs from gaining equitable access to business opportunities and wealth accumulation.
The impact of this initiative is already being felt. For instance, the first annual Youth Business Camp inspired and equipped 14- to 19-year-olds with practical entrepreneurial knowledge and skills. The purpose of these business schools is to contribute to increased business ownership rates among Black women in Detroit, which has broader implications for economic equity and community development within a city historically marked by racial disparities in wealth and business representation.
Jessie Hayes envisions The Hayes Institute leaving a lasting impact and opening doors for the next generation of beauty and business leaders who are Black and share similar dreams. Ebony Cochran believes the Detroit Wealth Club is a movement, teaching entrepreneurship that leads to ownership and freedom.
While specific impact metrics and long-term outcomes are not yet available, the initiative appears to be part of a growing movement to support underrepresented entrepreneurs through education and community-building.
- The Detroit Wealth Club, led by Ebony Cochran, offers tools for wealth generation through entrepreneurship, financial planning, credit literacy, and real estate ownership, aiming to address the racial wealth gap among Black female entrepreneurs.
- Rachel Allen, another member of the trio, founded Operations School, a nonprofit focused on providing legal registration, operations, and marketing assistance to 2,000 entrepreneurs and nonprofit leaders, before securing a significant grant for an unspecified business school.
- In addition, The Hayes Institute, led by Jessie Hayes, is a business school focused on multicultural skincare and ownership in the beauty industry, offering specialized training and state-approved esthetics licensing combined with entrepreneurial training to Black women.
- The joint business school initiative by Rachel Allen, Ebony Cochran, and Jessie Hayes aims to create sustainable business ownership pathways, foster education, networking, and mentorship within the community, and address systemic barriers that hinder Black female entrepreneurs from accessing business opportunities and wealth accumulation.
