McKinsey partners with New Voices Foundation on growing Black-owned businesses

01 September 2023 2 min. read

McKinsey & Company has partnered with New Voices Foundation to provide strategic scaling support to its member businesses.

New Voices Foundation is a 501(c)(3) organization that focuses on creating a more inclusive entrepreneurial ecosystem for women of color. The foundation has provided its 30,000 members with 1,300+ hours of business education, mentoring and coaching, networking opportunities, and $25+ million of new capital.

This year, five member businesses of New Voices will work with McKinsey through the management consultancy’s Next 1B: Scalers program – which helps larger Black-owned consumer brands ($10 million+ revenue) build and execute growth plans.

Dedicated McKinsey teams will work with the selected businesses on understanding opportunities in marketing, sales, product, and operations, and building a roadmap. McKinsey will also deliver advice on pricing, digital media, and talent strategy.

McKinsey partners with New Voices Foundation on growing Black-owned businesses

“Despite increasing demand from consumers and retailers, Black-owned brands face outsized challenges to profitable scaling. And we know that improving the success rate of Black-owned businesses is an essential component of improving economic mobility for communities,” said Tiffany Burns, McKinsey senior partner. “We believe, together with New Voices, we can change the odds by working hand-in-hand with these entrepreneurs to create bold and achievable growth plans.”

The Next 1B program – which also includes the Founders program for smaller Black-owned consumer businesses – is celebrating its one-year anniversary. In the last 12 months, the program has supported over 100 Black-owned businesses.

Next 1B is part of McKinsey’s equity commitments, which include $200 million in pro bono work to advance racial equity and a pledge to double spending with diverse suppliers.

“We are excited to work with McKinsey to expand the New Voices Foundation’s impact on people of color and woman-owned businesses,” said Richelyna Hall, chair of New Voices Foundation. “McKinsey brings its considerable expertise on scaling businesses profitably, and have demonstrated their commitment to small and minority-owned businesses.”