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Entrepreneurship program emboldens spice startup founder

For Abena Foli, the farm-to-table lifestyle is a birthright. Each day she uses the knowledge she gained from growing up on her father’s farm in Ghana to enrich her career as a food scientist and regulatory affairs leader.

“Working in the food industry, I get to sit in marketing ideation sessions, and research and development meetings. Whenever we talk about innovation in ingredients or products, West Africa is never mentioned,” said Foli, who now lives in Texas. “There was a lack of West African-originated products on shelves. I wanted to leverage my food science background as well as my West African heritage to solve that problem.”

She decided to start small for maximum impact: “When people are new to cuisines,” she said, “they tend to try seasonings first.”

Foli founded POKS Spices in 2016 to bring flavors from West Africa into American home kitchens. In 2021, she became one of the 60,000 women to participate in the certificate program offered by the Bank of America Institute for Women’s Entrepreneurship at Cornell, which is managed by the Cornell Law School and powered by eCornell.

Funding from Bank of America makes it possible for the students to gain the skills and resources to build a successful venture – and earn a business certificate from the university – at no cost.

Read the full story on the Cornell Chronicle Website.

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Women’s entrepreneurship institute set for major expansion

Two years ago, the Bank of America Institute for Women’s Entrepreneurship at Cornell launched their certificate program delivered through eCornell. Demand for the program was so strong that the original goal of providing free online education to 5,000 entrepreneurs quickly increased to 20,000 – thanks to a follow-on grant from Bank of America – and seats in the program were filled as soon as they were added.

On Nov. 19 – Women’s Entrepreneurship Day – the bank announced an additional grant that will allow another major expansion, more than doubling total enrollment. The institute in the coming months will add another 30,000 seats – for a total of 50,000 – while continuing to emphasize diversity, including the development of a Spanish-language component.

“We at Cornell are extremely proud of the impact the Bank of America Institute for Women’s Entrepreneurship is having on aspiring entrepreneurs,” said President Martha E. Pollack. “The institute builds on Cornell’s commitment to the public good and on the strength of our faculty in providing practical, focused, accessible education.”

Bank of America will partner with nonprofits – including the National Urban League, the U.S. Hispanic Chamber of Commerce, the National Association for Latino Community Asset Builders and Prospera – to increase opportunities for Black and Latinx entrepreneurs. Those partners will offer their members access to the certificate program beginning in January 2021.

Already, more than 80% of the institute’s roughly 22,000 enrolled students identify as women of color. Registration is open to anyone worldwide, regardless of gender identity, educational background or business stage.

Students take a series of two-week online courses designed by Cornell faculty to help women develop and grow businesses, access resources and join a network of fellow entrepreneurs.

Instructors support students and moderate discussions in the six classes:

  • Creating Your Venture;
  • Laying the Legal Building Blocks;
  • Assessing and Obtaining Financial Resources;
  • Growth Leadership for Women Entrepreneurs;
  • Product Development and Digital Marketing; and
  • Communication, Negotiation and Persuasiveness.

“A human instructor is present in each course, so the students are receiving feedback on their course projects and in their discussion forums, as well as engaging and networking with each other,” said Kirsten Barker ’92, program director for the institute.

Upon completing all six courses, students earn a certificate in women’s entrepreneurship – the only one of its kind offered by an Ivy League university. To date, students have completed nearly 21,000 courses and earned nearly 2,400 certificates.

Citing a study by the consulting firm McKinsey and Company, Bank of America noted that the coronavirus pandemic has more adversely impacted the careers of women, who accounted for 46% of U.S. employment before the pandemic but 54% of job losses this year.

At the same time, the institute’s leaders say, women, and specifically women of color, represent the fastest-growing segment in entrepreneurship, but historically have lacked access to training, resources and networks.

“We’ve been amazed by our students’ resilience throughout COVID-19,” said Deborah Streeter, the institute’s faculty director and Professor Emerita in the Charles H. Dyson School of Applied Economics and Management, part of the Cornell SC Johnson College of Business.

Responding to an institute survey about their transitions to working from home, students reported dealing with caregiving challenges that have disproportionately fallen on women, as well as disrupted businesses, longer hours in essential jobs and fatigue. Some also said they had found opportunities to bond with family and friends, expand their businesses online and improve efficiency.

After completing the program, one student proudly posted an image of her certificate to her LinkedIn page and stated “COVID-19 season has had a silver lining. I feel equipped and empowered.”

Having launched as an online certificate program serving students from across the nation – and a small international contingent representing dozens of countries – program leaders say the institute is well-positioned to grow and support more students despite the challenges posed by the pandemic.

“This expansion will allow us to improve the chances that these entrepreneurs will be successful,” said Stewart Schwab, the Jonathan and Ruby Zhu Professor of Law at Cornell Law School and executive director of the institute. “That’s our goal, to give our students the tools for success.”

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Bank of America expands the Bank of America Institute for Women’s Entrepreneurship at Cornell

CHARLOTTE, N.C.–(BUSINESS WIRE)–As part of Bank of America’s $1 billion, four-year commitment to advance racial equality and economic opportunity, today – Women’s Entrepreneurship Day – the company announced a further expansion of the Bank of America Institute for Women’s Entrepreneurship at Cornell. Due to the program’s success, Bank of America will add 30,000 seats – bringing the total enrollment of small business owners to 50,000 – and will work with Cornell to develop a Spanish language curriculum and hire Spanish-speaking teaching assistants to more effectively support Hispanic-Latino entrepreneurs.

The Bank of America Institute for Women’s Entrepreneurship at Cornell is the only Ivy League program offering a certificate in women’s entrepreneurship, and at no cost. Since its launch in 2018, the institute has enrolled more than 20,000 individuals, primarily women, of whom 86% identify as women of color. Registration is open to anyone worldwide, regardless of gender, educational background or business stage.

As part of the program expansion, Bank of America will partner with several nonprofits, including the National Urban League, U.S. Hispanic Chamber of Commerce, the National Association for Latino Community Asset Builders and Prospera, to create more enrollment opportunities for Black and Hispanic-Latino entrepreneurs.

The challenges that women entrepreneurs face have multiplied over recent months. According to a recent McKinsey study, while women made up 46% of U.S. employment pre-coronavirus, they account for 54% of overall job losses year to date – with women of color the hardest hit.

“With women bearing much of the economic brunt of the pandemic – and particularly women of color – our further investment in the Bank of America Institute for Women’s Entrepreneurship at Cornell has never felt more important,” said Anne Finucane, vice chairman at Bank of America. “Amid the unforeseen challenges and events this year, we must continue to invest in women entrepreneurs to drive economic growth, because when women-owned businesses thrive, our communities flourish.”

“We at Cornell are extremely proud of the impact the Bank of America Institute for Women’s Entrepreneurship is having on aspiring entrepreneurs,” said Martha E. Pollack, president of Cornell University. “The institute builds on Cornell’s commitment to the public good and on the strength of our faculty in providing practical, focused, accessible education.”

Through coursework that draws on curricula from across Cornell’s schools, the instructor-led classes and limited class size provide women the opportunity to learn new skills, connect with a vibrant network of entrepreneurs and social innovators, and access the resources they need to manage and scale a successful business. These courses include Creating Your Venture; Laying the Legal Building Blocks; Assessing and Obtaining Financial Resources; Growth Leadership for Women Entrepreneurs; Product Development and Digital Marketing; and Communication, Negotiation and Persuasiveness.

Investing in women

Bank of America’s investment in women as they make meaningful contributions within the company and in communities around the world includes a focus on being a great place to work for its female employees, improving the financial lives of female clients, and advancing women’s economic empowerment worldwide. The company has several long-standing partnerships, through which it has helped more than 30,000 women from 85 countries grow their businesses, including:

  • Tory Burch Foundation Capital Program: Since 2014, Bank of America has committed $100 million in capital to the Tory Burch Foundation Capital Program, helping women business owners gain access to affordable loans. To date, more than 3,400 women have received nearly $57 million in loans through community development financial institutions (CDFIs) to help them grow their businesses.
  • Global Ambassadors Program: A partnership between Bank of America and Vital Voices, the Global Ambassadors Program pairs women entrepreneurs with senior women executives for a week of one-on-one mentorship and workshops designed to build business acumen. To date, the program has impacted more than 400 women from 85 countries – helping mentees grow their businesses and organizations through more than 8,000 hours of training and mentorship.
  • Cherie Blair Foundation: Since 2013, Bank of America has partnered with the Cherie Blair Foundation on its Mentoring Women in Business program, which has matched more than 2,700 women in developing and emerging countries to online mentors, including more than 500 mentors from Bank of America.
  • Kiva: Through a partnership with Kiva, Bank of America has committed more than $2 million in funds to women business owners, assisting more than 17,200 women entrepreneurs from 45 countries.

Recent Bank of America announcements focused on racial equality, diversity and inclusion, and economic opportunity include:

Bank of America Environmental, Social and Governance
At Bank of America, we’re guided by a common purpose to help make financial lives better, through the power of every connection. We’re delivering on this through responsible growth with a focus on our environmental, social and governance (ESG) leadership. ESG is embedded across our eight lines of business and reflects how we help fuel the global economy, build trust and credibility, and represent a company that people want to work for, invest in and do business with. It’s demonstrated in the inclusive and supportive workplace we create for our employees, the responsible products and services we offer our clients, and the impact we make around the world in helping local economies thrive. An important part of this work is forming strong partnerships with nonprofits and advocacy groups, such as community, consumer and environmental organizations, to bring together our collective networks and expertise to achieve greater impact. Learn more at about.bankofamerica.com, and connect with us on Twitter (@BofA_News).

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Contacts
Eliza Murphy, Bank of America
Phone: 1.347.603.6845
eliza.murphy@bofa.com