Entrepreneurs and innovators drive cultural and societal change by bringing new ideas to life. They create products or services that fill gaps across industries, benefiting people and sparking new opportunities for growth and progress.
Below, we explore key opportunities that support the growth of aspiring entrepreneurs and innovators. We also share how philanthropist and entrepreneur Robert F. Smith empowers business leaders along their journey.
The Importance of Education and Support in Entrepreneurship and Innovation
Education and support are foundational to the success of entrepreneurs and innovators. Cutting-edge centers offer vital resources through engaging coursework, mentorship and funding, helping entrepreneurs overcome barriers and set up successful ventures. These programs are essential for nurturing the next generation of leaders who will forge groundbreaking ideas.
The Russell Innovation Center for Entrepreneurs
The Russell Innovation Center for Entrepreneurs (RICE), located in Atlanta, GA, is a key driver of economic growth and mobility for communities that often lack access to resources.
Named after entrepreneur Herman J. (H.J.) Russell, founder of H.J. Russell & Company, RICE provides capital and educational tools. It also offers several programs, including BIG IDEAS, the RICE Retail Readiness Academy, the Supply Chain Accelerator (SCA) and several others.
In 2024, RICE awarded $100,000 in business grants to 10 participants in the SCA program. SCA helps participants gain a strong understanding of contracting and supply chain processes, preparing them for key business partnerships through a dedicated program.
In 2023, RICE received a $1 million grant from PayPal to establish the PayPal Retail Academy, which brings resources, coaching and capital to Atlanta-based entrepreneurs. This gift was a part of PayPal’s commitment to the Southern Communities Initiative (SCI), which works to amplify community initiatives and expand businesses in six Southern U.S. cities.
Other major organizations, including Comcast NBCUniversal, have supported RICE with significant contributions. A $1 million grant in 2024 helped expand programs such as the “Level Up” Speaker Series, RICE Data Science Initiative and Digital RICE programs which connect entrepreneurs with experts from different industries.
Wake Forest University Center for Entrepreneurship
Colleges and universities also create opportunities for future entrepreneurs and innovators. For example, Wake Forest University (WFU) supports students pursuing entrepreneurship through its Center for Entrepreneurship.
In 2024, the WFU Center for Entrepreneurship received an anonymous $30 million gift to expand the center, giving students more access to opportunities, new coursework and a state-of-the-art facility.
At the Center, professors teach students through the award-winning IDEATE method. Through IDEATE, professors train students to:
- Identify
- Discover
- Enhance
- Anticipate
- Target
- Evaluate
The Center also features a Startup Lab that helps students learn everything they need to know to launch a startup, including best practices and skills in sales and leadership.
Cornell Tech’s Tata Innovation Center
Cornell University’s New York City campus, Cornell Tech, helps to build leaders and advance innovation. In particular, Cornell Tech’s Tata Innovation Center serves as a gateway for tech companies to reach Cornell University students.
The Cornell Tech Center is used to house both Cornell Tech academic teams and tech companies, startups and venture capitalists. With its dual role at the intersection of academia and entrepreneurship, the Center allows students to participate in foundational academic research initiatives in artificial intelligence, business and entrepreneurship, human-centered computing and more. It simultaneously creates a direct pipeline for Cornell students to companies innovating in these spaces.
Smith and Grameen America, Inc.
Smith believes that assisting entrepreneurs with funding and resources can have a major impact on their communities. One example is SCI, which Smith co-leads. SCI partnered with Grameen America to support entrepreneurs with microloans, credit-building, education and beyond. Together, the organizations are accelerating economic growth for entrepreneurs who typically lack access to capital, professional networks and economic opportunity.
Learn more about the initiatives that Smith supports by following him on LinkedIn.
