Shared challenges, unique contexts: Mastercard Strive USA launches event series focused on local small business ecosystems
Entrepreneurs need more than a good idea to launch and grow a new business. They need capital, technical expertise, and networks, among other ingredients, to build their launchpad — and to build resilience against the rollercoaster ride of entrepreneurship.
Small business ecosystems can and should provide these pillars of support, but many fall short due to insufficient capacity or capabilities, contributing to the unfortunate statistic that only one out of every two small businesses makes it through the first five years.
In our inaugural year, Mastercard Strive USA built a national program that makes it easier for small businesses across the country to access capital, digital tools, and networks and know-how. As we dive into Strive USA’s second year, we’re thrilled to unveil a new event and convening series, Strive USA Summits, geared towards creating more profound local impact in states and cities across the country.
These convenings will complement and strengthen our work nationally by cultivating collaboration among local and national providers of capital, know-how, and digital tools. The gatherings will also serve as a platform for Mastercard to focus corporate assets — including valued customers, products, and world-class talent — to elevate and strengthen local small business ecosystems.
The inaugural event — the Mastercard Strive USA: New York Summit — will take place on February 22, 2024, and we plan to convene further gatherings in Missouri, Washington, D.C. and other states. The summits will be tailored to the unique characteristics of each locale, but have the same shared goal: to foster deeper public-private local collaboration, inspire disruptive innovation, and drive impactful change within the small business landscape. They will also focus on ways to ensure that new federal programs such as the $10 billion State Small Business Credit Initiative (SSBCI) can be leveraged to drive lasting change, and particularly for entrepreneurs who have historically been underserved.
“Small businesses are the engine to our economy and society. Through Strive USA, we want to ensure entrepreneurs have access to resources and opportunities so they can thrive. These summits will unite partners and stakeholders to address critical needs within small business ecosystems,” says Shamina Singh, founder and president of the Mastercard Center for Inclusive Growth. “The current rollout of federal programs aimed at providing more support to small businesses are not only a major tailwind for this work, but a once-in-a-generation opportunity to drive transformational change.”
This place-based event series will spotlight what’s working and what’s not working both nationally and locally, and shine a light on the imperative to build new and bigger bridges between local, state, and national players.
Stay tuned as we will continue to share insights and learnings from each event about how to help more U.S. small businesses thrive.
