Dive Brief:
-
Macy’s has chosen 26 entrepreneurs from underrepresented communities for its 2024 vendor accelerator program, known as “The Workshop at Macy’s.”
-
Each participant completing the program receives a $5,000 business grant, and the winner of a pitch contest will get a $100,000 grant, per a Macy’s press release.
-
In addition to getting access to education and funding, participants will meet Macy’s buyers and marketplace teams, with the potential to become vendors. From May 5 through June 1, they can also market their goods via an online pop-up on Macy’s website.
Dive Insight:
In the 13 years since its founding, Macy’s accelerator program has assisted more than 200 businesses led by underrepresented founders and owners and whose businesses cater to underserved communities, Sherieka Smallwood-Morgan, Macy’s director of retail strategy, said in a statement.
This year’s class includes businesses across apparel, beauty, home, kids and center core, which includes handbags, jewelry and eyewear. The development program provides an opportunity to work on their brand identities, financial management, merchandising, access to growth capital and pitching.
“As part of Mission Every One, The Workshop at Macy’s is committed to expanding representation across retail by providing this year’s cohort, as well as future classes, with best-in-class programming and resources to fuel entrepreneurial development and growth,” Smallwood-Morgan said.
Klarna, Spark Foundry and Bazaarvoice are providing various prizes, per the release. The 26 entrepreneurs chosen this year are working with experts from Macy’s, Babson College, Google and Meta, among others, according to a spokesperson.
Other partners in this effort include Momentus Capital and S.P.U.R. Pathways: Shared Purpose, Unlimited Reach — the latter “a multiyear, multifaceted funding program to advance entrepreneurial growth, close wealth gaps and shatter systemic barriers faced by diverse-owned businesses.”
