Dwyane Wade, Rosario Dawson, Ayesha Curry Join Square’s Forward Initiative

Square is continuing to do its part to move the needle, literally, for Black and Latino retailers. This time around, the fin-tech company has added star power for the launch of Forward, an accelerator program designed to provide capital, coaching and products to under-resourced small business owners.

The program will support 25 early-stage businesses in the retail sector with $20,000 in funding and access to training developed in partnership with 1863 Ventures, a Washington, D.C.-based Black-led VC fund. Through the curriculum, owners can learn how to develop their customers, manage their financial goals and scale their business operations.

Among the mentors on hand for the program: actor, activist and designer, Rosario Dawson; author, chef and Sweet July CEO Ayesha Curry; financial advisers and hosts of the Earn Your Leisure podcast Rashad Bilal and Troy Millings; and former NBA All-Star and co-founder of Social Change Fund United Dwyane Wade.  

“We’re proud to have such incredible partners in our celebrity mentors,” said Lauren Weinberg, Square’s chief marketing officer. “Ayesha Curry and Rosario Dawson both use Square in their businesses, and we’re always excited when we’re able to team up with our sellers,” adding that Wade’s work “aligns perfectly with Square’s purpose of economic empowerment.”

American Express will also provide additional support for the initiative through funding and coaching opportunities for participants.

A representative for Square shared with Adweek that since March 16, when the company launched its dedicated site and promotional campaign for the initiative, it has received hundreds of applicants—a majority of whom are women of color. Applications close April 1, and Forward participants will be invited to Miami for a capstone event in early June.

Bolstering a boom in brown businesses

Be it through an increase of innovation, ambition or sheer necessity due to lack of adequate career advancement opportunities and poor compensation, entrepreneurs of color have been leading the country’s new business boom. 

Business Insider reported more than 5 million new business applications were filed in 2022, most of which were by Black and Latino founders. 

But as New Voices Fund founder Rich Dennis, among an increasing cohort of notable entrepreneurs who have managed to achieve staying power, noted: The cards are often stacked against them when it comes to long-term success, with many of them closing within the first 18 months.

“Latinos open businesses at a rate about 55% higher than their white counterparts, and still have a harder time staying in business and getting the support they need to grow,” said Dawson in a statement. “By launching Forward, we’re eager to help entrepreneurs of color in the retail sector overcome systemic barriers and make their budding businesses grow.” 

Companies such as Square and American Express have long been champions of small businesses, to the point of making it a bedrock of their business models. But initiatives such as Forward can provide tools to support the longevity that has eluded promising ventures started by people of color. 

“While our mission to enable economic empowerment for all has not changed, Forward was launched with the purpose of helping entrepreneurs of color obtain the funding, mentorship and support they need to maintain long-term growth and success,” Weinberg said. “We are committed to increasing equitable access to the economy for Black and Latino small business owners to ensure that they can stay open and thrive by leveraging Square’s products, tools and resources.”

Weinberg also shared with Adweek that the company recently underwent a company-wide effort to make all its products and services available in Spanish. It’s a way to “meet sellers of color where they are and support them as they serve their communities,” she said.