Cofounder Of The Business For Good Foundation Shares His Mission For Entrepreneurship Growth

Key Concepts

• Business for Good Foundation: An organization co-founded by Ed Mitten focused on economic empowerment and closing the wealth gap.
• Privilege: The unearned advantages that some individuals, particularly white individuals in America, benefit from within the existing system.
• Wealth Gap: The disparity in accumulated wealth between different socioeconomic and racial groups.
• Economic Empowerment: Providing individuals and communities with the resources, skills, and opportunities to improve their financial standing.
• Hand Up, Not a Handout: The foundation's approach of providing support and resources that enable self-sufficiency rather than direct, unconditional aid.
• Generational Wealth: Wealth that is passed down from one generation to the next, contributing to long-term financial security.
• Workforce Development: Initiatives aimed at improving individuals' skills and employability to secure better-paying jobs.
• First-Time Homebuyers: Programs designed to assist individuals in purchasing their first home.

Ed Mitten's Address: Business for Good Foundation and Economic Empowerment

Ed Mitten, co-founder of the Business for Good Foundation, delivered a passionate address emphasizing the importance of leveraging privilege and financial blessings to address systemic inequalities and close the wealth gap. He highlighted his personal journey from financial hardship to success and his subsequent commitment to economic empowerment in marginalized communities.

Personal Journey and Motivation

Mitten began by expressing gratitude to the Forbes BLK community for the event and to Jabari Young for the invitation. He shared his background, growing up in Albany, New York, a city with a poverty rate twice the national average and the second-worst disparity in homeownership between white and Black individuals in the country. He recounted his early struggles after college, living on $600 a month with significant expenses, highlighting the lack of basic necessities like a phone or car, and living in an apartment with visible signs of poverty.

He contrasted this with his current financial blessings, achieved through starting and selling three successful businesses. This personal transformation fueled his belief that those who have benefited from the system have a responsibility to help those who have not. Mitten stated, "it's my belief that those people that look like me and have benefited from a system have to do more to help the people that have not benefited from the system."

Understanding and Addressing Privilege

Mitten articulated his realization of unearned privilege, particularly for white individuals in America. He explained that while he was working tirelessly and experiencing significant stress in his early entrepreneurial days, he didn't feel privileged. However, upon reflection, he recognized the advantages he had, such as access to mentors who could guide him on business incorporation, business plans, payroll, and insurance. He also noted the ability to borrow against his parents' home equity for business salaries, an option unavailable to many whose parents do not own homes.

He argued that many in positions of power and wealth remain silent and are "being a silent participant in a system that is unfair" if they do not use their resources to help those left behind.

The Business for Good Foundation's Approach

Founded in 2020 with his wife, the Business for Good Foundation operates on the principle of using business skills, financial resources, and networks to support marginalized communities. Their core mission is to "help people get up the income curve" through economic empowerment.

The foundation's methodology is described as providing a "hand up, not a handout." This involves:

• Funding Entrepreneurs: Providing startup capital, "breathing capital" (operational funds), marketing support, and legal assistance.
• Network Expansion: Connecting entrepreneurs with their networks to broaden their support base.
• Education Funding: Supporting educational initiatives in underserved communities.
• Direct Investment: Investing directly in entrepreneurs and community projects, such as remodeling stores or purchasing catering vans.
• Financial Literacy: Guiding individuals on how to access financial resources like lines of credit.

Mitten emphasized that this approach is about "economic empowerment" and helping people achieve "generational wealth."

Countering Common Objections

Mitten addressed common sentiments he hears from financially successful individuals, such as:

• "I worked hard for what I got. Nobody gave me anything."
• "It's not my fault the system's not fair."
• "I give to causes I care about. I don't want to get political. I don't want to say something and get cancelled."

He contrasted these passive approaches with the foundation's direct investment model, which he finds "one of the most inspiring things I've done in my life." He praised the resilience and hard work of the people he has met in these communities.

Vision for the Future and a Call to Action

Mitten expressed a desire to connect with others at the event to explore collaborative opportunities. He believes the country has "lost empathy" and the desire to care for neighbors. He is using his voice to advocate for change and is now focusing on workforce development.

The foundation has piloted projects in Albany, including initiatives for first-time homebuyers and supporting entrepreneurs to increase their income and build generational wealth. Mitten stated his ambition to "start a movement" and inspire others with similar blessings to give back differently.

He shared a personal anecdote about his father's death at 41, which taught him the fragility of life and the importance of making the most of his remaining time. He criticized superficial acts of philanthropy, like building a hospital wing for recognition, arguing that it doesn't address the root issues for those most in need.

Conclusion and Key Takeaway

Mitten concluded with a powerful definition of privilege: "Privilege is when you think something is not a problem because it's not a problem for you." He urged his audience to remember that while they may not change the entire world, they can "change someone's world." His ultimate goal is to expand the Business for Good Foundation nationally, encouraging others to use their privilege, financial blessings, power, and networks to help individuals "get up the income curve." He invited attendees to connect with him to discuss potential collaborations.