In the investment game for decades and quietly realizing successes for dozens of fledgling companies, here’s the tips we can learn from Atlanta construction king and angel investor Mike Ross’ discerning example.
Tip 1: Invest In Winning Teams
When supplying startup capital, Ross invests early in Black founding teams he sees have the potential to achieve, rather than products. This is one tip he always instills in his entrepreneurial founders-turned-mentees: relationships matter.
Tip 2: Leverage Certifications To Win Business
Are you a certified minority-owned business (MBE) or a women’s business enterprise (WBE)? Ross insists that these certifications will help Black people gain more profitable contracts they can then leverage for greater business volume.
Tip 3: Utilize City Ecosystem Resources
Atlanta’s growing reputation for being a Black tech business oasis is, according to Urban Geekz, “aided by [the presence of] HBCUs, world-class universities like Georgia Tech, the growth of co-working startup hubs, and the relatively low cost of living.” Ross says growing a business wherever there are “support mechanisms in place, from the local government to black colleges” is a smart move.
Tip 4: Giving Back Should Be Your Mission
Ross admits his parents played a big role in what he feels is his personal ministry to give back to the Black community by helping grow other companies. The passion and drive that comes with a higher purpose often leads to success!