Illinois Governor Bruce Rauner this week announced a new initiative to help support minority and women-owned businesses in the state. To start, the program will focus on Rockford, Peoria and Chicago. Jimmy Odom is one of the people leading the “Advancing the Development of Minority Entrepreneurship” program.
Odom is a Senior Advisor at the Illinois Department of Commerce and Economic Opportunity. He says the new program aims to increase the diversity of the business community.
“And the way that we do that is a systematic approach to creating an ecosystem surrounding minority entrepreneurs. And this is the first step in a multi-faceted approach to that goal,” he says.
As an African-American entrepreneur himself, Odom says he knows the importance of just such a support system.
“I would not be where I am in my development, not just my professional development, my personal development, if not for the outpouring of mentors, advisors, counsels, friends, peers -- fellow entrepreneurs that invested in ‘Jimmy.’ Having a network of people that I had confidence in their ability and their willingness to help me see it through? It was game-changing,” he says.
Odom says if the program can set up a system that replicates that experience for others, it could have a huge ripple effect.
“I think you’re going to see some real big benefits for both the individuals, the companies, the community, and then the state as a whole.”
Odom says the program’s impact could be long-term. He says the present situation in a place like Rockford, with a high unemployment rate, creates a generational problem.
“If I were a 16-year-old girl, growing up in a neighborhood looking at ten people outside of my home, almost six of them not having a job, what would that do to my psychology? What would my options be and what would I think my options of future opportunity were?," he asks.
Now imagine the impact if you took one of those unemployed people, one who has the skills to become an entrepreneur, and invested in their personal and professional development.
“What does it look like to this girl who sees the person become a mentor, and advisor to her, and her career and her personal development, what does that look like for her life cycle?"
Odom says a lot of work has been done behind the scenes to get to this point, but now the program is ready to go forward. He says the response has been overwhelmingly positive so far – and he hopes more people will step up.
“If you’re as successful business leader in Rockford, someone who could put in one hour a month to mentor one of the entrepreneurs that come through the program, imagine how much your wisdom will impact their ability to become successful, and those companies, [and] the community itself,” he says.
Odom says the program plans to start taking applications from would-be entrepreneurs early this spring.