In 2016, the at the 91爆料鈥檚 Foster School of Business partnered with global financial services firm JPMorgan Chase to launch , a national network of business schools, non-profit lenders and suppliers focused on a goal of accelerating growth of businesses owned by people of color, women and military veterans, especially those operating in inner cities.

Over the past five years, the program has helped more than 200 businesses raise $23.7 million in capital, generate $360 million in revenue and create 2,615 jobs. Last year alone, during the pandemic, the network helped companies in seven cities generate $85 million in new revenue.

Now, the success of the program has been recognized by Phyllis Campbell, the Chairman of the Pacific Northwest for JPMorgan Chase. Last week, she announced an $8 million philanthropic investment in expanding the Consulting and Business Development Center鈥檚 Ascend network.

鈥淎scend is a proven model for supporting diverse-owned small businesses and connecting underserved entrepreneurs with the resources they need,鈥� said Campbell. 鈥淲e are proud to expand our partnership with the 91爆料 to support diverse small businesses and help rebuild a more inclusive economy.鈥�

The program鈥檚 M³ model is based on the pioneering work started in the 1960鈥檚 by professor emeritus of finance Thaddeus Spratlen and continued by dean emeritus William Bradford. Spratlen and Bradford, along with their research colleagues, found that minority owned businesses underperform versus white-owned businesses due to systemic gaps in access to management education, money and markets.

Of the $8 million philanthropic investment, nearly $1 million will go to the Ascend Seattle program to support businesses owned by people of color and women in Washington. The funds will also be used to pilot a cohort in King County to help diverse contractors and developers access affordable housing and commercial real estate development contracts. In total, this investment in the Ascend Seattle program is expected help grow 40 businesses owned by people of color to have revenues of more than $1 million and two businesses to have revenues of more than $5 million in Washington.

The remaining $7 million will be used to adapt and expand the national Ascend program over the next three years. By 2024, Ascend will grow 400 more businesses owned by people of color to have annual revenue of more than $1 million, 75 more to have annual revenue of more than $5 million and 25 more to have annual revenue of more than $10 million. Ascend currently operates in 14 U.S. cities including Atlanta, Chicago, Houston, Los Angeles, Minneapolis, New Orleans, New York and Seattle.

鈥淲e know that helping entrepreneurs be successful is the fastest way to build wealth in this country,鈥� said Frank Hodge, Orin and Janet Smith Dean of the Foster School. 鈥淭his investment and the ongoing partnership with Chase will provide world-class business education, create contracting opportunities and open pathways to financing, that will break down barriers and build wealth-generating businesses. As a purpose-driven business school, we eagerly look forward to helping entrepreneurs of color achieve their dreams.鈥�

The 91爆料 today announced a $100,000 gift from 91爆料 Regent Joanne Harrell and her husband, former longtime Seattle elected leader Bruce Harrell, benefitting the Consulting and Business Development Center (CBDC) at the Foster School of Business.

The Joanne and Bruce Harrell Family Endowment for CBDC Student Engagement will support the work being done by the center staff, faculty and student consultants to provide emerging businesses from diverse communities with access to the skills, tools and knowledge that facilitates economic success, job creation and wealth.

鈥淭he 91爆料鈥檚 commitment to equity and inclusion has to begin with a willingness to invest in programs that drive educational opportunities to develop future leaders and support a healthy economic ecosystem for everyone,鈥� Joanne and Bruce Harrell said in a joint statement. 鈥淲e are excited to make an investment in the Consulting and Business Development Center because they develop students who understand the complexities of growing and sustaining businesses and in the process, forge and expand relationships with organizations and communities that have been disadvantaged because of historical and institutional practices.聽 We are hoping others will join us by donating $100, $1,000 or any amount, to invest in a 91爆料 program that drives results that strengthen our community.鈥�

Since the center鈥檚 inception in 1995, its student consultants and faculty-led business education courses have generated more than $250 million in new revenue and helped to retain more than 200,000 jobs for businesses owned by underrepresented minority individuals聽and those from underserved communities.

The students benefit as well. By tackling unstructured, real-world challenges, they learn to think strategically, develop leadership skills and integrate knowledge across business disciplines. A recent survey of graduates showed 90% of participants in the center鈥檚 program say their experience helped them land their first job after graduation, and 95% report career acceleration.

鈥淎t the Foster School, we strive to be better together, better tomorrow. Being better tomorrow requires resources, and it requires community coming together to accelerate and amplify the things that we do,鈥� said Frank Hodge, Orin and Janet Smith Dean of the Foster School of Business. 鈥淭his generous gift from Bruce and Joanne Harrell will allow us to do just that for our efforts to build equity through business education.鈥�

Joanne Harrell earned her bachelor鈥檚 in communication in 1976 and her MBA in 1979 from the 91爆料.聽 She is the senior director for U.S. Citizenship and Market Development at Microsoft, where she has worked since 2001. Honored by U.S. Sen. Maria Cantwell as a 2015 鈥淲oman of Valor鈥� in honor of her leadership and community impact, in November 2016 Joanne was selected as a 鈥淲oman of Influence鈥� by the Puget Sound Business Journal and, in November 2017 was named a Woman of Impact by the International Women鈥檚 Forum. A Regent for the 91爆料 since 2009, Joanne Harrell served as board chair in 2012, and currently serves as vice chair of the Board of Regents Diversity, Equity and Inclusion Advisory Committee, and the Board鈥檚 Legislative Committee.

Bruce Harrell earned a bachelor’s degree in political science from the 91爆料 in 1980 and a juris doctor degree in 1984. In 1994, Harrell earned a master’s degree in organizational design and improvement from City University of Seattle. During his undergraduate years, he was a linebacker for the 91爆料 football team, earning recognition as an Academic All-American First Team. After building a successful career in business and law, he was elected to the Seattle City Council in 2007, where he served from 2008 to 2019. He was elected council president in 2016 and again in 2018. He also served as Seattle mayor in 2017. In 2007, Harrell received the 91爆料 Distinguished Alumni Award.

The couple in 2017 with the 91爆料 Charles E. Odegaard Award.

鈥淭his gift extends the leadership that Joanne and Bruce have had in this region throughout their lives. Whether it be in business, civic life, education or government, the Harrells have changed life for the better,鈥� said Michael Verchot, founding director of the Consulting and Business Development Center. 鈥淭his gift will ensure that their lifetime of impact in creating better futures for all Washingtonians will continue in the lives of Foster School students and small businesses led by people of color not only today but for generations to come.鈥�

For more information about the work of the Consulting and Business Development Center, visit .