Tech Entrepreneur to Open Incubator on Far South Side
1921 Will Introduce Programs in the Community and Help Minority and Women-owned Startups Launch
James Parker at the soon-to-come 1921 Coworking and Incubator at 11001-05 South Michigan Ave in Chicago.
When it comes to tech incubators, many are named after a number that typically represents a time in history or has a particular meaning. Whether its 1871, 2112, 1647, etc., they oftentimes will mean something to the founder. 1921 Coworking and Incubator, or 1921 for short, has a significant meaning as it honors the historic Black Wall Street of 1921 in Tulsa, Ok. It was a time where over 600 Black-owned businesses thrived in one community.
Nearly 100 years later, founder James Parker, who has owned numerous startups, saw that there was a need for a true tech incubator on the far Southside of Chicago that can help minority and women-owned startups get trained, mentored, funded and launched and recapture the spirit of Black Wall Street.
“What was so significant about Black Wall Street, James mentions, is that each business was able to employ people who lived in the community. The founders of Black Wall Street, O.W. Gurley and J.B. Stradford would help fund and support other black-owned businesses; which in turn would create more job opportunities. My goal with 1921 is to help tech startups launch on the Southside of Chicago, which would then create incredible job opportunities for the residents and begin to close the wealth gap in America.”
Currently, 1921 has six startups in its pipeline for training and mentoring once they officially open their doors by the end of the year that have a combined revenue projection of over $400 Million. James is quick to highlight that these businesses and all that will eventually launch from 1921, will be on the Southside of Chicago. “It’s not the mere creation of businesses that forms our core belief in 1921, James shares, but rather fostering the discipline and the spirit of Black Wall Street to achieve sustainability of the companies that will become the anchors and pillars in the community. Thus creating thousands of new career opportunities and a new trade area in both industry and location.”
James references the subscription-based company Chewy.com when speaking of one of the startups that will come out of 1921. “Chewy’s 2019 revenue was $4.85 Billion dollars in 2019 and they employ more than 12,000 people, James mentions. We have a startup with a great concept that will follow the blueprint of Chewy.com and is projected to create more than 800 full-time jobs with starting salaries around $40k/year. This, James says, is how you begin to close the wealth gap in underserved communities.”
1921 has just kicked off its 2020-2021 Funding Initiative and plan to raise more than $5 Million dollars to introduce programming for the community and create a Tech Black Wall Street. To find out more, visit http://www.1921coworking.com.