Black-owned businesses need connections, infrastructure to access capital, other resources

Rashmi Menon, entrepreneur in residence at the University of Michigan's Ross School of Business, said mentorship exists, but not enough that targets underserved groups. And, echoing Woods, she said it's not easy enough to find. There are public solutions and there are private solutions. While governments do, to an extent, encourage investing in contractors from underrepresented groups, Menon said more economic incentives could be put in place. "How do we change hearts and minds? Government programs are extrinsic motivations, I'd love to see more intrinsic motivations," she said.

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