When long-term William Blair client Bob Crawford Jr. sold his company, Brook Furniture Rental, in 2014, he knew he wasn’t yet ready to retire from being an entrepreneur. He asked himself, “What do I do now?”
Growing up, Crawford frequently moved because his father worked for the government and served as a naval combat officer. From rural to urban neighborhoods, from Oakland, California, to Philadelphia, Crawford lived in 15 different cities by the time he graduated from high school, experiencing various cultures and communities. This exposure helped him develop an early sense of entrepreneurialism, coupled with the knowledge he had to pay for college himself.
Crawford received his M.B.A. from The Wharton School of the University of Pennsylvania before working at Proctor & Gamble; he knew his passion was being a business owner, however, so he started his own company. After a successful 35 years of owning Brook Furniture Rental, Crawford spent the year following the sale exploring his "next step" before focusing his efforts on developing emerging businesses in diverse Chicago communities. In 2017, Crawford founded the Neighborhood Entrepreneurship Lab (NEL) with a vision that entrepreneurs from any background can start and grow businesses to create generational wealth for their families and communities.
NEL’s Impact
After founding NEL, Crawford partnered with Allies for Community Business and The Chicago Community Trust to further NEL's impact. Together, these organizations focus on three key areas for business owners: capital, coaching, and connections. Emerging entrepreneurs are paired with mentors during a three-month training program and gifted a $20,000 grant to fill gaps in resources that small businesses often face. The grant serves as seed capital for new products, services, or operational equipment the business owner identifies as they advance throughout their training program.
We see the jobs they create and the feelings of accomplishment and satisfaction at seeing their businesses grow.
BOB CRAWFORD JR.
The businesses selected by NEL are mainly located in historically underserved neighborhoods, and of the participants, approximately 95% are diverse-owned and 70% are women-owned. There have been 10 cohorts with 138 participants, and these business owners have created almost 1,000 jobs in the west and south side business communities of Chicago.
“Our cohort participants are driven,” Crawford said. “What they need—more than anything else—is the support system of NEL to give them access to opportunities so they can accomplish their goals.”
The Power of Mentorship
Business owners learn specifics about financial management and mentorship, as well as creating new networking opportunities. These connections allow participants to develop meaningful relationships with other professionals that last beyond the training program.
A volunteer event through William Blair’s Capital Collective program connected NEL entrepreneurs with William Blair employees. The Capital Collective, the firm’s signature wealth-building initiative, aims to accelerate financial prosperity and access to capital for emerging wealth earners and entrepreneurs. Using their professional expertise, William Blair colleagues meet with various organizations to equip individuals with skills to continue forging successful futures for themselves, their businesses, and their communities.
During the event, William Blair Brand, Marketing, and Communication’s Liz Peters led a marketing strategy session, covering topics from defining target audiences to outlining marketing tactics.
“The session allowed me to share insights I use every day with NEL’s entrepreneurs, so they can continue taking their businesses to the next level from a marketing perspective,” Peters said. “The opportunity to engage with such a passionate and driven group was truly inspiring, and I am grateful for the chance to contribute to their entrepreneurial journeys.”
The power of mentorship is one of NEL’s guiding principles—by connecting NEL participants with supportive advisors, strategists, and partners, the entrepreneurs gain a vast amount of practical business knowledge and skills.
Strengthening Neighborhoods
On the other side of the mentorship relationship, NEL’s mentors and leaders gain a deep sense of purpose from sharing their experiences. Crawford credited entrepreneurship with changing his life for the better, and he’s found a deep understanding of fulfillment and joy through his work with NEL.
“Giving back to business owners who may not have had the same opportunities I had can help them grow their businesses and strengthen their neighborhoods,” Crawford said. “We see the jobs they create and the feelings of accomplishment and satisfaction at seeing their businesses grow.”
NEL is thrilled that its 11th cohort has officially launched and is off to a fantastic start. Visit NEL’s website to learn more about the program’s goals and the thriving businesses it’s impacted.