The Russell Innovation Center for Entrepreneurs (RICE) has announced a transformative $2 million grant from the Arthur M. Blank Family Foundation.
This significant investment strengthens the organization’s mission to grow, scale, and develop Black entrepreneurs across Atlanta and beyond.
The new funding will support the buildout of RICE 2.0—a redesigned and reimagined space that will serve as a hub of innovation, collaboration, and economic empowerment.
Facilitating Atlanta’s Business Potential
The grant represents a shared belief in the power of economic mobility, generational wealth-building, and the enduring potential of Atlanta’s business community.
The announcement was made during a fireside chat at RICE, which featured Jay Bailey, RICE’s President and CEO; Fay Twersky, President of the Arthur M. Blank Family Foundation; and Kacey Venning, a distinguished RICE Stakeholder and nonprofit leader.
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Monica Pearson moderated the conversation, which explored the theme of “The Power of Collective Prosperity.” It was an honest and forward-looking dialogue on legacy, community impact, and entrepreneurship’s role in shaping the future of Atlanta, particularly its historic Westside.
“This commitment marks a pivotal milestone for RICE,” said Jay Bailey, President & CEO of RICE. “The Arthur M. Blank Family Foundation’s belief in our mission is not only humbling but also transformative. This grant fuels more than just our building—it fuels dreams, innovation, and the ability for our entrepreneurs to grow thriving businesses that leave a legacy.”
“Herman J. Russell and Arthur Blank are two of Atlanta’s most prolific entrepreneurs, visionaries who didn’t just build companies; they built communities. Their legacies are alive in the walls of this building and in the spirit of every entrepreneur who walks through our doors. Today, we honor that legacy by investing in what’s next together,” he added.
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RICE: An Economic Mobility Engine
Atlanta-based Russell Innovation Center for Entrepreneurs (RICE) serves as an economic mobility engine for the community, driving entrepreneurs and small business owners to innovate, grow, create jobs, and build wealth.
The business generator, founded in 1952 by the late Herman Russell, operates from the original Westside Atlanta headquarters of the Black-owned construction firm H.J. Russell and Co.
Bailey noted that the center supports about 641 full-time companies and 14 partner organizations within the building, which collectively impact over 10,000 entrepreneurs.
Per AJC, the Russell empire includes airport concessions, property development, and hospitality businesses. Part of the building was completely gutted and reworked to become a place for local Black entrepreneurs to develop and grow their companies.
The center attracted more than 90,000 visitors in 2024, providing leaders of young companies with mentoring, programming, and unique events, including functions with business luminaries such as JPMorgan Chase CEO Jamie Dimon and billionaire philanthropist and private equity giant Robert Smith.
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“Our entrepreneurs contributed more than $500 million in new economic value to Atlanta last year,” Bailey added. “This is about real entrepreneurs creating real jobs and opportunity, more than 4,000 jobs sustained.”
Blank Foundation’s Grant To Sustain Atlanta’s Black Entrepreneurship Center
Arthur M. Blank Family Foundation President Fay Twersky announced the donation during a fireside chat at RICE, a sign of how crucial RICE’s mission is to the foundation. “We are proud to announce this $2 million grant to the Russell Innovation Center for Entrepreneurs,” said Twersky.
“This investment reflects our chairman’s entrepreneurial journey and his commitment to giving back to Atlanta, a city that has given him so much. RICE’s extraordinary work supporting entrepreneurs creates pathways to economic mobility and opportunity. By investing in entrepreneurs at all stages, we’re fostering collective thriving where individual success strengthens entire communities.”
Blank Foundation and the Russell family have deep ties. H.J. Russell & Co. was part of the team of construction companies that built Mercedes-Benz Stadium, home to the Blank-owned Atlanta Falcons and Atlanta United in 2017. Blank committed to supporting Westside development as part of the stadium deal with the city.
The donation will help the Russell Innovation Center for Entrepreneurs support the expansion of its facilities to provide programming and services for more Black business founders.
The $2 million grant will directly support the buildout of RICE 2.0. This new space will support RICE’s growing ecosystem by providing critical resources for Black entrepreneurs, including small business grants, expanded programming, and mentorship opportunities.
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Atlanta is one of the most economically unequal cities in the U.S. and one of the hardest places for people born on the bottom rungs of the economic ladder to rise. Bailey said creating wealth through small businesses is one of the best ways to help close those gaps.
“We have a 2,000-person waiting list, so the expansion isn’t aesthetic; it’s so we can support more entrepreneurs,” he said.
Main Image: RICE
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