Every entrepreneur needs a community, says the founder of law and business advisory firm Providentia Group. Williams is working to create such a community for entrepreneurs who are Black, Indigenous and people of color.
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Krystal Williams is the founder of a Portland-based law and business advisory firm called Providentia Group and the nonprofit Alpha Legal Foundation, which aims to bring more diversity into Maine’s legal profession. She also chairs the board of KinoTek Inc., a digital health startup in Portland. Mainebiz caught up with the attorney-entrepreneur to find out more.
Mainebiz: What does Providentia do, and who are your clients so far?
Krystal Williams: Day-to-day, my current focus is on embedding equity principles in organizational business processes, assisting BIPOC entrepreneurs to establish and grow their businesses, and working with developing countries to usher in a clean energy economy. My clients are private companies, large nonprofit organizations, government entities and entrepreneurs.
MB: In your collaboration with Black Owned Maine, what’s planned?
KW: In July, we will launch the first of two phases of programming for the Maine BIPOC community. The second phase will start in October and run through year’s end. Our long-term vision is to develop a business incubator to increase the number of BIPOC entrepreneurs and business owners in Maine, while also creating a consistent pipeline of BIPOC entrepreneurs capable of developing high-growth, bankable businesses that would be attractive to [Maine Technology Institute] and other investors. We are very excited about the possibility of creating stronger paths between BIPOC entrepreneurs and funding opportunities.
MB: What is the greatest challenge for BIPOC entrepreneurs in Maine?
KW: Most entrepreneurs are challenged by access to capital. I believe this challenge is particularly acute in BIPOC communities.
MB: To any person of color in Maine wanting to start a business in 2021, what is your advice?
KW: Get in touch with Providentia Group and Black Owned Maine. Every entrepreneur needs its community, its tribe of supporters. We are yours. Black Owned Maine and I want to work with BIPOC entrepreneurs to help them re-imagine their business ideas to make them eligible for MTI funding.
As a quick example, I taught a workshop sponsored by Black Owned Maine in early March. A young woman wanted to start a custom jewelry business. As originally conceived, the business would’ve been perfect for Etsy or a personal website — but it likely wasn’t going to be a bankable or scalable business.
I coached her and asked her questions about what she wanted to accomplish. I then suggested that she think about batch-producing her jewelry with precision manufacturing techniques. In a 15-minute conversation, her initial idea morphed from a great idea that might have struggled to attract necessary funding, into something that is both scalable and eligible for MTI consideration.
MB: How can other Maine startups follow KinoTek’s lead in setting up a diverse board—and what is the business rationale for doing so?
KW: [KinoTek CEO and co-Founder] Justin [Hafner] wanted a diverse board, but I was not selected just because I am Black. I am also extraordinarily well-qualified. KinoTek is a healthtech business. I have my MBA from Dartmouth, I was a senior professional at a Fortune 100 company, and I am also a certified fitness professional and a certified data privacy professional. So, the business case is simple — get the best talent for the team. And make sure your selection process considers qualified BIPOC individuals.
I want to take a moment to dispel a pervasive, but incorrect, narrative that Maine does not have BIPOC talent. There are talented, accomplished BIPOC professionals living and working in Maine right now. Would Maine benefit from being able to attract even more BIPOC talent to the state? Absolutely! Any Maine startup can do what Justin did. Startups just have to be intentional about and committed to diversity.
MB: Finally, what is the mission of the Alpha Legal Foundation?
KW: The mission of the Alpha Legal Foundation is to increase the number of underrepresented attorneys in Maine’s top positions of legal leadership and scholarship. We offer educational programming, community conversations and mentoring opportunities. We just finished our strategic planning process and will introduce formal programming later this year.