The Sherman Phoenix, an incubator and marketplace for small businesses owned by people of color, is launching a $2 million capital campaign.
Dubbed the “And Still Rising,” campaign, one the key objectives of the effort is to make improvements to the Sherman Phoenix building, including increasing facility capacity, repaving the parking lot, and upgrading building systems. Additionally, funds would be used to enhance operational excellence to advance longer-term programming strategies that build upon the successes of the Phoenix Rising Academy and Business Community Network.
The effort would also allow the foundation itself to acquire the marketplace building, something leaders, like Stacia Thompson, executive director of the Sherman Phoenix Foundation, say would strengthen operations and advance the organization’s strategic sustainability plan. The chairs of the “And Still Rising” campaign are Giacomo Fallucca, chief executive officer of Palermo’s Pizza, and TrueMan McGee, owner of Funky Fresh Spring Rolls. The goal is raise the full $2 million by the end of 2024.
“As a mentor, investor, and faithful customer to Sherman Phoenix businesses, I can share first-hand the impact of the Sherman Phoenix,” said Falluca. “We all benefit from the Sherman Phoenix, and I’m honored to help lead the effort to ensure we can continue its fantastic work now and into the future.”
Five-year anniversary
Located 3536 W. Fond du Lac Ave., the incubator operates as both a hub for new businesses as well as a community gather space. It opened in late 2018, rising from the ashes of a battered BMO Harris Bank branch building that was burned during civil unrest two years prior. The Sherman Phoenix was created by a $3.5 million redevelopment of the structure by developers JoAnne Johnson-Sabir and Juli Kaufmann.
It was originally called Sherman Phoenix but expanded its name to Sherman Phoenix Marketplace late last year to better reflect its offerings.
The fundraising effort comes as the marketplace is marking five years in operation. During that time, the nonprofit has helped to sustain dozens of small businesses – more than 89% of which are still operating. Currently, there are 25 businesses within the marketplace and 30% of those are founding businesses.
Renewed focus
Efforts and successes over the last five years have also included the creation of the Sherman Phoenix Foundation to expand programming and partnerships and the launching the Phoenix Rising Academy for entrepreneurs of color, which has provided over 100 pop-up businesses opportunities within the space. The space also been used to host more than 250 community programs and events.
“After the idea for the Sherman Phoenix rose out of the ashes in 2016, the work immediately began to make it a reality. Since the space opened in 2018, we have been an economic hub for small businesses of color and known as a place where people can come to eat, shop, practice self-care, or attend a cultural or entrepreneurial-focused event,” Thompson said, “Over the last five years, our impact has been felt throughout the Milwaukee community. As we celebrate five years, we do so with a renewed focus on our ‘grow and go’ model and initiatives that will create more impact for business owners and the local economy.”
The official five-year anniversary is Nov. 30, and on Giving Tuesday, November 28, the Sherman Phoenix will host a free community event in its space from 4 to 8 p.m.
