The Book Industry Charitable (Binc) Foundation is launching BincTank, a bookstore business incubator pilot program to support entrepreneurs from historically underrepresented communities who are interested in opening or expanding book retail services. Applications for the first cohort will be accepted in early 2024.

The program will use five areas of focus—capital, education, mentorship, peer-to-peer networking and resource material—to help participants create an attractive business concept, establish a strong organization, build lasting customer and community relationships, and maintain profitable operations.

Research finds that minority entrepreneurs are up to three times more likely to have a loan application denied and only 58% of Black business owners sought professional services due to expense, inaccessibility and mistrust, compared to 70% of white business owners. BincTank will help remove known barriers for BIPOC entrepreneurs—such as limited access to capital, peer-to-peer business networks, and investments needed. 

Known as the organizational safety net for booksellers, Binc was approached by key stakeholders in the book industry to assist with closing the diversity gap in bookstore ownership. Strategic Growth Group, a mission-driven organization with expertise in developing innovative and pragmatic business strategies, conducted the research and early funding was provided by Abrams, American Booksellers Association, HarperCollins Publishers, Litographs, and Macmillan Publishers. 

The pilot phase of the program will run for three years and will be spearheaded by Ken White, BincTank’s program manager. White has been a member of Binc’s board of directors, as well as the board of the American Booksellers Association and other organizations both within and outside the book industry. He has managed bookstores large and small; specialty (LGBTQ) and general; for-profit and nonprofit; and he has lived experience as a Queer or Trans Person of Color (QTPOC)  identified bookseller. 

While the pilot program will initially support bookstores and book retail outlets operated by historically underrepresented entrepreneurs in communities impacted by systemic racism, BincTank plans to open to all marginalized groups after the pilot program has been evaluated. Binc encourages all BIPOC entrepreneurs interested in opening book stores in their community to apply.