Ascend: Supporting growing medium-sized businesses in Atlanta — and beyond
Ascend is a national network of local ecosystems that provides resources and market access to growing businesses.
How Ascend is strengthening the small business ecosystem in the United States
- Many small business support programs — such as SBA initiatives, Community Development Financial Institution (CDFI) lending, and accelerators — focus on helping entrepreneurs access capital and grow their business, often overlooking medium-sized businesses facing similar hurdles. These businesses — often classified as having $5–10 million in revenue — frequently struggle to break into national and global supply chains, limiting their growth potential.
- Launched in 2016 by the University of Washington’s Foster School of Business and powered by JPMorgan Chase’s Small Business Forward Initiative, Ascend Cities is specifically focused on supporting and growing the next generation of medium-sized American businesses.
- Working across five cities (Long Island, Los Angeles, New York City, Seattle, and the Twin Cities) plus a national program (Morehouse Innovation & Entrepreneurship Center and the University of Washington Foster School of Business), Ascend creates pathways for entrepreneurs to scale and thrive. Their programs are designed to address the unique challenges faced by businesses owned by underserved businesses — barriers to management education, access to customers, and capital. These gaps have historically led to lower median revenues compared to more connected businesses.
- Ascend’s model is distinctive in three primary ways:
- Growing businesses beyond the $5 and $10 million revenue levels with the goal of moving them into middle-market companies.
- Building an ecosystem that addresses the three major systemic barriers (management, money, and markets) that have limited business growth for medium-sized enterprises
- Engaging business schools and HBCUs that have historically been the source of business talent that have shaped high-growth and middle market companies rather than relying solely on community organizations that focus on micro-business growth.
Program overview
Our work together
Through its partnership with Mastercard Strive USA, Ascend advanced and scaled its council model in Atlanta, creating structured connections between mid-market firms and high-potential, diverse suppliers.
The initiative translated ecosystem design into concrete outcomes. Participating businesses secured new contracts, expanded into national retail markets, and strengthened operational capabilities needed to compete beyond early-stage growth.
Ascend doubled its original contract goals and generated more than $25 million in new business revenue for participating firms. More than 125 businesses engaged in the program, with many strengthening internal systems and positioning themselves for sustained middle-market participation.
To support long-term scale, Ascend codified the model into two finalized playbooks, positioning it for replication across additional cities.
This work demonstrated that durable market access — not just capital — can unlock the next phase of growth for scaling businesses.
By the numbers
- 1,407 businesses supported nationwide since 2021
- $88 million in new contracts secured in 2024
- 15% of the Ascend National Cohort 2024 Alumni-Companies that weren't profitable when they started ANC became profitable
- 3.5% average revenue growth among participating firms
- 6,000+ retail stores reached through national expansion
- Two playbooks finalized to support national replication
Our goal
Expand market access for diverse mid-sized suppliers
By building networks, partnerships, and support systems that help businesses grow and win new contracts.
By the numbers
Become a partner
Interested in being a partner for change?
Together we can empower millions of small businesses globally with innovative digital solutions that boost resilience, growth, and inclusion. Your organization's expertise can help bring impactful programs to scale, deepen local reach, and create meaningful change in the small business ecosystem. Be part of a vibrant partner community driving real economic impact.
Michael Verchot
AscendMastercard Strive USA and Ascend aim to build generational wealth for small business owners who continue to be underserved. Strive USA’s technology and financial services network helps Ascend grow small businesses into mid-sized businesses, and mid-sized businesses into large ones. As businesses grow, families thrive, jobs are created, and communities strengthen
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