Creating the First Minority-Owned Stock Exchange (Pt. 2)
Welcome to this episode of Rise Urban Nation hosted by Taryell Simmons, featuring visionary leaders Joe Cecala and Dwain Kyles. In this insightful conversation, the founders of Dream Exchange discuss their mission to democratize public capital markets and foster wealth creation in underserved communities. Discover how systemic barriers in high finance are being dismantled to build a more inclusive American economy.
Joe Cecala reveals that only 10 out of more than 6,000 publicly traded companies are Minority Business Enterprises.
Dwain Kyles shares his journey from Georgetown Law School to advocating for minority entrepreneurship and access to capital.
The discussion emphasizes that 92 percent of corporate job growth occurs after a company enters the public capital markets.
The founders highlight bipartisan congressional support for their capital formation legislation passing committee 56 to 0.
Dwain Kyles explains why Dream Exchange turned down traditional institutional money to remain community-backed.
Public Market Democratization: Exploring how stock exchanges can be tailored mechanically and technologically to support small and minority-owned businesses.
Closing the Wealth Gap: Addressing the extreme underrepresentation of minority enterprises in the 37 trillion dollar public market pool.
Economic Ecosystem Impact: Examining how public companies create secondary local economic growth and sustainable jobs across communities.
Mission-Driven Partnerships: Navigating the balance between personal integrity, community uplift, and high-finance regulation.
Generational Wealth Strategies: Shifting entrepreneurial mindsets from survival-based small business models to scalable public enterprises.
Surround yourself with trusted partners and collaborators who genuinely believe in your mission and vision.
Structure businesses for scalable growth and public capital access rather than limiting enterprise potential to local footprints.
Remain anchored in core ethical principles and check your ego when building generational institutions.
Leverage public capital markets as a primary engine for scalable job creation and community prosperity.
Joe Cecala is the Founder and CEO of Dream Exchange, a seasoned attorney and CPA who previously worked on the founding legal framework of Archipelago, the electronic platform that shaped the modern New York Stock Exchange. Dwain Kyles serves as Managing Director, bringing decades of legal, civic, and community leadership grounded in civil rights advocacy. Learn more and connect with their team at https://dreamx.com.
Taryell: Welcome to another episode of Rise Urban Nation, where we illuminate the pathways and progress within the Black and Pan-African communities through insightful dialogue with trailblazers and changemakers. Today, I am thrilled to welcome two visionary leaders: Joe Cecala and Dwain Kyles. They are the driving forces behind Dream Exchange, a pioneering initiative aimed at revolutionizing access to public capital markets. Joe, Dwain, how are you gentlemen doing this morning?
Dwain J. Kyles: Doing great, thank you very much.
Joseph Cecala: Thank you for having us. I am really happy to get this word out.
Taryell: In the green room, I mentioned listening to Bloomberg discussing concerns about the future of public markets because extensive access to private capital means fewer companies go public today. You alluded that you are the solution. What are your thoughts on that, and how are you the solution?
Joseph Cecala: Public capital markets have been the best utilized way to form capital for 80 years. It has created the most wealth and every major product in our country, from wireless telephones to electric cars. Private capital is driven by relationships and Rolodexes. While venture capital and private equity are good, public markets provide two distinct benefits: broader access to capital allowing companies to control their own destiny, and a wealth creation opportunity for the general public. The earlier people can invest in a company's life cycle, the more wealth they can build. There are only 10 Minority Business Enterprises (MBEs) that are public out of over 6,000 public companies. Public markets used to have 15,000 companies and now have 6,000, largely due to technology and mechanics rather than a lack of eligible companies. We are creating a brand new stock exchange with customized rules and technology to accommodate smaller companies so entrepreneurs from all backgrounds can build wealth for themselves and their shareholders.
Taryell: What are some of the specific challenges the Black and Brown communities face regarding participation?
Joseph Cecala: The Obama-era JOBS Act opened doors for private capital investing, but private markets remain difficult for diversity. Public capital markets represent a 37 trillion dollar pool of capital, yet only 10 MBEs have access to it. We believe Dream Exchange can help double that number as a first step.
Dwain J. Kyles: As a preacher's kid from Memphis who graduated from Georgetown Law School, I remember dropping out of my corporations class because corporate America did not feel welcoming. Our community has been woefully underprepared and excluded from the rooms where capital market decisions are made. We have been relegated to bank loans or disconnected government programs like the MBDA without proper guidance. For over 20 years, Joe and I bonded over helping viable businesses that lacked the Rolodex to access capital without losing control of their companies. Public capital markets present an extraordinary opportunity when paired with financial education starting from early childhood. Dream Exchange is creating a welcoming virtual community with high integrity for those committed to doing the work.
Taryell: What are some of the major hurdles you encountered while building Dream Exchange, and how did you navigate them?
Joseph Cecala: The main challenge was taking our personal integrity and bringing it into a finance world often defined by greed and dog-eat-dog mentalities. We built an exchange with diverse shareholders, governance, and staffing from the community. Having previously served as legal counsel during the founding of Archipelago—which became the foundation for the New York Stock Exchange electronic trading environment—I saw how auction stock markets work. The market system itself works like a water fountain, but historic access barriers acted like whites-only signs. Building the platform, drafting rules, and gaining regulatory momentum took years of hard work, but the real challenge has been helping people realize that this new possibility is achievable.
Dwain J. Kyles: Our biggest future challenge is getting leadership and legacy organizations to work together to adopt an entrepreneurial spirit, build endowments, and expand services. This is an all-hands-on-deck moment focused on creating a sustainable infrastructure for generations to come.
Taryell: Many minority entrepreneurs build businesses to pass down rather than building with an exit strategy, acquisition, or IPO in mind.
Dwain J. Kyles: We have not historically been taught how to build for public markets or strategic exits. Many founders wrap their entire identity into their business because they feel they lack other attractive options. We must build those options and educate our community.
Joseph Cecala: John D. Rockefeller passed down generational wealth through a public company. Ninety-two percent of job creation occurs after a company goes public. When an MBE goes public and grows from 100 to 1,000 employees, it lifts the entire community ecosystem, from local car dealers to grocers. Bringing prosperity through capital access is the final chapter of the civil rights movement.
Taryell: What are some landmark successes of Dream Exchange, and what advice would you give to listeners?
Joseph Cecala: Key landmarks include assembling a stellar leadership team—including our Chief of Operations, the former Chief of Operations for the New York Stock Exchange—and drafting legislation that passed both chambers of Congress with a 56-0 committee vote in 2018. In a few months, Dream Exchange is set to become the eighth national stock exchange. My advice is to find a trusted partner who believes in you, ignore the doubters, and never quit.
Dwain J. Kyles: Joe's brilliance and decades of research have documented every step of this process. We chose the harder path by turning away institutional investors who did not align with our mission, ensuring our investor base is composed of everyday individuals from our community. Stay grounded in your principles, check your ego, align with partners who share your vision, and never give up. Help will come right on time.
Taryell: Where can listeners find more information about Dream Exchange?
Joseph Cecala: You can visit our website at https://dreamx.com to find contact details and learn more about our company.
Taryell: Thank you both for joining us. Keep believing, find great partners, and continue to unite, uplift, and ignite.
Dwain J. Kyles: Bye-bye.
Joseph Cecala: Thank you, Taryell.
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