A Cincinnati startup group is bringing back its flagship accelerator program this spring and with a new sponsor at the helm.
Flywheel Social Enterprise Hub, the region’s only social impact accelerator, said First Financial Bank (Nasdaq: FFBC) has joined as program sponsor for ElevateEquity, its seven-week virtual accelerator that aims to address racial and gender inequity through entrepreneurship.
The accelerator, which kicked off in March, offers startup founders coaching, resources and financial support to accelerate their growth and impact. Flywheel considers ElevateEquity a step in creating a more equitable economy.
“This collaboration with First Financial Bank has been a crucial step in our work to create more access to capital and technical support for underrepresented founders,” Josie Dalton, program manager for Flywheel, said in a release.
In addition to First Financial, the spring 2022 cohort was formed with the support of StartupCincy community partners, including Mortar, Aviatra Accelerator, Black Achievers, Main Street Ventures, Cintrifuse, Fintech Frontier, city of Cincinnati and SoCap Accelerate. PNC Bank sponsored the ElevateEquity cohort in 2021.
Three companies are participating in the cohort:
- Greenline: Founded by David Chimusoro, a Zimbabwean-born, Cincinnati-based entrepreneur, Greenline’s mission is to improve the quality of life for Black families and households by offering a path to homeownership for renters – regardless of credit score or debt. Its model treats rent in a multi-family home as a means of building equity into a property LLC, which is managed by Greenline and eventually owned in full by residents.
- Cocoon: Cocoon’s co-founders, Hanna VanKuiken and Tia Taylor, come from a design background, and the company hopes to use an evidence-based approach to transform spaces at shelters, rehabilitation centers and other service providers. In times of personal crisis, the impact of the surrounding environment on an individual’s well-being is critical, the company said.
- Wiprosper: A Black-owned and run investment firm led by Will Carter and team, Wiprosper’s platform allows individuals to invest small amounts (as little as $100) to create and scale Black-owned companies.
ElevateEquity will culminate April 27 with an in-person demo day at MadTree Brewing in Oakley. Those in the cohort will be able to pitch their business to an audience of potential customers, investors, team members and other stakeholders. The event will be free and open to the public.
Flywheel, based in Over-the-Rhine, was founded in 2011 as a “hub” for social entrepreneurship, which means it works to build businesses set up to address social issues through the products or services they sell and/or the people they hire. The organization provides one-on-one coaching, workshops, consulting services and accelerator programs including ElevateEquity, Elevator and Sustainable Cincy.
In the last five years alone, Flywheel has helped launch dozens of social enterprises. More than 80% are still operating.
Notable grads include:
- Tennessee-based Possip, a parent engagement platform founded by Shani Dowell, the first Black woman in the Volunteer State to raise $1 million for a startup company. Possip is used in Cincinnati Public Schools.
- Resolv, formerly Moxie Girl, a platform that aims to improve mental health outcomes for youth
- Ellequate, formerly Queen City Certified, which offers employer certification and cohort-model programming for workplace equity.
