Flywheel Social Enterprise Hub has selected four startups to participate in its latest ElevateEquity cohort, an eight-week accelerator for founders looking to address systemic inequities through entrepreneurship.
Flywheel, which kicked off the ElevateEquity program this week, said it’s allocated $30,000 for investments in the companies. The accelerator also provides $40,000 of in-kind programming, coaching and business services.
Laura Randall-Tepe, Flywheel’s executive director, said the organization received an “overwhelming response” for ElevateEquity this year.
The organization said that the companies selected are developing products or services that will contribute to building a more equitable community in Greater Cincinnati and beyond.
All are led by founders from underrepresented groups.
“Each (entrepreneur) is truly passionate and well positioned to make measurable and lasting social change in Greater Cincinnati and beyond, while growing sustainable, profitable and scalable businesses,” Randall-Tepe said in a release.
Those participating include:
- Cocoon Technologies, led by Leah Lewis, is a tech-enabled contactless policing platform to make routine traffic stops safer for police and motorists.
- Gotara, led by D. Sangeeta, is a tech-based learning, mentoring and coaching platform designed to reduce the high burnout rate for women in tech and tech-enabled industries. The company’s research shows 40% of women in tech leave the industry in less than seven years.
- The Empower Group, led Elle Baker and Basette Smith, is building toolkits and onboarding solutions for companies to launch successful Fair Chance workplace practices. Fair Chance is a nationwide call-to-action to create opportunities for people impacted by the criminal justice system.
- All-In Cincinnati Coalition, led by Denisha Porter, is building toolkits and onboarding solutions for communities wishing to build broad-based coalitions to address systemic racism and racial inequities through education, policy change and community action.
The teams will attend weekly sessions covering business topics important to startup success. Each company is also matched to a coaching team for additional support including connections to potential customers, talent and capital.
The program wraps April 18 with a demo day presentation at MadTree Brewing in Oakley where each company pitches to investors, potential partners and future supporters.
ElevateEquity is made possible partly by funders and sponsors including the city of Cincinnati, the Greater Cincinnati Foundation, the Carol Ann & Ralph V. Haile Jr. Foundation, First Financial, EY, Queen City Angels and the Flywheel Philanthropreneur investor group. Partners include Dinsmore & Shohl, MadTree Brewing, Black Achievers and Cintrifuse.
Flywheel, founded in 2011 and headquartered at Union Hall in Over-the-Rhine, works to build and scale businesses that address social issues through the products or services they sell and/or the people they hire.
The nonprofit also operates Elevator and SustainableCincy accelerators geared for early and mid-stage ventures.
To date, Flywheel has provided more than 5,200 coaching and consulting hours, and its companies have received more than $1.4 million in follow-on investments.
