Applications are now open for LaunchKC’s new entrepreneurial program, Social Venture Studio.
The six-month program is tailored for social venture business concepts and provides mentoring, network connections, grant awards ranging from $10,000 to $50,000, temporary office space, and professional support. Applications will be accepted until March 30.
Social Venture Studio seeks entrepreneurs focused on innovative solutions to social, racial or environmental issues. They're balancing sustainability with profit and social purpose.
"We recognize that Kansas City really is a city with a heart," Jim Erickson, director of strategic initiatives for the Economic Development Corp. of Kansas City said. "We have a strong philanthropic reputation nationally. ... (Social Venture Studio) is a reflection of Kansas City being a city with a heart and really playing on that reputation."
The ultimate goal is to raise Kansas City's social venture profile locally and nationally and show early-stage entrepreneurs that social ventures can be a viable business concept, he said.
The program aims to create a diverse class of five to seven companies, which fits with the EDCKC and Downtown Council of Kansas City's shared focus on equitable economic development, Erickson said.
"Increasing access to capital, resources, and opportunities for BIPOC and female leaders is imperative to both solving social problems and having a robust business community,” Social Impact Advisory Group CEO and founder Jacqueline Erickson Russell said in a release. “Social Venture Studio will be empowering the next high-growth organizations who can lead the way to a more prosperous and equitable future."
Reconciliation Services, which runs Thelma’s Kitchen, will be involved as a social venture industry expert. Others include the Keystone Innovation District, which will lead programming, and Erickson Russell, who will provide consulting. The Sunderland Foundation provided funding to make Social Venture Studio possible.
To date, LaunchKC’s programs have awarded $3.5 million to 86 companies – 49% of which are minority or woman-owned businesses. LaunchKC companies also have secured $236 million in follow-on funding. LaunchKC, which debuted in 2015, is an initiative of the EDCKC and the Downtown Council.
