LaunchKC’s Social Venture Studio debuted its first accelerator cohort in May, and it’s already garnering international recognition.
The Kansas City-based program received an Excellence Award from the International Economic Development Council (IEDC) in the program category.
IEDC only hands out 25 Excellence Awards, which are split among five different categories: economic development, promotional, internet and digital, program, and partnership. Social Venture Studio was chosen among 500-plus applications worldwide and received the award for its work in promoting economic equity and inclusion.
For its first cohort, the Kansas City-based six-month program picked seven purpose-driven ventures, which range from building food equity to giving youngsters a taste of entrepreneurship. Perks include grants ranging from $10,000 to $50,000, mentoring, network connections, temporary office space at Keystone CoLAB and professional support.
A goal is to make social ventures part of Kansas City’s DNA and to foster the next generation of job creators and economic drivers, said Jim Erickson, director of strategic initiatives for the Economic Development Corp. of Kansas City.
"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," he said during a previous interview.
To solve social problems and build a robust community, it’s imperative to increase access to capital, resources and opportunities for Black and Indigenous People of Color (BIPOC) and female leaders, Social Venture Studio Program Lead Jacqueline Erickson Russell said in a release. The accelerator does just that, she said.
Kansas City Mayor Quinton Lucas said in the release that Social Venture Studio is proof that local entrepreneurs can build successful businesses that also address longstanding issues in the community. The award is a testament to what can happen when multiple organizations collaborate, he said, citing the city, Economic Development Corp. of Kansas City, Downtown Council of Kansas City and the Keystone Innovation District.
"The award underscores the value of innovative approaches to promote economic equity and inclusion," Keystone Community Corp. CEO Kevin McGinnis said in the release. “SVS’s commitment to their goals only reinforces Keystone’s commitment to the innovation community.”
