The Ford Motor Company Fund will fund an “Idea Accelerator Program,” a few weeks after announcing its first West Tennessee philanthropic venture.
The accelerator is being headed by Heartland Forward, Builders and Backers, theCo, and Epicenter Memphis. It will select 20 entrepreneurs from Fayette, Hardeman, Haywood, Lauderdale, Madison, Shelby, and Tipton Counties who have “a creative and unexpected idea for solving a problem facing their community,” according to a release.
“Entrepreneurship is seeing a problem that exists and experimenting with a solution to address it,” Donna Harris, CEO of Builders and Backers, said in a prepared statement. "Millions of Americans see problems and solutions every day while driving our kids to school, shopping online, or waiting on hold to speak to a doctor. And we say, 'Someone should fix this or build that.' Unfortunately, that's where millions of ideas end. We're excited to partner with Heartland Forward and the Ford Motor Company Fund to help get 20 of these ideas in West Tennessee from concept to action."
Selected bids will receive up to $5,000 in “pebble funding” to allow them to test their ideas; a 45-day “bootcamp” to teach winners about making their ideas realities; and an additional 45 days to test their ideas. It will also provide them with networking resources with previous participants in the program.
Applicants do not have to prepare a business plan or pitch deck to submit their projects. Applications are now open and will be accepted until Dec. 12, 2022. The 20 winning bids will be announced on Jan. 12, 2023. Bids can be submitted at this link.
Heartland Forward, a Bentonville, Arkansas-based nonprofit, is the main driver of the program. The 501(c)(3) primarily operates in a 20-state region throughout the non-coastal center of the country, from Texas to North Dakota.
The 20 winning bids from West Tennessee will be part of Heartland Forward's goal to support 1,000 Builders (a name given to program participants) by 2023.
TheCo is a regional innovation hub based in Jackson, Tennessee. Memphis-based Epicenter is a support network for entrepreneurs. Builders and Backers is based in Arlington, Virginia, and invests in entrepreneurs with ideas that solve problems in their communities.
This is the Ford Fund’s second philanthropic announcement targeted for West Tennessee this month. It announced $1 million in grants for West Tennessee “social infrastructure” a few weeks ago.
“Ford is a committed partner to our new neighbors in West Tennessee, and we are thrilled to be working with Heartland Forward to invest in the region,” said Ford Motor Company Fund economic mobility director Mike Schmidt. “We believe in building pathways with people who have historically had limited opportunities for business development and ownership through access to capital and training. Through these new partnerships we hope to help bring aspiring entrepreneurs’ dreams to life.”
