Before entrepreneurs can enter accelerator or incubator programs, there is often times resources needed that only a select few have access to.
One program wants to fix that for Tampa Bay entrepreneur hopefuls.
"We want to target people who are marginalized by the ecosystem, who have an idea but don't have access to venture capital," Terri Willingham, executive director for the Foundation for Community Driven Innovation, said. "How do you start at that early-stage level and have anywhere to go? All our VCs and accelerators are supporting companies that have the infrastructure, that have the advantages, to try an idea."
The foundation runs the Advanced Manufacturing & Robotics Center, or AMRoC Fab Lab, a nonprofit nestled in the University Mall. AMRoC provides project-based engineering education and training for all ages. AMRoC has teamed up with the Foundation for Community Driven Innovation and Grow to Greatness Ventures to launch an "Equity in Entrepreneurship" program.
The program will span 16 weeks, starting with a four-week idea camp in conjunction with the Small Business Development Center. The following 12 weeks will help the soon-to-be entrepreneurs grow an idea into a pitch-ready business.
There will be a mentor system in which businesses or entrepreneurs learn from those within their own community.
"We took it a step further by going into our community to work with organizations that are owned and operated by people of color and underserved in the ecosystem to share their experience with others," Willingham said.
But Josh Ray, chairman of the Grow to Greatness Ventures, says the most unique aspect of the program is the money that can be earned before the program is even complete.
"I think the main way we're trying to differentiate ourselves is we're creating a fund that helps founders and entrepreneurs with their business — it's an "earn as you learn" banking concept," he said. "As you go through the training courses and different weeks of workshops, as you complete them you get money banked for your business; to use for your business expenses. You're discovering while doing the training."
The program is expected to launch in August, with Ray currently conducting informational interviews with potential participants. The program will be roughly 10 people, with each company expected to receive an average of $5,000 after the completion of the course.
"The best way to articulate it is, 'What are the biggest needs to get to their next step and how to make it possible," Ray said. "To get prepared for One Million Cups (monthly pitching event in the city) or a Series A (funding round)."
