THE NEW MODEL FORENTREPRENEURSHIPIN URBAN AMERICA100 Urban Entrepreneurs Inc. is a registered 501(c)(3) nonprofit organization.
The number of young urban Americans whowant to start their own business has never beenhigher — yet their access to capital, educationand even basic startup information remainslimited. What is the best way to address thisproblem, thereby creating jobs and increasingwealth in urban America?
100 Urban Entrepreneurs has created a uniquemodel to empower these young people — aprogram we’ve designed to be approachable,transparent and success-driven. More than 50entrepreneurs have participated so far, reachingthousands of others in the process, and ourprogram is now sufficiently scalable to offeraccess to entire communities — for whomentrepreneurship is the leading solution tocreating jobs and wealth.
100UE GOALSAND OBJECTIVES100UE will ensure that every young person (age 18 to 35)in urban communities across the country has access toand understands the essentials of starting a business.100UE will annually fund and mentor 100 urban entrepreneursas part of this initiative to serve as its leaders.100UE will thereby empower urban communities by developing anew generation of leaders, creating jobs and increasing wealth.
100UE’S UNIQUEAPPROACHAccess to information, capital and professional networks isthe main obstacle blocking urban youth from successfullystarting businesses.100UE removes this obstacle by making the startup processtransparent to this audience for the first time. Pitching: See how entrepreneurs communicate business ideas to investors. Selection: See which entrepreneurs and companies get funded, and why. Funding: See how entrepreneurs raise and spend money when starting a company. L aunch: See the steps required to turn an idea into a viable business.
100UE’S Programs100UE Live 60-Second Business-Pitch Events One-, two- or three-day events designed to maximize community outreach. Held regularly in urban communities across the country. They provide firsthand insight into the pitching and selection processes.Startup Program Awards $10,000 grants to entrepreneurs whose pitches are deemed the most successful. 100UE Funding Recipient Also consists of an eight-week business-mentoring program. Charlie Fyffe Provides insight into when financing is forthcoming, and why. Charlie’s Brownies, Los Angeles “My passion for baking, coupled with my businessStartup Mentoring experience, has put me in a perfect position.” One-on-one guidance for funding recipients. Charlie’s Brownies is a gourmet-brownie retailer and Matches entrepreneurs with successful businesspeople by industry, catering service that operates locally in West Los geography and need. Angeles, California. It uses no preservatives or artificial flavors — just natural ingredients and home-baked love.Documenting Entrepreneurs’ Journeys Before moving to Los Angeles, Charlie’s Brownies gained prominence in the Bay Area as a student initiative at the Follows all 100 entrepreneurs (during the eight-week program, University of California, Berkeley, where it supplied baked business launch and beyond). goods to the Tully’s Coffee shop on campus. It currently Provides insight into the process of actually launching a business. supplies coffee shops and caters events throughout the greater Los Angeles area.
100UE live EVENTSTargeted to first-time entrepreneurs whose companies are either at the idea stageor have been in business for less than one year.Open to businesses in any industry.Entrepreneurs submit their business ideas in advance via a detailed questionnaireat the 100UE Web site (submitting a formal business plan is not mandatory).They’re judged based on the overall business idea, the individual’s command ofhis or her material and the quality of the pitch.Two-round format: Round 1: 60-second prepared pitch covering the overall business. Round 2: 30-second pitch addressing the judges’ feedback from Round 1.Other pitch-event activities include small-business training, financial-literacy Previous pitch-event partners:education, advice from successful entrepreneurs and networking sessions. W hite House Urban Entrepreneurship Summits The National Urban League Annual Conference Black Enterprise Annual Entrepreneurs Conference + Expo HBCUs: Howard University, Florida A&M University
PITCH-EVENT MULTIPLIER EFFECTFor every pitch winner, 100UE reachES more than 35,000 People. PLUS: All recipients amplify their message by documenting their journey: Blogging 1 Social25,000+ 10,000+ 500+ 150+ 10+ PITCH- MediaSocial-Media Media Audience PITCH PITCH-event eventhits views Members submissions Finalists winner PR AND media outreachThis helps illustrate why complete transparency is the key to educating the entirecommunity of urban entrepreneurs nationwide. MESSAGE MULTIPLIED by a factor of 100
STARTUP PROGRAMTen steps to go from idea to viable business (see right).Each step is taught by an expert in that particular discipline.Program is online, on conference calls, in live meetings; THE 10 STEPS THROUGH WHICH 100UE TAKES switching to live incubator format. ENTREPRENEURS FROM IDEA TO VIABLE BUSINESS Ideas & IdentityCreated and developed by 100UE’s founders, all of whom Market Research are successful entrepreneurs. Business Etiquette Finance, Legal & Office Technology, Vendors & Partners Supplier Diversity & Minority Certification Marketing Sales & Distribution Team Funding
STARTUPMENTORINGAll 100UE recipients are individually paired with a mentor to help guide them through the program.100UE recruits mentors who have a specialty in each step of the program to deliver their expertise to the entire group. SOME OF 100UE’S INDUSTRY MENTORSWe also recruit industry experts to provide additional Michael “Blue” Williams, music-industry manager: marketing, management and public outreach insights to funding recipients whose businesses are in Aerial Ellis, founder of Urbane Imagery: PR those industries. Michael Seibel, founder and CEO, Justin.tv: new media and broadcast technology Rachel Rodgers, founder of the Rachel Rodgers Law Office: small-business law A ngela Benton, CEO of Black Web Media: technology and new media W illiam T. Rolack Sr., director at Adecco Group North America: marketplace diversity and inclusion
DOCUMENTINGENTREPRENEURS’JOURNEYSAll 100UE-funded entrepreneurs are contractually responsible for documentingtheir startup journey via: Online video Blog posts 100UE Funding Recipient Social media Lameka Weeks Press Height Goddess, Dallas O ther media outlets “Through fashion, I inspire women to love their height, and spread that confidence to others.”This documentation takes place on: Height Goddess, based in Dallas, offers stylish clothing 100UE platforms for tall women. It’s designed with height in mind — fit for the tall frame, yet still stylish. Historically, tall women Recipients’ personal and business platforms in search of flattering clothes have been subjected to Partner platforms constant disappointment, ending up with a wardrobe Platforms of third-party media outlets that just isn’t long enough, age-appropriate or flattering. Height Goddess, operating strictly online and in boutiques, hopes to inspire tall women to embrace their uniqueness and spread that same confidence to others.
Urban Entrepreneurship Stagesand Development>>> Without a ready network of “friends-and-family” investors or other capital sources, urban entrepreneurs are often at a distinctdisadvantage during the crucial early days of their startup. 100UE supports urban entrepreneurs at this stage. 100UE then prepares entrepreneursto take their business through the development cycle by introducing them to those capable of providing the next level of funding; we are therefore formingsignificant relationships with higher-tier funding sources.Funding timeline for urban entrepreneurs AMOUNT Free $10K $25K–$75K $50K–$250K $250K–$500K Millions Millions STAGE Idea Seed Funding Proof of Concept Cashflow Growth Expansion Capital Markets 100 URBAN SOURCE Angel Investor Bank Venture Capital Private Equity Investment Bank ENTREPRENEURS Most business ideas fail due to a lack of seed funding the urban Community Participation of 1% of VC $ goes to African-Americans
GEOGRAPHICREACH: 100UETARGET CITIES100UE’s nationwide plan has a targeted local impact designedto reach the greatest concentration of African-Americans,Latinos and other minorities in underserved communities. Potential Incubator CitiesOur city-specific incubators will consist of a physical location, Atlanta Los Angeles100UE program implementation and operational partnerships.We’ve selected these cities based on demographics, location 100UE Empowerment Citiesand their high rate of entrepreneurship. Chicago Detroit Houston Miami New Orleans New York100UE will host events and programs, and conduct other Tallahassee Washington, D.C.outreach, in additional markets based on need andpartnerships formed.
100UE DemographicsNUMBER OF 100UE FUNDEES WHO ARE BASED IN . . . # Company Founders Race/Ethnicity/Nationality OF FOUNDERS Atlanta 17 81%Tallahassee, Fl New York 10% 5% 5%Birmingham, Al African-American African-American/Caucasian Ethiopian Bahamian Los Angeles INDUSTRY Chicago Technology/Online 8 Dallas Professional Services Fashion/Apparel Detroit Food/Culinary Cosmetics/Beauty Raleigh, NC 3 Marketing/PR/Consulting San Francisco Packaged Goods EducationSpringfield, Ma Physical Fitness/Health 1 2 3 1 2 3 4 5 6 1 2 3 4 5age YEARS IN BUSINESS FIRST-TIME COLLEGE gender of 8 76% BUSINESS DEGREE principals 22% 18% 4 NO NO 24 17 19% 78% 82% MALE FEMALE 2 YES YES 5% 20-25 26-30 31-35 OVER 35 0–1 years 1–2 years 2+ years * Rounded percentages may not add up to 100%.
OPERATIONAL NEEDSUse of proceeds: Funding for 100 entrepreneurs Incubator programs Tour events and travel Meetups Video pitch booth Content creation and documentation of entrepreneurs’ journeys Research Staffing and operations
New York Detroit Chicago Washington, D.C.Incubator City Los Angeles Incubator City Atlanta New Houston Orleans Tallahassee MiamiIn order to extend our programs to 100 urban entrepreneurs each year —and reach thousands of others in the process — 100UE is seeking to raise$4 million annually for our foundation. This funding will be allocated across ANETWORK OF core cities, creating a national movement with strong local impact.