Urban IE

As demand for change continues, more entrepreneurs are continuing to evolve. There are more than 30 million small businesses in the U.S. alone, with minorities making up 15 percent of the nations businesses and only accounting for less than 5 percent of funding and resources to launch their business. Many minorities from marginalized, and underserved communities do not have access to resources and funding to become entrepreneurs. Urban IE focuses on creating opportunities, providing resources to entrepreneurs in marginalized, economically disadvantage and minority communities. Urban IE is a platform that connects aspiring entrepreneurs from their respective communities to help launch their businesses and build startup, entrepreneurial, innovation ecosystem. Urban IE could produce many entrepreneurs in marginalized communities across the world through connectivity, by creating opportunities and resources for entrepreneurs that would help them get access to capital, funding, and provide them space to move from the idea stage to launch.

The specific problem that I am aiming to address is the access to capital and resources in marginalized, underserved communities. Wealth is indisputably distributed mostly in wealthy communities which further widens the wealth inequality gap in the country with minorities receiving less capital then than White counterparts in the U.S. Entrepreneurs who come from impoverished communities receive less to no capital from VC firms. In fact 77 percent of venture backed founders who received funding were White,regardless of gender and education, while the remaining 23 percent is distributed among minorities which only 1 percent of that being Black. Globally Urban IE would help marginalized, economically disadvantage entrepreneurs get in front of VC, angel investors, receive resources and connect with other entrepreneurs. Millions of people globally have no access to resources and capital to launch their business and lack the business knowledge. 

Urban IE provides a platform for people in underserved communities to get access to resources and capital for their startups. The platform consist of an app which will have all of the resources on there, and unused office and school space for the entrepreneurs in need of affordable space in their communities. Urban IE app will have multiple channels tailored to specific fields for each entrepreneur. Once a field is selected that pertains to that specific entrepreneur, they will then be connected to the resources, such as courses, accelerator, incubator programs, grants, loans, VC funding and more. The technology used through the app will connect entrepreneurs who are seeking investments and help.

The target population that I am addressing is minorities in underserved communities, they are people who have been economically disadvantage and do not receive the equivalent of resources as their wealthy counterparts and only receive 1% of VC funding. Working to meet and understand their needs of having equal access to capital and resources is vital for each entrepreneur that is seeking funding to launch and bring their products and services to market. At a time where entrepreneurship is growing we are understanding that the entry to market and opportunity each entrepreneur is seeking. Each entrepreneur will be engaged on the platform as we satisfy their needs which the solution would be to provide the resources that will help them further develop and scale.

The problem Urban IE solves is the issue many minorities and underprivileged entrepreneurs have connecting them to resources that would help them move from the idea stage to launch and those whom have launched scale and get connected with resources that would assist them further. Many people from underserved communities lack the access to these resources which when granted provides them equal opportunity and closes up the economic gap.