MIT Solve

Solution Overview

Solution Name:

Idea Launch Thrive

One-line solution summary:

Proven model for underserved communities integrating remote learning coaching and financing to shift trajectories of communities.

Pitch your solution.

The RMMFI “Idea Launch Thrive” model operates on the fundamental belief that everyone has a unique mix of skills, experiences, and personalities defining their greatness. When the struggles and the barriers of the world muddy our vision, it’s hard to see what we’ve got inside ourselves. RMMFI creates the space to unleash the potential of people and communities through entrepreneurship. Working together as a community, our goal is to build the RMMFI Entrepreneur into a business owner who can successfully shift and adapt to changing environments in their business and their life. Personal foundations are essential for success, and RMMFI works with its entrepreneurs to focus on personal stability, entrepreneurial spark, and business feasibility.

What specific problem are you solving?

As families struggle to create self-sufficiency, they are often stuck with options limiting their growth and potential: continue low-wage employment with little to no upward mobility; access public assistance such as food stamps, rental assistance, and childcare subsidies – which are limited, can be cut off at the slightest increase of income, and are difficult and time consuming to access; or move to another community because their neighborhood is no longer affordable. RMMFI exists to provide another solution: income and wealth generation through business ownership.

What is your solution?

During IDEA entrepreneurs determine the feasibility of their business idea and ability to remain personally stable while growing that business. Entrepreneurs learn the interconnectedness of person and business and business foundations. RMMFI offers Business Idea Lab classes and one-on-one mentorship.

LAUNCH provides entrepreneurs with twelve weeks of intensive classes on the Four Pillars of Business (Marketing, Operations, Management, and Financials) while also providing mentorship focused specifically on launching a business that is successful and has the potential to grow.

THRIVE provides ongoing support to RMMFI's launched entrepreneurs and helps navigate the challenges of operating a live business. Business Builder Loans: Loans ranging from $250-$75,000 with an interest rate of 8% and term lengths of six months and up. Technical Assistance: Entrepreneurs have access to customized expertise, meetings with business coaches, workshops, peer-educational groups, and the support of the RMMFI team. Access to Markets: RMMFI offers an entrepreneur Retail Incubator with discounted subleases to entrepreneurs demonstrating a level of business readiness. RMMFI partners with other community retailers and large-scale pop-up markets.

Who does your solution serve, and in what ways will the solution impact their lives?

Historically, RMMFI Entrepreneurs are 50% Black, 20% Hispanic/Latino(a), and 100% from underestimated/underinvested/low-income backgrounds. RMMFI Entrepreneurs have businesses representing a healthy mix of products and services across a variety of industries (such as food, auto, wellness, professional services, retail, light manufacturing).

The average RMMFI microbusiness generates $22,000 in annual benefits through job creation, tax revenue, and local expenditures. 82% of RMMFI entrepreneurs also give back by volunteering, donating, and serving on local boards, thereby creating positive ripple effects for entire communities. RMMFI’s model prioritizes leveraging existing community assets: we partner with and invest in trusted local organizations, and we recruit local mentors to support the entrepreneur journey.

Which dimension of the Challenge does your solution most closely address?

Drive resources and support to Black, Indigenous, and Latinx entrepreneurs and innovators

Explain how the problem, your solution, and your solution’s target population relate to the Reimagining Pathways to Employment in the US Challenge and your selected dimension.

RMMFI exists to help define pathways to self-sufficiency for its entrepreneurs by creating impact in the following areas:

The creation of a more vibrant and inclusive local economy
Increased self-awareness and self-worth of the entrepreneur
Increased household income and decreased dependence on income supports
Increased access to traditional/mainstream business development and financial services

In what city, town, or region is your solution team headquartered?

Denver, CO, USA

If your solution is already being implemented in the US, in which US state(s) do you currently operate?

Colorado

In which US state(s) will you be operating within the next year?

Colorado

What is your solution’s stage of development?

Growth: An organization with an established product, service, or business model rolled out in one or, ideally, several communities, which is poised for further growth

Who is the team lead for your solution?

Sera Muniz

How many people work on your solution team?

The current RMMFI Programs team, includes seven full-time, one part-time and two contract members. Three additional positions are currently being filled. When staffing needs cannot be met by future RMMFI local partners, additional staff will be hired from within that community.

Diversity, Equity, and Inclusion: What is your approach to building a diverse, equitable, and inclusive organization?

RMMFI creates the space for communities and people of all backgrounds to realize their unique potential through the power of entrepreneurship. RMMFI’s Equity Committee works to strengthen RMMFI’s commitment through racial equity and justice recognizing this is paramount to replicate with strength, consistency, and non-bias practices.

Program graduates serve as mentors to new entrepreneurs with the unique perspective and empathy as alumni. Graduates also volunteer their time as leaders in the "Bamboo Club", a graduate run peer- learning group that holds regular meetings, networking opportunities, and specialized workshops.

RMMFI staff are 39% male, 61% female; 33% African American, 11% Latinx, 1% Asian, 55% Caucasian; ages range from 28 to 59; 22% are program graduates and 17% have experienced incarceration. Diversity amongst staff strengthens the organization's ability to craft inclusive programming, build trust with entrepreneurs from diverse backgrounds and to engage a diverse group of volunteers and funders.