VISIONful Communities, Inc.

The VISIONful Entrepreneur Project Solution includes:

1.Virtual Business Incubator and Cohort Model: promotes equity of opportunity and equips people of color and women to LAUNCH, SUSTAIN, or GROW businesses and facilitate economic growth/impact.

• Cohort Style (15 participants total max): LAUNCH, SUSTAIN, GROW Cohorts
• Ongoing business launch navigation
• Micro-grants
• Ongoing entrepreneurial coaching/mentoring
• Ongoing digital classes

2. Innovative Wealth Generating Tracks: Certificate-based virtual educational tracks on generating non-traditional wealth/income where individuals selected in the Cohort above commit four weeks to their entrepreneurial learning and application of teaching.

• Grant Funding Track: Participants learn how to become grant-ready, prepare a sample grant request, and receive viable grant opportunities their for-profit is eligible to apply to.
• Web/Mobile App Development Track: Participants learn to develop/build a simple mobile application idea/design for iPhones/Androids to increase business revenue.
• Social Media Influencer Track: Participants receive training from a Social Media Influencer and learn to monetarize social media pages.

3. Technology/app-based Economic Resources: We designed, trademarked, beta tested, and launched a mobile application for Androids/iPhones, eConsultMe, to connect entrepreneurs to business start-up resources, in-app access to free tools on starting a new business, access to capital/grants, and live chats with business experts/mentors (with funding, artificial intelligence bot will be added). App users gain access to business formation and start-up resources, an interactive quiz that assesses whether users should start a for-profit vs. a non-profit, a resource hub for minorities and women, grant-ready checklists, business plan templates, and more. (see www.econsultme.com)

According to Reuters, Black-owned businesses declined by 44% from February to April 2020 (the most significant decline by any ethnicity), compared with a 17% decline among white-owned companies[1]. Despite federal relief efforts through the CARES Act, such as the PPP, and Emergency SBA EIDL funds , minorities and women experienced significant gaps in accessing these funds. Unfortunately, according to the National Community Reinvestment Coalition, funding reached less than 20% of eligible black-owned firms[2]. Furthermore, 79% of white-owned businesses received PPP funding compared to 43% of black-owned small businesses.

Minorities/women have historically had to navigate barriers of discriminatory practices in every area. The most detrimental instance inequality has had the most negative impact is limited access to wealth-building opportunities. This historical lack of inclusion has fueled the unequal stagger of successful entrepreneurial endeavors. Near our headquarters, pre-pandemic, there were 7,600 minority/female-owned businesses compared to now only 4,256 since many closed temporarily/permanently. This is a familiar story for millions of companies owned by minorities/women across the nation.

This project reduces barriers that minorities and women-owned small businesses have historically encountered on the pathway to successful entrepreneurship. Although  the project was birthed in Georgia, the technology-infused programming reaches individuals disproportionately impacted by the pandemic across the US.  

[1] Johnson, Katnga, Marte, Jonnelle. “U.S. black-owned small businesses are highly concentrated in retail, restaurants, and other service industries most affected by shutdowns and social distancing.” Reuters https://www.reuters.com/article/us-usa-economy-blackbusiness/why-some-black-owned-u-s-businesses-are-hardest-hit-by-coronavirus-shutdowns-idUSKBN23N34A.

[2] Lederer, Anneliese and Oros, Sara. “Lending Discrimination within the Paycheck Protection Program.” National Community Reinvestment Coalition https://www.ncrc.org/lending-discrimination-within-the-paycheck-protection-program/

The proposed solution highly aligns to the grant challenge intent and specifications. More specifically, the solution aims to business owners most affected by systemic barriers, gaining access to capital, financial services, and mentorship. Our proposed solution aims to provide an innovative and forward-thinking solutions that fill gaps in the local community and beyond through entrepreneurial strategies focusing on services and resources to grow, develop, and sustain racially diverse and/or women-led small businesses in the United States.

The VISIONful Communities program targets the following areas as delineated in the grant application specifications:

• Connecting small business owners and key stakeholders such as investors (including grant funders), local policymakers, and mentors with the relevant experience to improve coordination, collaboration, and knowledge bases within the small business ecosystem
• Assisting with access to capital, capital campaigns, and/or financial education and information
• Supporting and fostering growth to scale through comprehensive and relevant technical support assistance such as legal aid, fiscal management for sustainability, marketing, and procurement

VISIONful Communities targets aspiring, new, or rising entrepreneurs of all ages from marginalized communities (specifically minorities, people of color, and women).

During the foundational planning/strategy stages, we conducted research and development (R & D) and surveyed hundreds of minorities and female visionaries. We found that 98% of these individuals decided not to pursue their entrepreneurial dream or vision because they did not 1). have the proper business development tools, resources, or education or 2). They did not have access to funding or capital to do so.

Unfortunately, the organization also observed women and minorities experience even greater significant negative economic impacts and barriers due to the COVID-19 public health emergency. As a result of witnessing such gaps in the distribution of the initial rounds of emergency funding, VISIONful Communities adjusted its program delivery and has grown to offer unique solutions that address the evolving needs of the target population. The VISIONful Entrepreneur Project (VEP) was birthed as a new innovative solution and is the organization's flagship program.

VISIONful Communities has educated over 500 individuals on entrepreneurial topics and has supported 200+ individuals in formally establishing a business with an EIN and articles of incorporation. The long-term goal is to support the launch of 1,000 businesses/non-profits for rising entrepreneurs by 2026 for the organization's 10th anniversary.

For the VISIONful Entrepreneur Project (Business Incubator and Cohort component), the organization prioritizes accepting Cohort members from Qualified low income Census Tracts. Technology/app-based economic development resources, including the business development mobile app, eConsultMe, allows the organization to expand its reach and digitally provide scalable services to entrepreneurs across the nation. VISIONful Communities does not discriminate against any race, creed, sex, or nationality.

Demographics (150 served):      

• 95% Black/African American
• 3% Hispanic/Latinx
• 2% White/Caucasian
• 15% Male
• 85% Female

Georgia

Organization Mission: The mission is to "equip minorities and women as VISIONful Entrepreneurs who launch, sustain, and grow thriving businesses to transform communities".

Organization Vision: The vision statement for VISIONful Communities is, "Equipping people to fulfill the vision." The organization refers to its vision as the #BeVISIONful Movement. In other words, it is the future hope for VISIONful Communities that people not only dream but one day fulfill their entrepreneurial dreams, aspirations, goals, or big vision of transforming the community or the world. A VISIONful Entrepreneur, a term coined and trademarked by VISIONful, means an entrepreneur who goes beyond the state of dreaming and begins to take action, take the necessary steps, and activate strategies to make a big dream or entrepreneurial vision a reality.

Theory of Action Statement: VISIONful Communities will equip women and/or minority business owners for entrepreneurial success by offering an innovative and scalable model that closes wealth equity gaps through targeted entrepreneurial solutions.

The following are components of the project's logical framework/model, which stem from the overall theory of action initiative based on research from economic data and qualitative feedback from the local community.

 Inputs:

• Business Incubator and Cohort Member Groups
• Microgrants and in-kind support for entrepreneurs served
• eConsultMe mobile app and technology-based resources
• Program Director, Program and Technology Manager, Project Coordinator, Strategic Economic Specialist, Grants Manager, Accounting Manager
• Project Timeline

Outputs:

• Number of hours of business counseling, education, and coaching
• Number of new entrepreneurs served
• Number of jobs created
• Number of businesses formally launched
• Number and dollar amount of micro-grants distributed
• Number of individuals served in each Cohort category

Short and Midterm Outcomes/Impact:

• Improved business launch navigation for a first-time business owner
• Increased job creation
• Increased incentives and initiatives for minority and women entrepreneurs to pursue the path of entrepreneurship
• Increased innovative business education

Long-term Outcomes:

• Decreased negative economic impact
• Mitigation of financial hardships
• Improvements in revenue and exploration of non-traditional wealth creation opportunities Stronger and more viable neighborhoods and communities 

• # of people currently serving: 75
• # of people served in 1 year: 150
• # of people served in 5 years: 750

Community Stakeholders involved in our organizational strategy include local-based partners such as local government officials (Cobb County), The Mayor and Economic Development Coordinator for the City of Acworth, the University of Georgia's Small Business Development Corporation, and we are also developing partnerships with the Cobb Chamber of Commerce and local Business Associations. The organization also partners with other minority led/founded business development firms across the US in developing programs and solutions and providing training and resources that support reducing barriers for the target population.

Proximate Leadership Strategies: VISIONful Communities wants to learn best how to serve its clients. Through all the programming and service deliverables, the organization is committed to examining all department areas, stakeholders, and clients to explore ways to provide greater value to them. The organization always wants to learn what challenges minority and women entrepreneurs face, especially as challenges evolve or shift over time. The leadership team at VISIONful Communities has also participated in Leading Strategic Growth, a 6-week executive development program offered by ExecOnline and facilitated by the Columbia Business School. This program delivers participants the ability to gain more excellent command of organization needs and the skills to identify and execute new growth opportunities in a fast-moving and competitive landscape.

VISIONful Communities conducted a Situational Analysis to evaluate the broader environment, gain insights on industry dynamics, examine competitors, incorporate stakeholder feedback, and understand the hierarchy of client needs while considering the organization's current realities. The work and programming at VISIONful Communities will always help us answer this question: "What will we do differently or better than our competitors to create a greater value for our clients while providing measurable and positive impact"?

Community Involvement and Collaborations: VISIONful Communities partners with local businesses and organizations led by women and minorities that support economic development initiatives. The organization partners with three key partners who help deliver programs. VISIONful Communities partners with Social Friends to deliver an education and execution track for participants to learn how to monetarize social media pages. AppsrMe is another key partner that helps entrepreneurs develop mobile application ideas and designs for iPhones and Androids. This partner also helped with building the eConsultMe mobile app. VISIONful Communities also partners with the City of Acworth, the University of Georgia's Small Business Development Corporation, and is developing partnerships with the Cobb Chamber of Commerce and local Business Associations by conducting community conversations and speaking, presenting, or educating community members on starting businesses and accessing non-traditional capital. Furthermore, the organization also partners with local universities such as Kennesaw State University to share topics related to entrepreneurship exploration. Additional vital partners are often the local businesses served. VISIONful Communities also work closely with local, state, and county governments. The Founder recently developed a positive relationship with a prominent Silicon Valley tech investor who provides insight and advice to minority entrepreneurs. The leadership team also has access to a mentor who is on the board of Match.com. This mentor has agreed to provide insight and advice regarding the enhancements for evolving the eConsultme mobile application.

Participant Feedback: All Cohort participants will be anonymously surveyed for qualitative data collection for specific LAUNCH, SUSTAIN, and GROW Cohorts. An external evaluator will evaluate specific performance measures based on the project objectives internally, quarterly, and annually. Program recommendations are based on a multi-dimensional approach and complement the results and conclusions presented. Recommendations will also serve as a guide to the Project Director for further action planning and implementation of modified or improved best practices to enhance the VEP project and services offered by VISIONful to meet better the needs of the clients served. The Strategic Economic Specialist will document FAQ's that are asked and listed within the eConsultMe app and during live and digital training/sessions. This individual will be responsible for developing or utilizing measurement tools to determine the extent to which objectives are met, and problems are addressed while aligning deliverables with program outcomes. VISIONful also conducts community-wide research and development and surveys hundreds of minorities and female entrepreneurs, visionaries, founders, and owners. For example, the organization conducted a recent poll last year to determine the extent of gaps experienced in the distribution of PPP and EIDL funds. The gaps were very wide. The organization found that 70% of individuals polled did not pursue applying for the emergency SBA funds because they didn't understand the process and another 20% were denied. As a result of witnessing such gaps in the distribution of the initial rounds of emergency funding, VISIONful utilized its own EIDL award to educate, serve, and complete registration filings so that these rising and current entrepreneurs would be appropriately formalized. To encourage entrepreneurs to get their businesses properly registered, as another example, VISIONful covered the Secretary of State filing fees (up to $100) for all clients for two months.

VISIONful is excited and hopeful about the key priorities this funding opportunity attempts to address through the equal distribution of funding, resources, and support to reduce the negative and economic strains on the targeted population.

The greatest way we build trust among small businesses is by connecting them to financial resources. With the onslaught of the pandemic, VISIONful Communities directly connected minority and women business owners to over $465,000 to help them resist closure and support operating costs. Last year, 15 minority clients served (representing ten businesses) received their first grant or access to external capital. As a result of the services provided by VISIONful Communities, two organizations were selected for the Beyoncé and NAACP's grant (out of over 3,000 applicants and received $20,000 to support their black/woman-owned businesses). Furthermore, VISIONful Communities provided recovery micro-grants of $26,000 to eligible small businesses. VISIONful Communities also facilitated or created jobs for 62 minority creatives that allowed them to return to work. We navigated/launched (formalizing) 65 new businesses in Georgia, Florida, Louisiana, Mississippi, Texas, Alabama, Maryland, Arizona, California, and Illinois, with 100% led/founded by minority or women entrepreneurs. 

Over the next year, we will equip 150 women/minority business owners for entrepreneurial success by offering a scalable model that closes wealth equity gaps through targeted entrepreneurial solutions.

As a solution to the identified problems, the organization is actively building a stronger and more equitable community through its programming to EDUCATE, NAVIGATE, and INNOVATE:

1. EDUCATE new/rising entrepreneurs
   1. Increasing access to ongoing mentorship/coaching
   2. Increasing access to entrepreneurial education (digital and face-to-face)
2. NAVIGATE new/rising entrepreneurs through different stages of entrepreneurship
   1. Increasing access to business formation services
   2. Increasing access to business navigation (Idea stage, formation stage, and strategy stage)
3. INNOVATE the delivery of services to meet the evolving needs of the target population
   1. Expanding the business incubator cohort
   2. Increasing access to non-traditional funding/capital (grants rather than loans)
   3. Reaching more minority and women entrepreneurs through scalable and technology-based-economic-development resources
   4. Remodeling/Designing an Innovation Hub or identifying a temporary space (based on funding) (future)
   5. Increasing access to hands-on non-traditional wealth education tracks and experiences

The team operates the EDUCATE and NAVIGATE pillars from its current operating budget. The current need and funding priorities prioritize the INNOVATE offerings, programs, and solutions.

Over the next five years we will aim to scale our initiatives and framework through ongoing feedback and refinement from stakeholders and internal staff as well as strong partnerships both locally and nationally to reach and directly impact 750 individuals. 

Latrisha Anderson, MSM, is the founder of VISIONful and is also the Project Director of The VISIONful Entrepreneur Project who is responsible for monitoring the strategy implementation and achievement of objectives at the organization and businesses. Leading with compassion and a call to action, she recognizes what she gained could help others (that look like her) successfully manage challenges and avoid pitfalls on the path to successful entrepreneurship.

The Project and Technology Manager, Nicole Wheatley is building the internal evaluative methods and will be responsible for monitoring program data to track the outcomes, objectives, and outputs.

The Strategic Economic Specialist creates additional opportunities to support strategy and project evaluation. Latrice Dudley, who fills this role, is a Strategist who implements end-user-centric strategies and processes. She is proficient in project management, capacity building, and partnerships and supports with analytics, process orientation, and sustainability.

The Grants Manager, Ayla Baker, is dedicated to grants management and grants-related project activities. Ayla works closely with the Project Director in securing grants for this program.

The Business Development Coordinator, Hanane Goubil, is responsible for collecting program quantitative and qualitative data and supporting with business navigation. VISIONful Communities commits to compliance with granting agencies including  federal and non-federal grants compliance and best practices such as financial reporting, drawing down funds, tracking expenses, profit/loss, and invoicing. In addition, the organization maintains compliance with ongoing programmatic reviews, and audits are conducted to ensure project deliverables and documentation are met with great accountability.

A partnership with Truist Foundation and MIT will add much value to the VISIONful communities program areas as it will provide the opportunity to scale our model and reach even more clients who are in need of guidance and support services in the areas of providing equitable opportunities for entrepreneurs to achieve their dreams, aspirations, and goals. In addition, it will provide a partnership that will serve as a catalyst for change and aim to influence the systems that will shape the future of entrepreneurship through this equitable opportunity to grow, develop, and sustain racially diverse and/or women-led small businesses in the United States.

In the areas identified in the previous question above, expanding our partnership would help the organization with pitching the mobile application to other investors, especially as the app evolves. Furthermore, partners are needed to help the organization to grow a stronger national “footprint” as thought innovators and solutionists for problems impacting and affecting the target population. Additionally, expanding out partnerships will be critical as we incorporate an artificial intelligence bot into the mobile application. 

We would like to partner with other mobile application designers who are experienced in evolving technology and incorporating artificial intelligence. Although, we have identified and contract with designers, having a partner who could provide consultation, advice, and additional support will be beneficial. Other organizations we would like to partner with include consortiums or and regional hubs that are providing entrepreneurial resources to the target population.