Nest Makers Future Fund

Nest Makers Future Fund provides US makers with tailored financial readiness education and training alongside microgrants as a framework for creating an onramp into traditional forms of business investment and/or financing. This experiential learning opportunity allows participants to gain new skills in a structured and supportive environment from pre-application to post-award. While it can be challenging for entrepreneurs to invest time in business training, the combination of coaching and peer learning provides monetary incentives and real-world experience in applying for, reporting on, and leveraging financing.  

Program participants will engage in virtual financial planning courses hosted by Nest, covering topics like financial basics, accounting, business planning, and seeking financial investments. These courses will be led by financial experts from Nest's Professional Fellowship Network, a group of 250+ professional consultants for our maker programming. Quarterly cohort gatherings will facilitate networking opportunities among the makers. Nest will also coordinate hands-on workshops and tailored coaching support to create foundational financial tools like income statements, business plans, balance sheets, statements of cash flow, and other financial documentation, aligning with their microgrant's intended use throughout the program cycle.

Our solution is powered by Nest Connect, an interactive digital learning hub designed to provide comprehensive financial readiness support to maker entrepreneurs nationwide. Nest Connect leverages user-friendly technology to offer on-demand online business education resources, empowering makers with essential financial knowledge. Through Nest Makers Future Fund Program, we strive for a supportive environment, fostering financial skill-building and real-world experience in pursuit of participants' business goals.

Central to the success of the Nest Makers Future Fund program is our online platform, Nest Connect. This interactive, cutting-edge digital learning hub leverages and expands upon existing software and mobile applications, providing comprehensive support to maker entrepreneurs nationwide.

A user-friendly platform with a vast array of on-demand online business education resources, Nest Connect, is powered by Docebo, a cloud-based learning service that automates learning management and personalizes the learner experience to produce deeper outcomes. The platform also leverages additional digital resources like Hopin, an online conference-hosting platform, to further increase engagement with program participants.

Through Nest Connect, creative entrepreneurs can easily access courses on essential topics like cash flow analysis, budgeting, business plan creation, and financial education. The platform allows makers to learn independently, pausing and resuming courses as needed to fit their busy schedules. This flexibility ensures that the resources are accessible to all, empowering them with the knowledge and skills needed for financial readiness and business success.

The platform also bridges makers to real-world resources, like potential financial investors, peer gatherings, pitch events, and other opportunities. By facilitating connections to traditional lending opportunities, Nest Connect allows makers to secure funding for scaling their businesses. 

Human-centered design is a core aspect of Nest Connect's approach. We collaborate with partners to provide tailor-made educational series on relevant business management and financial readiness. Through these efforts, Nest Connect addresses the need for business development resources among maker entrepreneurs, often excluded from traditional loan programs. 

Our data-driven approach incorporates technology to measure impact. Pre and post-program assessments track participants' financial readiness improvements, while surveys and interviews gather feedback on experiences. Key performance indicators monitor business growth, revenue generation, and job creation.

In simple terms, Nest Connect is a user-friendly digital platform where makers can access financial education courses, connect with potential investors, and access resources for business growth. It promotes economic empowerment, responsible practices and preserves cultural heritage within the maker community. By utilizing Nest Connect to offer on-demand financial readiness learning content, Nest demonstrates keen responsiveness to the needs of our artisans and makers. This approach enables them to access, view, and even pause learning materials at their convenience, seamlessly accommodating their busy schedules and workday commitments.

The target population for the Nest Makers Future Fund program are makers across the United States. Nest defines makers as individuals creating products made partly or entirely by hand, with a wide range of craft techniques and product categories. Our primary focus is building an inclusive community of US-based maker entrepreneurs and craftspeople, particularly those historically under-resourced and facing disproportionate access to support systems for growing their micro and small businesses. Our goal is to empower their economic independence through craft.

Through our engagement with makers across the nation we strive to ensure that the American maker movement generates opportunities for all, specifically elevating Black, Indigenous, and People of Color (BIPOC) makers. We are committed to delivering innovative market access solutions and resources that address the unique challenges like financial constraints, business development, market access education, and training faced by BIPOC makers. 

Our Makers United network comprises 1544 makers across 48 states and territories. Among this vibrant community, 84% are female, and 54% self-identify as BIPOC. We firmly believe that fostering diversity and inclusivity within the maker community enriches the creative landscape and paves the way for economic empowerment and social progress.

By engaging closely with our diverse community, understanding their needs, and actively involving them in our solution-building process, we ensure that our programs are relevant, impactful, and tailor-made to suit their goals as creative entrepreneurs. Through Nest's continuous dedication and collaborative efforts, we aspire to make a positive and lasting impact on the lives of makers across the US, creating a more equitable and thriving creative economy for all.

Nest Makers Future Fund aligns with the Truist Foundation's mission to support small businesses, particularly maker entrepreneurs from undercapitalized communities, in their journey toward resilience.

The Problem: Maker entrepreneurs face barriers like education gaps, limited access to capital, and the high cost of scaling. BIPOC entrepreneurs are particularly affected, being 20% less likely to fund their startups with bank loans than non-BIPOC counterparts. Access to financial readiness support is crucial for overcoming these challenges and fostering economic empowerment in underrepresented communities.

The Solution: Nest Makers Future Fund will deliver business development training to early-stage small businesses in the craft economy to boost their ability to raise capital and create community networks. The program features an interactive digital learning hub and provides tailored financial management curriculum designed to connect makers to real-world resources, bridging the gap between financial knowledge and implementation.

Target Population: Nest Makers Future Fund serves maker entrepreneurs from the artisan economy, prioritizing BIPOC-led enterprises within under-resourced communities. This program aligns with the Challenge by focusing on diverse and historically marginalized communities.

Challenge Dimension Alignment: Nest Makers Future Fund addresses the "Financial Readiness" dimension by providing innovative, tech-enabled solutions to assist small business owners in understanding and preparing for loan acquisition, managing financial records, and achieving long-term business plans and succession.

Nest's approach ensures the program meets the creative community's needs. By leveraging technology through our online platform, Nest Connect, we increase accessibility and user engagement, meeting the Challenge's focus on technology-based solutions for resilience.

Based on a survey conducted by Nest involving an estimated 800 maker entrepreneurs nationwide, an overwhelming 80% of respondents identified capital access as the primary barrier to business growth and long-term sustainability. In tandem with access to capital, the cost of scaling is also highlighted as a barrier to growth for over one-third of makers (36%), emphasizing the financial gaps in this sector as the capital and investment available do not meet the needs and business costs for makers to thrive. 

Makers are often unable to access established forms of financial lending and investment opportunities due to knowledge gaps related to business acumen and a lack of trust in traditional lending institutions. By providing financial training and mentorship, Nest Makers Future Fund will provide participants with an on-ramp into more traditional lending opportunities by helping to develop the necessary knowledge, skills, and resources to make informed financial decisions, seek catalytic capital, and build sustainable businesses. This support includes access to tailored financial education, budgeting tools, and guidance on managing cash flow effectively.

As makers and creatives become financially empowered, they can confidently navigate the financial aspects of their ventures, reducing the risks associated with financial mismanagement and increasing their chances of long-term success. With improved financial readiness, they can secure funding for scaling their businesses, invest in growth opportunities, and weather economic challenges more effectively.

Through continuous support and mentorship, Nest seeks to foster a culture of financial readiness and responsible financial practices within the creative community. By equipping makers and creatives with the financial skills they need, our goal is to create a thriving ecosystem of financially stable and resilient creative entrepreneurs, ultimately positively impacting the creative economy and society.

While we have piloted a precursor to this solution in order to gain key information on program delivery and success factors, the solution currently serves 0 maker businesses. Within the first year, 25 makers will be onboarded into the program, and by year 5, we envision a program that consists of 4 cohorts of 25 each per year (for a total of 100). However, through the design of the solution, the resources will be available and actively marketed to our entire network of artisan and maker businesses which currently stands at 1,500+ domestically and over 2,500+ across our entire network. Based on our existing engagement numbers, we are confident that upwards of 200-300 business leaders will engage with aspects of the content each year the project is running.

At Nest, our community primarily comprises artisans, makers, and handworkers from diverse cultural backgrounds and geographic locations. We define makers as those within the informal economy who create products made partly or entirely by hand, ranging from skilled craftsmanship to simple handwork tasks. Key decision-makers within this community include the maker entrepreneurs themselves and artisan leaders.

With an emphasis on supporting BIPOC-led enterprises, Nest Makers Future Fund will support early-stage entrepreneurs and growth-stage businesses in need of access to business development.  

Stakeholders influencing the solution strategy include:

• US Makers 

• Nest's leadership team  

• Government officials (Policymakers, Government Agencies, Economic Development Departments)

• Philanthropic and corporate donors (Etsy, Nasdaq Foundation, Bloomberg Philanthropies)

• Partner organizations: CDFIs, Kiva (proposed), Beneficial Returns 

• Brands and Retail Partners

These stakeholders collectively influence our solution strategy, ensuring its relevance, inclusivity, and ability to drive meaningful impact for the maker and creative economy.

At Nest, building trust within the community and among small business owners is paramount. Our approach involves direct engagement with makers, understanding their challenges, and showing commitment to their success.

Nest’s recruitment and engagement strategy includes targeted communications campaigns for our network of US Makers. For Nest Makers Future Fund, our team would host virtual open houses explaining program offerings and to answer any questions.

Many entrepreneurs targeted for the program have existing relationships with Nest, and our staff will work to ensure those who meet the qualifications are encouraged to apply and receive guidance beforehand. Additionally, we have strong partnerships with local organizations, supported by community managers for landscape mapping and Makers United ambassadors in Chicago and Detroit.

Nest collaborates with key regional partners for active recruitment, leveraging their relationships with micro-entrepreneurs to encourage participation. These strategies ensure credibility and meaningful connections with the community we serve.

Impact goals for Nest Makers Future Fund focus on empowering US makers to achieve long-term financial stability and growth. This year, our goal is to provide financial readiness support to a diverse group of makers, centering BIPOC women, enabling them to improve their financial readiness, access resources, and enhance their business sustainability. Over the next five years, we aim to significantly scale the program to serve a larger and more diverse community of makers, including making resources developed through this program available to more than 2,300 artisan small businesses in the Nest Guild.

Through strategic partnerships and targeted outreach efforts, we will expand our reach and ensure that underserved and marginalized makers gain access to financial resources and support. Leveraging the Nest Connect online platform, we will deliver financial education content and provide digital tools to assist makers in financial planning, budgeting, and business management.

Nest Makers Future Fund will be pivotal in fostering collaboration with financial institutions, industry experts, and investors, elevating the program's impact and providing makers with additional resources for sustainable growth. Over the next five years, Nest will identify and replicate successful financial readiness initiatives, developing scalable models adaptable to different contexts and locations. Nest remains committed to data-driven evaluation to refine strategies and maximize effectiveness for makers nationwide. 

We envision significant impacts on US makers through these strategies. By empowering them with the skills and resources to thrive financially, they can support their communities and contribute to the growth of sustainable creative economies.

Applying for the Truist Foundation Inspire Awards presents a strategic opportunity to align with the foundation's mission of supporting economic empowerment, education, and community development. As Nest scales our programs, we look for ways to better serve maker entrepreneurs, who cite things like education gaps, access to capital, and the cost of scaling as the primary barriers to growing their business. These challenges are often more pronounced for BIPOC entrepreneurs who are 20% less likely to fund their startups with bank business loans than their non-BIPOC counterparts.Through financial readiness support, makers and creatives can thrive economically and professionally, benefitting from the foundation's valuable funding and access to resources. 

This initiative can significantly impact BIPOC communities, many historically underserved, empowering creative entrepreneurs with the skills to overcome financial barriers and build successful enterprises. Strengthening financial readiness within the creative community can have a broader ripple effect on the creative economy, promoting growth and sustainability. Additionally, being awarded the Inspire Award can increase recognition and collaboration, attracting potential partners and supporters to amplify the impact of Nest Makers Future Fund.

The application process encourages innovation, fostering new and creative ideas to develop effective support programs. Ultimately, applying for this award showcases Nest's commitment to positive change and can make a lasting difference in the lives of makers, advancing the mission and vision of the creative community.

Nest's vision is to forge partnerships with mentors and organizations that contribute to refining sustainable and effective business models. Collaborating with experts and experienced entities, we aim to enhance revenue streams, optimize cost structures, and ensure long-term financial sustainability for our initiatives. We are continuously building and improving a robust and adaptable business model that drives positive social and economic impact

Technology is pivotal in scaling our programs for artisans and makers in today's digital age. We seek partnerships with technology experts and organizations through the Inspire Awards to implement cutting-edge digital solutions. These technologies empower beneficiaries, streamline operations, and enable data-driven decision-making. Leveraging technology effectively enhances efficiency, user experience, and accessibility.

Measuring impact is crucial for assessing effectiveness and guiding improvements. Nest aspires to partner with organizations well-versed in impact assessment and evaluation methodologies. Together, we aim to improve upon our resilient frameworks capturing meaningful data, track key performance indicators, and evaluating long-term program outcomes. Accurate impact measurement ensures accountability, informs strategy refinement, and maximizes positive change.

Collaborating with like-minded organizations in these areas will strengthen our ability to create lasting and meaningful change for the artisan and maker communities we serve.