Proposed Solution

This project seeks to support economically disadvantaged entrepreneurs whose needs are overlooked by the existing Entrepreneur Support Ecosystem. In addition to a loan from Venn Foundation, incremental funding is requested for (1) planning and hosting a fundraising event, (2) awareness-building activities and (3) regenerative capacity building to allow aspiring entrepreneurs to test, start and pursue their dreams with the guidance of Global Shapers and Bizarre Solutions.

Target Group

Economically Disadvantaged Entrepreneurs

Hub Activities

01/2022 - 02/2022: Define scope of the fund

02/2022 - 03/2022: Identify funding amount and responsibility / reporting matrix

May through July ‘22: Fundraising Event

06/2022-08/2022: Communicate mid-point results

11/2022-12/2022: Determine project continuation

Short & Long-Term Goals/Results

Short-Term

The fund will enable Bizarre Solutions to start and raise awareness for a program that supports economically disadvantaged entrepreneurs whose businesses are deemed “not scalable” or too small for support from Small Business Development Center or municipal government resources. Early indications of success include the response rate to awareness building activity, both from entrepreneurs and social impact investors that are potential donors to the fund. 

Long-Term

Aspiring entrepreneurs (pre-revenue or idea stage business) will gain traction by reducing administrative / financial barriers to entry. Through the fund, entrepreneurs that otherwise would not have started or expanded their business given the existing resources (MN DEED, Entrepreneur Support Non-profits, Corporate Social Impact Initiatives, etc), will have continued to pursue their business, hopefully to some degree of success.

Available Metrics

• # of Economically Disadvantaged Entrepreneurs Supported and their qualitative feedback


• Average loan repayment time


• Client success rate (survey)

Collaborators

Venn Foundation or other fiscal sponsors like Cooperative Development Services, Impact Hub, Neighborhood Development Center

For more information: https://www.globalshapers.org/hubs/minneapolis-hub