I often find myself in the car in the late morning when WVXU is airing the program 1-A. The interviews are always thought provoking. Recently the topic of underrepresented entrepreneurs was included in a larger conversation about affirmative action in corporate America. One of the guests was a Cincinnati woman who started a catering company. Her business was not a social enterprise in the Flywheel space, but as a Black business owner she was a fit for our startup ecosystem friends at Mortar.
Chrystal Render, founder of Magnificent Morsels Catering talked about the credibility her young business was able to leverage by virtue of having been through an accelerator. Her story is a good reminder that not everyone has the privilege of the “benefit of the doubt” when they try to get a business loan or land a new customer. Social capital and credibility are critical. I have a link to the program below. I hope you will take the time to listen.
Chrystal’s challenge is true for social entrepreneurs as well. 83% of Flywheel founders are underrepresented. Added to that, social entrepreneurs are sometimes perceived to be do-gooders and not serious business people. I like to think the Flywheel credential provides credibility that helps to level the playing field.
The numbers say it does. Our alumni have earned over $8.5 million in follow on investments and employ over 100 people. 82% of them are still in business after three years.
Many thanks to our supporters who allow us to do our work. The Greater Cincinnati Foundation, City of Cincinnati, Carol Anne and Ralph V. Haile, Jr., Foundation, First Financial Bank, EY, and our Philanthropreneurs® who make up our major donor circle. We are doing good work together. I hope you brag about us as much as we brag about you.