Venture Fund Pilot Program
NACCE has partnered with the Everyday Entrepreneur Venture Fund (EEVF) to address one of most urgent needs of our country – that of supporting local economies via entrepreneurship. Our joint mission is to launch underfunded community college entrepreneurs into business, with a focus on community-based start-ups, scale-ups of existing businesses, and the implementation of proven replicable business models.
Beginning in 2017, EEVF Phase I selected four community colleges to engage in its pilot program:
- Hillsborough Community College (Tampa, FL)
- Middlesex Community College (Bedford/Lowell, MA)
- Monroe Community College (Rochester, NY)
- Wayne County Community College (Detroit, MI).
Each community college received grant funds to provide seed funding for community-based business start-ups which were administered by the college’s foundation, who was encouraged to solicit additional funds from local corporations and individual donors to create a sustainable grant pool. Phase I used the following selection criteria:
- Committed faculty working alongside College Presidents and Deans;
- College Foundation willing to leverage community resources and secure additional funds;
- Existing entrepreneurship curriculum; and
- Commitment to facilitating one year of mentorship for new businesses post-launch.
As of January 2020, EEVF Phase I has launched 45 businesses with a total of $596,505 expended through student grants or loans at the discretion of Phase I pilot college funding committees. View the EEVF Fact Sheet from 2017-2019 here. NACCE, EEVF and other stakeholders are now partnering to welcome a new cohort of community colleges into EEVF Phase II.
EEVF PHASE II
The Everday Entrepreneur Venture Fund Phase II is underway! NACCE has added five colleges to our cohort, and will continue the onboarding process through summer 2020. Participating institutions have committed to continuing to foster entrepreneurship in their communities, with an eye towards innovation, diversity, inclusion and local economic growth. Participating colleges will receive up to $20,000 based on the confirmation of local matched dollars, with the option to apply for additional monies as NACCE's fundraising efforts continue. If you are interested in participating in future phases, or if you would like more information, please let us know!
Is your organization interested in investing in EEVF Phase II?
NACCE is also in search of investors to participate in EEVF Phase II. Our goal is to raise $1 million dollars from foundations, private philanthropists, and corporate social responsibility programs to provide matching funds to approved EEVF II colleges that secure local matches.