EEVF Phase III FAQ + Q&A | ROUND 1
Responses to Questions Submitted During the Phase III Application Process
NACCE appreciates both your interest in and your inquiries to the EEVF Phase III Pilot Program. To date, more than 50 businesses have been created through EEVF Phase I, and Phase II colleges are actively funding entrepreneurs in their communities! We are eager to see our Phase III cohort enjoy the same success.
FAQs and those submitted formally regarding the Phase III process are listed below:
How does NACCE determine which colleges are invited to submit applications to the EEVF program?
The Phase II Cohort of colleges was selected based on their connection to an existing NACCE Center of Practice, their geographic location, and their leadership’s involvement in NACCE programming.
Phase III colleges will be selected with an eye on geographic diversity, financial need, and the ability to intregrate the EEVF program into existing infrastructure.
How many colleges will be funded in Phase III?
The number of participating schools is determined by the funding available immediately following the application process. NACCE anticipates expanstion to no less than 5 additional colleges, and is actively fundraising and innovating program strategy to allow for rapid expansion -- we know this model works!
What is the project timeline?
NACCE will announce our Phase III cohort June 1. Onboarding will begin in September 2021. Funding will be awarded Q4 2021/Q1 2022. The Phase IV application process will begin in early 2022. Our goal is to build sustainable programs, and to create a community of practice around EEVF to ensure your continued success.
In addition to the EEVF application (Google form) there are requirements for an email with several other documents, including a confirmed intent and commitment to executing EEVF from both college and foundation leadership. Are there specific points you want us to cover in this 1 page overview, or is this simply a statement that it's our intent to participate and abide by the rules and regulations?
This document requested serves as a letter of intent and commitment from your college and foundation leadership to participate in the full duration of EEVF Phase III, adhering to the rules and regulations outlined in the RFA and Gift Agreement. A copy of our current Gift Agreement can be made available upon request.
You request contact information for the college’s proposed foundation representative; is it a requirement that this person be head of the College's Foundation or can it be the Foundation person responsible for the EEVF program fundraising?
NACCE has required that college foundation leadership show their commitment to the EEVF Phase III program in the required letter of intent, however a signature secondary to that of leadership identifying the foundation team member responsible for EEVF Phase III fundraising is an appropriate addition to this application component.
NACCE is asking for the signature of the foundation leadership showing commitment to supporting local match fundraising efforts and fund management. Should this be from our proposed Foundation EEVP representative or College President? Or is the signature of the Foundation Leadership a requirement?
The signature of both college leadership and foundation leadership is required to complete your college’s letter of intent, regardless of who is leading the fundraising effort.
The application for the program (Google form) requires that we upload the CV/resume of the admin lead and key fundraiser, but also allows us to upload up to 5 documents in total. Do you/NACCE have recommendations on how to best structure a team for the EEVF based on previous schools' success? We're thinking about other people we would want to include on our team in addition the admin lead and key fundraiser.
In addition to an administrative lead and key fundraiser, colleges may want to consider including faculty with demonstrated success in entrepreneurship, administrative support, and members of the foundation that will assist with the project.
If we have questions about the RFA process, who should we contact?
If additional questions regarding the application arise, please contact NACCE Vice President Anne Strickland.
We encourage you to think creatively about how to maximize the community impact of EEVF funds by allocating the majority of your program’s budget to the funding process for participants.
What is the match requirement?
Available matching funds are being confirmed by our fundraising team. EEVF Phase II College were eligible for up to $20,000 in gift funds that must be matched by the college. The executed gift agreement is a prerequisite to funding. NACCE funds may only be used for EEVF business startup grants, gifts or loans – not salaries or overhead. All funding made available in excess of the soon-to-be-stated match for Phase III will be available to all EEVF program cohorts on a first-come-first-served basis.
Can the matching funds come from the College, or do they need to be raised within the community?
Yes, however college-provided funding must be used on funding participants rather than on administrative/overhead expenses.
If in-kind resources are raised, can they be counted as a match to grant funding?
In-kind matching will be considered in the budget review process, which will take place post-application. We encourage colleges to leverage in-kind support as a resource for funded participants and to consider utilizing cross-disciplinary support, for example having design students create logos for new businesses as part of their for-credit coursework, or having marketing students work on a communications plan for a business launch.
If colleges can raise more than $20K are matching grants available for higher amounts? Example, if we could raise $30K, would $30K be available in matching funds?
While the initial grant is limited to $20,000 due to funding immediately available, we are working to raise more funds, and anticipate that more funding will be available in the future. As additional funds are available, based on NACCE’s and EEVF’s fundraising efforts, notices will be made to approved colleges. The cohorts of approved colleges will propel the fundraising effort and the case for giving.
As NACCE continues to raise funds from other national partners, will the colleges be expected to match all future funds, as well?
Yes. All grant funding in EEVF Phase III is accessed by the college’s capacity to raise matching funds.
How important is it for the college, the college foundation, and the community-at-large to work in a cohesive manner?
The most successful EEVF colleges are able to cultivate a cohesive network within their communities.
How do we confirm local matching dollars? Many funders will match dollars based on confirmation of the funds from the original source. Do you provide some kind of conditional promise of funds that we can use?
The Gift Agreement shall serve as a conditional promise of funds.
Regarding the matching funds, are these funds restricted in use to grants/loans to EEVF student businesses, or can a portion be used for admin staff, LIVE Plan, or other resources to operate the program?
Grant funding is restricted to EEVF business startup grants or loans. Some percentage of community funds raised may be made available for faculty stipends, but is subject to budget approval. Significant focus should be placed on building a sustainable program.
Will information be available to all schools to help with local fundraising?
Yes. The EEVF onboarding process speaks to the case for giving and local fundraising successes in previous cohorts.
Who should serve on the Funding Committee?
NACCE anticipates that the Funding Committee would include business owners and a variety of community-based leadership.
How many people should be on the funding committee?
The number of committee members is up to the college. Earlier cohort participants have found that 7-9 committee members is optimal.
How long does it take to get all of the pre-launch infrastructure, and procedures in place before having a funding round?
The timeline may be determined by the college.
When program participants are interviewed about their businesses, are they limited to a specific time frame? How often are new entrepreneurs presented to the funding committee? How many business are heard in one round?
Phase I Pilot school, Hillsborough Community College, found that limiting interviews to 8-10 minutes with 1-2 minutes for questions and answers following each interview was successful. Their funding committee meets twice annually; each meeting agenda includes a round of pitches. All presentations submitted are heard and the funding committee receives substantial information supporting each presentation prior to the meeting, including video from the business owners and a rubric that helps the funding committee members identify questions that they may want to ask during the interview session. The idea is that your entrepreneurs come prepared and ready to work.
Can a business come back for follow-up funding (second round)?
Businesses can apply and/or reapply for funding at the discretion of your local funding committee.
Does a business need to be revenue generating to apply for funding?
Ideally, participants are beyond the proof-of-concept stage in their planning, but this decision is left up to the discretion of the funding committee.
Can you define 'existing entrepreneurship curriculum'? Does it have to be a degree program?
‘Existing entrepreneurship curriculum’ refers to credit or non-credit programming that is designed to teach and develop the skills, attitude and knowledge to act entrepreneurially.
How much freedom do we have to define eligibility requirements?
Eligibility for participation is determined by the participating college and their Funding Committee.
Does EEVF Phase III Funding support students, community members, or a combination of both?
NACCE encourages you to support all applicants selected by your Funding Committee. Participants may include start-ups and scale-ups from both students and community participants.
At what stage in the business development process should program participants be?
We do not anticipate that student businesses must be established to receive grants. We encourage you to consider seed-funding start-ups as part of your funding plan.
Will recruited mentors and advisors be responsible for mentorship in all EEVF participating colleges or is their participation limited to the recruiting school?
EEVF is interested in developing a national mentor network. It is up to your mentors to determine their level of participation and to what degree you establish your local network. The mentoring component offers opportunities for local fundraising.
Is there a platform NACCE may be considering using to help track EEVF performance?
NACCE is partnered with StartUp Space for Phase II to provide program participants with a hub that connects local entrepreneurs to their communities and tracks program metrics. Learn more at https://startupspace.app/.
Phase III participation in the same platform is under review.
What program metrics are we required to report?
- total number of students engaged and available demographic information;
- total number of businesses created including revenue to date;
- the success rate of businesses created during Phase III one-year post launch;
- the number of jobs created by EEVF Phase III businesses;
- the amount of national and locally matched funds raised towards the initiative;
- marketing outreach performed and related metrics;
- total number of mentoring and advising hours per business; and
- data demonstrating the inclusion of diverse student/community populations, including but not limited to women and minority groups, veterans, rural participants, F-1/international students, and re-entry groups such as the formerly incarcerated.
We look forward to working with you.
Dont't forget to submit your application before April 30!