The Colorado Economic Development Commission on April 18th approved North Metro Enterprise Zone Contribution Project designation for Entrepreneurship for All (EforAll) in Longmont.
EforAll is an innovative small business/non-profit accelerator fostering entrepreneurial growth. The EforAll program is a year-long business accelerator that starts with a 12-week intensive covering a wide variety of critical aspects of starting a new business. EforAll receives no money from Longmont or Colorado as a result of this designation.
“Receiving Enterprise Zone Contribution Project designation is a big win for EforAll,” stated CEO David Parker. “Through public and private funding, we want to ensure our program will be launching businesses in Longmont for many years to come.”
EforAll’s goal is to support the local community, specifically marginalized populations, in launching local businesses and non-profits that benefit the local community. EforAll’s three-year goal for the Longmont program is to launch 75 small businesses in Longmont.
“We work with entrepreneurs at all stages. Many just have an idea, some have a hobby that they want to take to the next level, and some are looking to grow an existing startup. And we work with a wide range of industries. To date, EforAll startups have been 48% service related, 33% product, 12% technology and 7% retail. Ten percent of these startups are non-profits and 16% are food related,” said Julie Smith, Director of Marketing at EforAll.
EforAll Contribution Project designation is effective immediately. Individuals interested in learning more about the funding campaign can contact Harris Rollinger, EforAll Colorado Executive Director, at email@example.com. By the end of the year, EforAll will have a physical presence in Longmont, including two full-time staff that will be funded through the organization.
“The economic development goals of the North Metro enterprise zone include cultivating entrepreneurship and innovation and building minority participation in the business community. With EforAll’s successful track record, commitment to economic and social impact through entrepreneurship, and focus on serving marginalized communities, the program will clearly contribute to these goals,’ said Jessica Erickson, Longmont EDP president and CEO.
Based in Massachusetts, EforAll has launched 349 startups that have raised $20.9 million in capital, generated $18.8M in revenue, and created 626 jobs. EforAll focuses their efforts on fostering entrepreneurship in marginalized communities (women, minorities, immigrants, unemployed/under-employed). To date businesses launched out of EforAll are 73% women-owned, 57% minority-owned, 53% immigrant-owned, and 59% owned by previously unemployed or under-employed individuals.
Rory MacKean, CEO at Franklin Robotics in Massachusetts, which makes Tertill, a solar powered weeding robot for home gardens, went through EforAll soon after starting their business, and found it to be quite helpful.
“All the way from the logistics of putting together a budget and forecast in a standard way, to learning to succinctly describe the business to potential investors. We were still working through the direction we wanted to take the company, and the mentors at EforAll were helpful in thinking through that with me and the rest of the team, balancing our personal interests with what would work well as a business,” said MacKean.
“It’s not always easy to discern what’s relevant for you and your business. Being able to think through the challenges and opportunities in front of an entrepreneur within the context of an accelerator is tremendously valuable, particularly when that accelerator can offer the time and attention to drill down into the specifics of a given business.”
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