Finalist

Innovation and Entrepreneurship Team of the Year (Rising Star) Award

Minority Small Business Launch Center at Virginia State University

Finalist of the Innovation and Entrepreneurship Team of the Year (Rising Star) Award

Virginia State University - United States

"Innovation and Economic Opportunity through Education, Collaborative Networks, and Research"


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The Award Ceremony for this entry (award category "Innovation and Entrepreneurship Team of the Year (Rising Star) ") will take place on 27 June 2023, 18:45 to 19:45 CEST.

Summary

The mission statement of Reginald F. Lewis College of Business states that “We provide opportunities for diverse students to become successful, ethical and socially responsible business professionals through a technology-infused curriculum that emphasizes professional development pathways, exposure to real-world business operations, and service to society.”

Consistent with this mission, VSU Entrepreneurship Center was founded in 2015, with the mission to provide entrepreneurship education and services that spur innovation and small business opportunity throughout Virginia.
Our Center emphasizes dispersing entrepreneurial opportunity, collaboration with existing entrepreneurship-support organizations, and embedding a sense of social responsibility to aspiring and existing entrepreneurs. It provides three types of programs: Entrepreneurship Education (a minor in entrepreneurship for students and short programs for entrepreneurs); Veteran and Military Programs (resources on entrepreneurship through our web site and consulting); Small Business Development Assistance (training programs, seminars and consulting).
Business students have been providing assistance to non-profits and small businesses through projects ranging from Google analytics and business plans to strategic planning.
The Center has collaborated with government agencies to produce research reports on business revitalization in downtowns in Virginia and to train new entrepreneurs in the state of Maryland.
With funding from state agencies and the support of local governments, “Minority Small Business Launch Center” was opened, one of the first in the Nation. During its short life, the Center trained over a thousand entrepreneurs and created hundreds of new businesses and jobs. The rest of the document provides evidence of these efforts and accomplishments.

Key People


Dr. Patrice Perry-Rivers
Founding Director
Reginald F. Lewis College of Business,  Virginia State University



Dr. Emmanuel Omojokun
Dean
Reginald F. Lewis College of Business,  Virginia State University



Dr. Venkatapparao Mummalaneni
Senior Associate Dean
Reginald F. Lewis College of Business,  Virginia State University


Acknowledgements

The state of Virginia’s GO Virginia economic development fund, a generous donation from Alfred Street Baptist Church, Altria, Truist, and in-kind donations from the Metropolitan Business League were particularly instrumental in our ability to implement this programming.


[Please put your response here]
Below are just some of the key organizations that have supported the VSU Center for Entrepreneurship and its Minority Small Business Launch Center’s efforts.

U.S. Small Business Administration
The Virginia Depoartment of Small Buisiness and Supplier Diversity
The Virginia Minority Busines Development Agency Center
Grow Capital Jobs
Go Virginia
The Metropolitan Business League
Lighthouse Labs
The Virginia Hispanic Chamber
The Virginia Innovation Partnership Corporation
Central Virginia African American Chamber
Startup Virginia
Virginia Community Capital
Biz Works
The City of Richmond, Virginia
The City of Petersburg, Virginia
The City of Colonial Heights, Virginia
Hopewell Downtown
Henrico County
Chesterfield County
Prince George County
And Others























Images

U.S. Senator Tim Kaine visits the Minority Small Business Launch Center

Spring 2022 Pitch Competition

Fall 2022 Student Pitch Competition Winners, November 2022

Fall 2022 Minority Small Business Launch Center Cohort Graduation Ceremony (Sponsored by the Coronavirus Response & Relief Center (CvRRC) operated by the Virginia MBDA Business Center & the Capital Region Minority Supplier Development Council (CRMSDC) )

Fall 2022 Minority Small Business Launch Center Cohort Graduation Ceremony: Graduates of our Fall 2022 Program

Community Transformers Award Received by Center Director for Efforts of the Minority Small Business Launch Center, Summer 2022

IMPACT STORY

Impacting lifes

The Center for Entrepreneurship has had an indelible impact on the Richmond metropolitan statistical area over the last 2 years since it launched the Minority Small Business Launch Center. Richmond was the Capital of the American Confederacy which fought to preserve slavery. Just over 150 years since slavery ended, there is still stark economic inequality in the region, which is easily observed in entrepreneurship rates which are 6% for non-minorities, but only 2.8% for African Americans, the region’s largest minority group. This is important because entrepreneurship is a key driver of wealth for individuals and families. The Center initiated its Minority Small Business Launch Center with this in mind. The Center provides training, resources, access to networks, and funding that have not been previously targeted toward underserved groups to mitigate the low entrepreneurship and wealth among this group. The Center has assisted over 1000 mostly underrepresented minority entrepreneurs since July of 2021 throughout the state. In addition, the Center’s director has helped generate over $1.9 million for the Minority Small Business Launch Center (MSBLC), which was funded with $453,000 from the state of Virginia’s Governor’s office. The Center and affiliated faculty have also produced two government studies for state agencies that assist small, minority, and/or rural entrepreneurs—the Department of Small Business and Supplier Diversity, and the Virginia Department of Housing and Community. On June 3, 2022, the Director was awarded a Community Transformers Award as a "Finance Transformer" for the Center’s efforts by the Richmond region Community Transformers Foundation.

LEARNINGS

Lessons learned

• Start with a clear, societally-relevant purpose in mind that you, your fellow faculty and leadership supporting your efforts, and your students can all get behind.
• Build a network of collaborators in
• Develop clear processes for all of your activity so that your efforts can be replicated in your absence and then institutionalized.
• Establish clear metrics and then keep a record of your metrics-based achievements for reporting to your key stakeholders.
• Take pride in what you have done and be sure to utilize social media and targeted mass email for engagement and to let the community and your stakeholders know about your accomplishments and what your program has to offer.

FUTURE PLANS

What's coming?

The Center is committed to implementing several key initiatives allowing us to continue and expand our efforts to assist under-represented entrepreneurs throughout Virginia and beyond. Some of these initiatives include:
• Mobile Business Services – The Center plans to create a Mobile Small Business Unit to serve underrepresented urban and rural entrepreneurs with limited broadband access or transportation with launching or getting assistance for their small businesses.
• Consistency of Entrepreneurship services – The Center seeks to make its Minority Small Business Launch Center and its training, networking opportunities and funding grants a permanent part of the university’s offerings.
• Technology advancement for participants – The Center seeks to assist the entrepreneurs it serves with technology-based innovations, patenting, and commercialization in partnership with its University Office of Sponsored Research, College of Business and College of Engineering.
• Product Development – The Center acquired two 3-D Printing Machines that can be used by entrepreneurs to build prototypes for a more efficient product development process.
• Certificate Programs – Reginald F. Lewis College of Business expects to launch certificate programs in “Minority Business” and “Social Entrepreneurship” to encourage and support potential mong students and minority communities.
• Duplication across state universities – The Center seeks to establish a consortium with other universities in the state and across the country that serve underrepresented entrepreneurs so that they can share resources and successful strategies to increase support for the success of underserved entrepreneurs and facilitate economic opportunity for all citizens.


KEY STATISTICS

154

Businesses created

1000%

increase in Jobs created

216

Certifications

1004

Entrepreneurs/students trained

513

Number of Businesses Expanded

10129

Training Hours

953

Businesses supported

90%

Businesses Satisfied with Support

115

Grant applicants

25

On demand webinars

36

Live Training Webinars

19

Localities offering Grants

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