New and aspiring small business owners will have a shot at winning $3,000 and receiving entrepreneur-focused education and mentorship through a boot camp program in Springfield.
The program is built for underrepresented founders, such as business owners who are women or people of color.
The Early-Stage Business Boot Camp is being put on through a partnership between the Efactory and the Missouri Small Business Development Center (SBDC) at Missouri State University.
“Reducing barriers and providing early-stage capital is critical for starting new businesses and seeing entrepreneurial success in our community,” Rachel Anderson, the director of the Efactory, said in a press release.
Program details
Applications opened this week for the boot camp, which will take place across eight program sessions between February 21 and April 18, from 5 p.m. to 7:30 p.m. at the Efactory, located at 405 N. Jefferson Ave. in Springfield.
The application window closes on December 31, and applicants will know if they have been selected by late January. 10 total applicants will be selected for the program.
Sandra Smart, a business consultant for the SBDC and the Efactory, said the program coaches will give participants advice based on their own startup experiences.
“I think going through the program, having access to facilitators who either have been previous business owners or are current business owners is super important, because it's a ‘been there, done that,’” Smart siad. “The people involved in the program understand what it's like and the struggles that entrepreneurs and small business owners go through.”
In order to be selected to receive the $3,000 stipend for transportation, child care and/or business expenses, applicants must:
- Live in southern Missouri
- Commit to attending all eight programs
- Be Black, Indigenous, people of color and/or women that have recently started their business or are in the planning stages
Smart said the program helps ensure everyone has access to resources to mitigate startup and growth risks and help entrepreneurs become aware of the support networks out there to allow them to pursue their passions.
In addition to $3,000, participants will receive focused business advice, business education, tools and resources to design a plan and budget and access to a regional mentorship network.
“We really want to make sure that the participants are able to understand the full breadth of resources that are available to help them mitigate those risks with starting a business and then growing that business,” Smart said.
Program topics in the boot camp include:
- Customer discovery
- Developing a marketing strategy
- Planning for growth
- Business credit and funding
- Mitigating risk
- Financial management
Previous programs a success
While this is their first Early-Stage Business Boot Camp, the Efactory has previously held “accelerator” programs that similarly provided guidance and advice for aspiring or current business owners. The information and connections made in past programs have benefited past companies, according to Smart.
“The information and the connections through the program and access to additional resources, help people navigate, help them look at things from a different angle,” Smart said.
The boot camp is funded by the U.S. Bank Foundation and Missouri Scholarship & Loan
Foundation, in addition to a partnership with the Multicultural Business Association, United WE and the Missouri Women’s Council.
Those interested can submit an application here.
(Editor’s Note: Missouri State University and the Efactory are in-kind donors of the Hauxeda. Neither organization plays any role in news coverage decisions.)
