December 6, 2022 10:09am
Applications open for third cohort of GLI’s Power to Prosper Minority Business Accelerator
Louisville, Ky. (December 6, 2022) – Greater Louisville Inc. (GLI) opened applications for the third cohort of its Power to Prosper Minority Business Accelerator, following the successful graduation of 12 local entrepreneurs in November. The accelerator, designed for minority and woman-owned, mid-sized business owners who want to take their business to the next level, launched in January 2021 and has since graduated two cohorts. This year’s program will begin in April 2023.
“I am thrilled to open applications for our third Power to Prosper cohort. In addition to helping businesses individually, the long-term goal of this program is to create economic inclusion in our community and help advance diverse, women, LGBTQ+, veteran and disabled business owners,” said Sarah Davasher-Wisdom, president and CEO of GLI. “I’m looking forward to welcoming more businesses into the program and seeing their growth in the coming years.”
Through the generous support of Louisville businesses, GLI offers this program free of charge to all participants. Funding for the 2023 program was made possible by the Papa John’s Foundation for Building Community and Beam Suntory. It was created as part of the inclusion pillar of GLI’s Now Louisville strategic plan which received funding from numerous Greater Louisville businesses. Humana is the lead investor for the Now Louisville plan and Thorntons is the initial lead investor for the inclusion pillar.
Applications are open through February 28, 2023 and rolling interviews will be conducted as applications are submitted. The program is open to business owners who:
- Are minority, woman, LGBTQ+, veteran, or disabled-owned
- Employ at least one full-time employee, besides the owner(s)
- Have been in business for at least two years
- Commit to attend class and complete mandatory assignments and program surveys, as requested
Through a hands-on, cohort-style program valued at $15,000 but offered free to participants, business owners will obtain the necessary knowledge, resources, and networks for their businesses to scale including business development strategies, strategic planning, finance and financial management, marketing/sales, human resources, and accessing capital. GLI partners with national consulting firm, Interise, for the creation and implementation of the program’s curriculum based off of Interise’s Street-Wise “MBA” model. This nationally recognized and award-winning program model uses a peer-learning method.
In November, Interise and GLI surveyed graduates of the first Power to Prosper cohort one year after graduation to monitor their progress. All 12 graduates responded with positive feedback on the program and the results they have seen in their business, which includes:
- 100% program satisfaction
- 92% added or maintained positions
- 86 total jobs created and retained
- 91% are following the growth plan they developed in the program
- 57% average revenue growth for businesses
- 90% reported being profitable
- 42% received financing to help grow their business
- 100% hired from the local community
“The results speak for themselves; this program works for businesses who are willing to commit the time and effort it takes to move to the next level. The curriculum is only one part of the program because we know access to capital remains the largest barrier to growth for minority business owners,” said Dana Johnson, senior director of diversity, equity, and inclusion for GLI. “That’s why GLI is committed to opening doors and facilitating introductions for future contracting opportunities between our participants and some of region’s largest companies. To date, four of our graduates have secured sizeable contracts from connections made during the program.”
To learn more about the Power to Prosper Minority Business Accelerator and view the application, click here.