One of the interesting things we are discovering at EntreDot is the power of a non-profit to garner collaboration. EntreDot™ is a newly formed business mentoring organization that is committed to ensuring entrepreneurial success. Our objective is to increase the chances of entrepreneurial success by creating high impact companies that are run by entrepreneurs with sustainable business management and leadership capabilities. By providing needed business assistance, we will help entrepreneurs increase revenue and job growth for their companies and communities.
Were we simply a management consulting firm, we would be perceived as being in competition with other consultants, certified public accountants, attorneys, angel funds, investment bankers, and so on… in which case, we would be left to ourselves to try and help one entrepreneur at a time. We knew that we wanted the cooperation of people from all of the categories above, plus many more, so it was a strategic business model decision to become a 501 (c) (3).
What we did not count on, however, is the strong community support. Whether it is the local government (Thank you Mayor McFarlane, Council members Bonner Gaylord and Mary Ann Baldwin for your support evident last night at the Innovate Raleigh event at REDii!), paragovernment organizations like the Cary Chamber and the Downtown Raleigh Alliance, educational groups like the NCSU School of Textiles and School of Design plus Wake Technical Community College, volunteers who serve tirelessly, or great sponsors, we have been overwhelmed at the synergy created by bringing people together who all want to see more entrepreneurs be successful.
The benefits to the entrepreneurs and to their communities are:
- Avoiding critical errors that lead to business failure
- Improving the business skills of local entrepreneurs
- Having a second set of eyes on key business issues like financing, cash flow management, marketing programs, sales traction, and many more
- Validating entrepreneurs’ their ideas and decisions
- Helping entrepreneurs build the right management team to run their companies
- Assisting entrepreneurs in building relationships with all their stakeholders, and potentially steering them to new customers, suppliers and financing sources
- Retaining local entrepreneurs who will stay in their communities to create new businesses; reducing the “brain drain”
- Increasing the number of good jobs within the rapidly growing new companies throughout NC, including in its most distressed counties
- Increasing revenue to local communities via the expansion of local economies
Recently, I had the distinct pleasure of hearing Nobel prize winner Muhammad Yunus espouse the virtues of social business as a means to solve community issues. This is an idea whose time has come! We are excited to be helping entrepreneurs create better local economies, with the myriad of spillover effects.
What non-profit can you help create that will solve community needs through strong collaboration?