Is your organization registered as 501(c)(3) status with the IRS?
YesWhere our solution team is headquartered or located:
Boca Raton, FL, USAWhich dimension of the Challenge does your solution most closely address?
What is the name of your solution?
Hispanic Business Incubator
Provide a one-line summary of your solution.
Business Acculturation Training and Coaching for Immigrant / Latino Entrepreneurs & Small Business Owners
What is your solution?
The Hispanic Business Incubator is a 6-weeks Training and Coaching Program, giving Hispanic/Latino Entrepreneurs and Small Business owners a solid base to: Overcome cultural barriers affecting their business' performance and sustainability; Understand the rules of doing business in the USA; and Prepare to successfully access capital when launching/growing a business
On 18 hours of instruction and 9 hours of 1-on-1 coaching, participants recognize the impact of cultural element on main areas of the business such as Mindset, Finances, Business Strategy, Marketing, Sales and Operations.
The curriculum is built on Systems Approach, Positive Discipline and Emotional Intelligence principles; each 3-hours session brings forward a cultural contrast in a specific business area, best practices to adopt, and tools to apply the new concept once the session is finished. That week they have 1.5 hours to meet their coach and ask particular questions on the implementation of changes to their process.
Participants get a “map” for building a business and a “must have” business checklist of to-do’s based on the cultural background of Hispanic/Latino immigrants.
We deliver in Spanish or English, both online and in person.
What specific problem are you solving?
The scale of the problem is nation-wide yet we started working on our South Florida region.
Latinos are the fastest growing population in the US, contribute 800+ Billion dollars to the US economy, create three times more businesses than their American counterparts, yet they crash and burn also as fast (The amount of Latino owned business closing within the first 5 years is 3X compared to their white counterparts), have less access to lending capital (a Latino is less likely to receive a bank loan than their white Counterparts), and overall is set to fail in an unfamiliar game.
We have made hundreds of interviews, surveys and focus group studies, and we see how not addressing the disparity of cultures (latino and american) in how to do business, has negative consequences in the sustainability of businesses built by Latino immigrant.
Whole families depending on a business venture carried out under a not-applicable cultural paradigm, consistently results on the same outcome: lack of credit history, financial ruin for the business owner and their families, no support network to advice otherwise or contain the negative effects of closing the business. They work hard but they don’t know how to work smart in a foreign system nobody explains to them.
Explain how the problem you are addressing, the solution you have designed, and the population you are serving align with the Challenge.
we help them see and learn the aspects of the Latino and american culture detrimental to their business practice so they can build sustainable business and achieve economic prosperity. This way we are closing the gap as an underserved community and having entrepreneurs and business owners ready to be productive and competitive.
Who does your solution serve, including demographics, and how does the solution impact their lives?
We serve hispanic and latino based in south florida, with a business idea or on early stages of their business, less than 100k in revenue, mostly women older than 35 years old, with college education and some working experience.
Is the solution already being implemented in at least one of the Truist Foundation’s target geographies: North Carolina, South Carolina, Virginia, Maryland, West Virginia, Kentucky, Tennessee, Georgia, Florida, Alabama, Indiana, Texas, New Jersey, Ohio, Pennsylvania, Washington, D.C., Delaware?
Yes
If your solution is already being implemented, list which of the above US state(s) you currently operate and include those states not listed
florida
Is your organization’s mission to help launch small businesses and/or to sustain small businesses?
Both. Our mission is to foster economic prosperity in South Florida through business acculturation training and coaching for Hispanic Latino and other minorities
What is your theory of change?
Our theory of change is: humans can change their behavior if they can “see” the mindsets and beliefs behind it. Culture being an inherited set of beliefs, mindsets and behaviors, you can smooth the transition and adoption process by positively bringing light and contrast among both cultures. From that solid ground, you can build on entrepreneurship skills.
Our solution's stage of development:
Growth: an established product, service, or business model that is sustainable through proven effectiveness and is poised for further growth into additional communities.Film your elevator pitch.
What is your organization’s stage of development?
Growth: A registered 501(c)(3) with an established product, service, or business model in one or several communities, which is poised for further growth. Organizations should have a proven track record with an annual operating budget.Solution Team
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YT
Yulimar Trumbo Director of Training and Coaching Programs / Co-Founder, Hispanic Entrepreneur Initiative
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What is the name of your organization?
Hispanic Entrepreneur Initiative