Next Chapter Business Program

Transitioning from traditional employment to entrepreneurship presents significant challenges for many professionals, including a lack of essential business skills, limited access to influential networks, and insufficient capital. A 2024 global survey revealed that while 60% of individuals are interested in starting their own business, only 37% had a business or planned to start one within the next year.

This disparity is even more pronounced among underrepresented groups. For instance, Black-owned businesses comprised only 2.3% of U.S. businesses in 2022, despite African Americans representing 14.2% of the population.

Additionally, minority entrepreneurs often face systemic barriers in accessing capital. A 2020 report highlighted that only about 5% of the Black community runs businesses, compared with 9% of their white counterparts, with financial barriers being a significant contributing factor.

These systemic obstacles not only hinder individual aspirations but also perpetuate broader economic disparities, underscoring the need for targeted support and resources to bridge the gap between employment and entrepreneurship for all professionals.

The Next Chapter Business Program empowers professionals transitioning from traditional employment to entrepreneurship with the tools, knowledge, and expert support needed to build and sustain successful businesses.

The program is structured around four key components:

• Skills Training: Workshops cover essential topics like financial management, business planning, marketing, and operations, building a solid foundation for success.
• Expert Consultations: Participants work one-on-one with seasoned business consultants and specialists in areas such as accounting, bid preparation, e-commerce, legal, and marketing. These experts help create tailored strategies and deliver tangible work products.
• Access to Capital: Training ensures participants are prepared to secure funding through loans, alternative financing, and investments, with specialized guidance for loan readiness.
• Community & Networks: The program fosters connections among participants, mentors, and industry leaders, creating a collaborative ecosystem that drives growth.

Using a blend of in-person workshops, virtual learning, and personalized consultations, the program equips participants to overcome challenges and thrive as entrepreneurs. It offers a comprehensive, hands-on approach to turning aspirations into sustainable business success—all with expert guidance every step of the way.

The Next Chapter Business Program is designed for mid- to late-career professionals transitioning from traditional employment to entrepreneurship. While these individuals often bring significant expertise in their fields, they may lack access to the personalized guidance, networks, and funding needed to start and sustain a business. Many participants come from underrepresented groups, including women, Black, and Latino professionals, who face systemic barriers to entrepreneurship.

The program goes beyond workshops to offer comprehensive, tailored support. Participants receive one-on-one consultations with seasoned business consultants and specialty experts in areas such as accounting, bid preparation, business planning, e-commerce, legal, marketing, and SWOT analysis. These experts work closely with participants to create actionable strategies and deliver tangible work products that are critical to launching and growing their businesses.

Additionally, the program provides workshops on business fundamentals, guidance on navigating funding options, and opportunities to connect with a robust network of peers and industry leaders. By addressing these key needs, participants gain the tools and confidence to achieve financial independence and career success. The program also fosters local economic growth by driving innovation and job creation, bridging critical gaps in access to entrepreneurship for diverse professionals.

At FSMSDC, our team is deeply rooted in the communities we serve, uniquely positioning us to deliver the Next Chapter Business Program. Many of our team members share lived experiences with the target population, including overcoming systemic barriers to entrepreneurship. With representation from underrepresented groups—such as women, Black, and Latino professionals—we bring an authentic understanding of the challenges faced by these communities.

The program goes beyond training and workshops, offering personalized support tailored to each participant’s needs. Our team provides one-on-one consultations with seasoned business consultants and specialty experts in fields such as accounting, bid preparation, business planning, e-commerce, legal, marketing, and SWOT analysis. These experts work closely with participants to develop actionable strategies and deliver tangible work products essential for launching and sustaining successful businesses.

Our longstanding relationships with minority entrepreneurs and professionals are evident in the over 1,000 aspiring business owners we’ve supported through technical assistance programs, mentorship networks, and access-to-capital initiatives. Participant feedback has been integral to shaping the program, ensuring it emphasizes mentorship, expert guidance, and funding access as core components.

By centering community input and leveraging our expertise, FSMSDC is fully equipped to empower participants, foster economic growth, and close equity gaps in entrepreneurship.

We selected the Concept stage because the Next Chapter Business Program builds on the proven success and best practices of our established FSMSDC Technical Assistance Program (TAP). While TAP serves minority business owners, the Next Chapter Entrepreneurs program is specifically tailored to mid- and late-career professionals transitioning from traditional employment to entrepreneurship.

The Next Chapter Entrepreneurs program will incorporate many of the core qualities that have made TAP impactful. For example, participants will receive personalized guidance through one-on-one consultations, with work plans customized to address their unique challenges and goals. Additionally, workshops on business fundamentals—such as financial management, marketing, and operations—will be designed to meet the needs of professionals new to entrepreneurship.

The mentorship component will also play a central role in Next Chapter Entrepreneurs, connecting participants with experienced entrepreneurs to foster confidence and business acumen. Finally, the program will draw from TAP’s approach to facilitating access to capital by providing tailored support for securing funding and achieving loan readiness.

Leveraging TAP’s proven strategies, the Next Chapter Entrepreneurs program will offer a targeted solution to help a new audience transition confidently into entrepreneurship and achieve measurable success.

https://fsmsdc.org/tap/

The Next Chapter Business Program is innovative because it bridges the gap between traditional employment and entrepreneurship for mid- and late-career professionals—an often overlooked demographic in entrepreneurial initiatives. While many programs focus on early-career entrepreneurs or established business owners, our program is uniquely designed to address the challenges faced by professionals transitioning into entrepreneurship later in life. It leverages their extensive career experience while addressing gaps in entrepreneurial skills, networks, and resources.

This program goes beyond workshops and training by offering one-on-one consultations with seasoned business consultants and specialty experts. Participants gain access to specialists in areas such as accounting, bid preparation, business planning, e-commerce, legal, marketing, and SWOT analysis. These experts work closely with participants to develop customized strategies and deliver tangible work products essential for business success.

Our approach integrates proven elements of FSMSDC's Technical Assistance Program (TAP) with features tailored to this audience. Participants are paired with mentors who have successfully navigated similar transitions, receive workshops to translate corporate skills into entrepreneurial competencies, and are guided through financing options often unfamiliar to first-time entrepreneurs.

By focusing on lived experiences and systemic barriers, the program empowers individuals, fosters broader economic growth, and promotes inclusivity. It serves as a model for rethinking how organizations support career transitions, inspiring a more equitable approach to entrepreneurship.

The Next Chapter Business Program aims to create a transformational impact by empowering mid- and late-career professionals to transition confidently into entrepreneurship. Our impact goals focus on addressing barriers to entrepreneurship and fostering sustainable business growth, particularly for underrepresented groups.

Impact Goals:

1. Enable 100 professionals to transition successfully into entrepreneurship over the next three years.
2. Equip at least 75% of participants with the skills and knowledge needed to launch a business within one year of program completion.
3. Facilitate $1 million in collective funding for participants' startups within three years.
4. Drive economic growth by supporting the creation of at least 150 new jobs through participant-led businesses.

Measuring Progress:

We track progress using specific indicators:

• Entrepreneurial Launch Rate: Percentage of participants who successfully start a business within one year of completing the program.
• Business Growth Metrics: Revenue and job creation reported by participant businesses over three years.
• Access to Capital: Total funding secured by participants, including traditional loans and alternative financing.
• Participant Feedback: Surveys measuring confidence, satisfaction, and the perceived value of skills training and mentorship.

By combining quantitative metrics with qualitative feedback, we ensure our program remains responsive and delivers measurable, meaningful impact.

Full-Time Staff:

We currently have 21 full-time staff members working on our solution team.

Part-Time Staff:
Our solution team includes two part-time staff members.

Contractors or Other Workers:
We also collaborate with 3 contractors or other workers.

We have been working on our solution for five years.

Team Contributions: Our team has been actively collaborating on this solution for five years, leveraging diverse expertise to refine and implement it. Organizational Commitment: As an organization, we have officially dedicated resources and efforts toward this solution for two years, ensuring consistent progress and impact.

At FSMSDC, diversity, equity, and inclusion are core values that guide both our internal operations and external impact. We are committed to fostering a diverse team, removing barriers to opportunity, and creating an inclusive environment where all individuals feel valued and supported.

Leadership Diversity

Our leadership team reflects the communities we serve, bringing diverse perspectives and experiences to our decision-making processes.

Actions to Minimize Barriers and Promote Inclusion

• Equity-Focused Hiring: We prioritize inclusive recruitment to ensure equitable access to opportunities.
• Professional Development: We offer training and mentorship to support the advancement of all team members, particularly those from underrepresented groups.
• Inclusive Practices: Policies like flexible schedules and accessible communication foster an environment where everyone can thrive.

DEI Goals

We are focused on increasing representation, regularly reviewing policies to eliminate barriers, and fostering a culture of continuous feedback and improvement to enhance inclusivity.

The Next Chapter Business Program operates on a hybrid business model designed to maximize value for participants while ensuring financial sustainability. It goes beyond traditional workshops by offering personalized, hands-on support tailored to each participant’s unique needs.

Our primary beneficiaries are mid- and late-career professionals, particularly from underrepresented groups, who aspire to transition from traditional employment to entrepreneurship. These individuals often face challenges such as limited entrepreneurial training, mentorship, and access to funding. Our program directly addresses these barriers.

We deliver a comprehensive suite of services, including:

• Workshops: Covering financial management, business planning, marketing, and operational efficiency.
• One-on-One Consultations: Participants work with seasoned business consultants and specialty experts in fields like accounting, bid preparation, e-commerce, legal, marketing, and SWOT analysis. These experts collaborate with participants to develop tangible work products tailored to their business needs.
• Access to Funding Resources: Guidance on securing loans, alternative financing, and investment opportunities.
• Networking Opportunities: Fostering connections with peers, mentors, and industry leaders.

By combining in-person sessions, virtual learning platforms, and digital tools for progress tracking, the program provides actionable strategies and sustained support.

The program ensures accessibility and impact through:

• Corporate Partnerships: Sponsoring participants as part of workforce development or diversity initiatives.
• Grant Funding: Secured from organizations championing minority entrepreneurship and economic empowerment.

This model enables us to offer transformative support while maintaining financial sustainability.

The FSMSDC Technical Assistance Program is funded through a diversified revenue model, combining state and federal grants, corporate sponsorships, and service contracts. This approach ensures a steady stream of funding to sustain and grow our services. By leveraging these partnerships, we provide cost-effective support to minority-owned businesses while aligning with funders’ goals of fostering economic equity and opportunity.

To enhance financial sustainability, we continuously expand our corporate sponsor base, highlighting the value of investing in supplier diversity and entrepreneurial growth. Additionally, we actively pursue multi-year grants to stabilize long-term funding.

Our plans to fund our work have been successful through a combination of strategic grant acquisition, corporate sponsorships, and service contracts. Below are examples of major grants that have supported our efforts:

1. Florida Power & Light: $333,000
2. Miami Foundation: $$150,000
3. Community Foundation of Broward County : $75,000

In addition to grants, we have successfully generated revenue through corporate sponsorships and events. These revenue streams demonstrate our ability to diversify funding and sustain our programs.

By leveraging these funding sources, we have consistently met program goals and expanded our impact, showcasing the success of our funding strategy to date.

We are applying to the Truist Foundation Inspire Awards to strategically elevate the FSMSDC Technical Assistance Program and strengthen our ability to support minority-owned businesses. Partnering with the Truist Foundation and MIT Solve presents an exciting opportunity to enhance our existing success and further scale our impact through innovative approaches and expanded resources.

Working with the Truist Foundation and MIT Solve would provide invaluable support in key areas of growth:

• Enhanced Impact Through Strategic Investment: The funding and expertise offered through the Inspire Awards would allow us to scale our programs, integrate cutting-edge tools, and further develop innovative solutions that empower entrepreneurs to thrive in competitive markets.
• Innovation and Collaboration: Access to MIT Solve’s network of experts and partners would spark new ideas and collaborations, enabling us to refine and expand our entrepreneurial support ecosystem.
• Capacity for Sustainable Growth: With the support of the Challenge, we can build on our strong foundation to develop new strategies for long-term sustainability and expand our ability to create lasting economic impact for minority-owned businesses.

This opportunity aligns with our forward-looking vision for growth and impact, allowing us to take an already successful program to the next level while continuing to champion equitable economic opportunities for the communities we serve.