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Prosperity Initiative

The Prosperity Initiative promotes inclusive entrepreneurship and business growth for entrepreneurs who identify as Black, Indigenous or people of color (BIPOC). The program provides regular education, coaching and business resources to BIPOC business owners in SMIF’s 20-county region.

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Project Impact(s): Business Process, Diversity and Inclusion, Economic Development, Entrepreneurship, Workforce Development

This project is in Plan Phase.

  • Please scroll the following to view Beam's understanding of the project's strategy, indicators, expected results, and monitored metrics.
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Collaborators, Project Type, Impacts, Related Projects

 

Collaborators 

Lead Organization: Southern Minnesota Initiative Foundation

Contact: Meg Steuer ; Email: MegS@smifoundation.org ; Phone: 608-397-0079

Known/Likely Collaborators: Community and Economic Development Associates (CEDA) ; Diversity Council ; SE Minnesota Small Business Development Center (SBDC) ; Southern Minnesota Initiative Foundation

Potential Collaborators:

Related Projects

Collider Inclusion Open Entrepreneur Ecosystem Navigator ; Diversity in Business Initiative ; Supplier Diversity Initiative ; Targeted Business Enterprise Utilization ; enCounter Poverty

Impacts 

Major Impact:  Workforce Development

PlanScape Impacts :

Level 1: Business Process, Diversity and Inclusion, Economic Development, Entrepreneurship, Workforce Development

Level 2: Education, Education

DMC Impacts:

Community Health Impacts:

Type of Project

Planning  

 

 

Detailed Description

"The program, designed to provide education and business resources to minority business owners, will also educate resource partners of the barriers and opportunities these individuals encounter," according to the release.

The first phase of the program includes a survey of existing minority businesses, available on SMIF's website. This information will inform SMIF and its partners of the immediate and long-term needs of minority-owned businesses.

"We know our region is facing a labor shortage," said SMIF Vice President of Economic Development Pam Bishop. "A key factor in sustaining a strong economy in southern Minnesota is making sure all business owners are getting the necessary support to grow and to encourage aspiring entrepreneurs from diverse, underrepresented backgrounds. We are hopeful that the collaborative nature of The Prosperity Initiative can help us meet these needs."

 

Strategy

In addition to Small Business Development Center-Rochester, other partner organizations include Blandin Foundation's Leadership in Ethnically Diverse Communities Program, Community and Economic Development Associates, Greater Mankato Diversity Council, Latino Economic Development Center (Minneapolis), Project FINE (Winona), Region 9 Development Commission (Mankato), Diversity Council (Rochester), and Welcome Center (Austin). — staff reports

 

 

 

Metrics
Unknown

 

Key reports on: Prosperity Initiative

Prosperity Initiative (August 17, 2022)
(1) About the program and August 2022 recruting  (2) 2018-07-011 Minority Business Conference hosted by SBDC, Diversity Council and Prosperity Initiative

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Last modified by allnode on 2023/03/22
Created by allnode on 2016/01/08

 

 

 

Site Information
Project Phase Definitions
The following defines the various project phases:
  1. Available - a product, program or service is in production
  2. Develop - program or application is being developed
  3. Plan - idea is solid, stakeholders are identified, and there is strong commitment to go forward from all parties.
  4. Concept Phase - idea scoped out with enough details to give an early sizing and/or to build a proof of concept
    demonstration
  5. Pre-concept Phase - an early idea or a requirement.
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