Hispanics represent one in three residents of Orange County, California but account for only 12% of Orange County businesses. A CB Insights Report cites that less than one percent of venture-backed startups in the nation were founded by Hispanics and are still underrepresented among the ranks of high-tech entrepreneurs. In response to this challenge, the Community Vitalization Council 180 (“CiViC 180”), a non-profit organization, is launching a Hispanic Entrepreneur Ecosystem to assist Orange County and surrounding cities to empower high-tech entrepreneurs. The program is designed to foster a new generation of Hispanic entrepreneurs and small business owners by providing access to resources and support that will enable them to build and grow their startup or small business.
One of the key roles that local government and chambers of commerce to perform is to facilitate and influence business and investment opportunities in an effort to retain and create jobs and enhance its tax base. California cities have one of the highest unemployment rates of any state in the nation of which no city has escaped either in terms of losses in employment or to its tax base. Thus, a Hispanic Entrepreneur Ecosystem is a valuable program in the support of economic development activities and has become even more valuable since the 2008 recession.
“Cities are central to innovation and new technology,” said Chris Lynch, president of Civic 180. “They need to act as giant petri dishes, where creative types and entrepreneurs can rub up against each other as well as mentors who are a great resource to assist them from idea to an emerging growth company – combining and recombining to spark new ideas, new inventions, new businesses and new industries.”
The Hispanic Entrepreneur Ecosystem Program is consistent with the mission of CiViC 180 which is to promote community level economic vitality and jobs by bringing and implementing best practices in creating and supporting the growth of new businesses. CiViC 180 works in collaboration with cities, economic development agencies, chambers of commerce and other non-profit organizations – with the aim to provide services to poor or underserved communities by developing stable funding streams for community-based programs using grants, donations, and corporate sponsorships.
“If Orange County cities want to remain a vibrant community, then cities and chambers of commerce must do everything it can to foster a Hispanic Entrepreneur Ecosystem and create a pipeline of jobs for working families,” commented Lynch. The CiViC 180 Hispanic Entrepreneur Ecosystem is a mentorship-driven program that provides “hands-on” education, business resources, infrastructure, capital, and guidance for promising startup companies led by Hispanics, moving them on to a fast track to success. The CiViC 180 Hispanic Entrepreneur Ecosystem will assist Hispanic entrepreneurs with the following benefits:
- Mentorship – Participants receive frequent one-on-one time with the most influential entrepreneurs in the community to provide guidance, share progress, and receive crucial feedback.
- Workshops/Seminars – Facilitated by CiViC 180 “hands-on” mentors, participants will learn how to build a scalable business model, attract and maintain customers, and generate revenue for their startups.
- Pitch Presentations – Workshops on preparing pitch presentations will be conducted by industry leaders and venture capitalists, in partnership with SBA and other organizations. These pitch presentation workshops are designed for entrepreneurs to roll up their sleeves to learn about startup business strategies and tactics that will deliver successful results.
- Training – CiViC 180 will provide training on practical skills and knowledge to Hispanic entrepreneurs and small business owners regarding the specific competencies that will improve their capabilities and performance. This training will allow participants to continue to maintain, upgrade and update their skill sets throughout their business lives.
- Demo Day – In cooperation with K-5 Accelerator, each startup will participate in a pitch competition and pitch to investors in an interactive setting. Our shared goal is to help participants exit the program on a fast, upward trajectory toward their company’s specific growth objectives.
- Access to Resources – CiViC 180 will also provide additional resources that will enable Hispanic entrepreneurs to build and grow their startup or small companies.
- Promotion – create buzz and awareness in launching new Hispanic companies and products or services. It is vital in gathering customers, investors and achieving success.
All Hispanic startups and small businesses are expected to achieve certain milestones and graduate with a lean startup team