Main Street Entrepreneurs Seed Fund Expansion
Georgia State University — Goal 2 Initiative Main Street Entrepreneurs Seed Fund Expansion
Small and medium business ("SMB") underrepresented founders are disproportionately impacted by a lack of access to capital and entrepreneurial resources. Focused on fostering inclusive entrepreneurship, Georgia State University's Main Street Entrepreneurs Seed Fund ("MSESF") is a six-month program supporting underrepresented students, recent alumni, and Georgia State community entrepreneurs with seed funding and mentorship to start and grow new SMB ventures. Over the next 5 years, Georgia State seeks to (a) double the MSESF annual cohort size (from approximately 20 to 40 companies); (b) provide larger and varied capital allocations to MSESF companies (i.e., move from $7,500 grants to significant equity-based investments); and (c) create 100 new jobs through funded companies annually.
Initiative Differentiators
This initiative expands the award-winning MSESF business accelerator program, providing additional access to capital and entrepreneurial resources to underrepresented founders. MSESF founders are multidisciplinary, hailing from over six colleges within Georgia State (not just the Robinson College of Business), evidencing that entrepreneurship is an institutional priority. The MSESF has mirrored Georgia State's student success efforts, illustrating that underrepresented founders can be equally successful as their peers with targeted technical and operational resources, mentorship, and programs.
Key Interventions and Milestones
During Summer and Fall of 2021 Cohort 2 is formed, funded, and mentored. The following academic year (2021 – 2022) the initiative will raise funds for MSESF cohort and programming expansion. During academic year 2022 – 2023 (and beyond) the initiative plans to deploy raised assets through a variety of alternative capital mechanisms, expand mentoring and workshops, and increase involvement with the Atlanta entrepreneurial ecosystem.
Expected Impact
Georgia State's MSESF will raise money for the fund and the number of companies founded as a result. This will increase job creation and the revenue earned by each SMB and their diverse range of founders. The initiative expects to increase the breadth of companies receiving follow-on funding or who participate in successive accelerators and/or incubators.
