Urban Accelerator X, better known as The U, officially opened its doors January of 2020 in the heart of central Ohio. The Urban Entrepreneur Support Organization and Center was a concept that was created to fill the gap of access for many black entrepreneurs to education, resources and funding that will positively impact their businesses.
The U
has many special characteristics, one being that it is operated by local black entrepreneurs who understand the current environment in Columbus and can relate to the everyday issues businesses face. It also provides a platform for undesirable, non-traditionally funded, lifestyle and service based businesses to get access to resources they would normally not qualify for. These include your corner stores, small restaurant, studio, salon and barbershop owners and the list goes on. The U was created to be a safe space for black entrepreneurs to go and ask the questions they are too afraid to ask in other settings. It serves to meet individuals where they are in their business as well as provide the needed support to elevate them into being vital contributors to our black economy.
How will The U accomplish this mission?
Through education, resources and funding.
Education
- The U hosts monthly workshops touching on topics that are vital to the success of an urban business. These workshops are meant to be interactive and transformative for the business offering education that can easily be applied. Workshop topics cover finances, legal must haves, marketing strategies, sales techniques and more.
- The Junior and Senior Accelerator are the top education sources at The U. The Junior Accelerator consists of 4 weeks of taking someone's business out of the ideation phase and placing it into the launch phase. The Senior Accelerator consists of 8 weeks and deep dives into already launched businesses to create a path to growth and sustainability. Both of these accelerators are intensive, but offer a hand held solution to entrepreneurs.
- Lastly, the quarterly Bootcamps are hosted over a weekend and are designed to challenge aspiring and/or current entrepreneurs to develop mindsets and habits of a successful business owner. They will be challenged to build a business over the course of the weekend and participate in a pitch competition.
Resources
- The organization has built a community better known as their tribe that offers resources for incoming businesses. The tribe covers all areas from marketing, finances to legal assistance. Offering in-house solutions for business owners who often opt to figure things out on their own was important to The U. Building a nature of collaboration and together-hood over isolation and competition is a crucial foundation to a thriving black ecosystem.
- Currently, in the works of creating an online directory for individuals to shop black and also be able to get the business help they need from other black service providers. Again circulating the dollar within the community and building an environment where we can depend on one another.
- The U provides working space for small businesses and alumnus who have graduated one of their programs. They also offer mailboxes to have an official business address in an opportunity zone which offers plenty of tax benefits.
- Lastly, acting as an Entrepreneur Support Organization through Columbus city, they have fallen in line with the new Small Business Agenda rolled out December of 2019 to provide ground level resources for urban businesses and entrepreneurs that normally are not in touch.
Building a nature of collaboration and together-hood over isolation and competition is a crucial foundation to a thriving black ecosystem.
Funding
- The organization is currently working on building a fund that works in two ways:
- Provides scholarships to entrepreneurs to attend training and get education needed to elevate their business
- Provides seed money for qualifying businesses who graduate from one of the programs
The fund is one of the most attractive things about The U. In February 2020, Urban Accelerator X is kick-starting its efforts to raise money for its VC Fund for Urban Entrepreneurs and Small Businesses. It plans to distribute funding quarterly during its Accelerators starting this April of 2020. The fund will serve as a solution to individuals who do not qualify for personal or business loans as well as those businesses who's profit margins are not large enough to attract funding from a traditional VC fund.
Out of $85 billion in VC Funding last year, less than 3% went to black owned businesses while less than 1% went to WOC [women of color].
"Sometimes we have to fund our own shit"
says 1/3 partner Ron Day at The U.
"The opportunity and the need for a solution is there, we just have to follow through on it. It's our responsibility to our community"
says LoLo who's the other third of The U.
The U is run by three entrepreneurs by the name of Ron Day [owner of BurgerIM], George Zarebski also known as Ski [retired Air Force and former founder of Aerēz] and LoLo [owner of The Black Project Creative Agency]. Forming just months ago, this trio understood quickly that they had stumbled across a project that was bigger than them. With confirmation from the Small Business Agenda rolled out by the City of Columbus, the three knew that their organization was not only something the community needed, but was aligned with the agenda of the mayor of Columbus.
“Today the training for entrepreneurs and small business owners is all but free. But it’s designed for a different kind of culture. We’re curating this curriculum and facilitating it with successful entrepreneurs from our communities. Engagement is our secret sauce.” - Ski the last third of The U.
See what The U has going on by clicking here.
