In January, 2022, LaunchKC began accepting applications for a unique accelerator program that provides entrepreneurs with grant money, mentors and temporary office space to help expand their business model. But the program has one major requirement —the business must address a social problem within the community and have a sustainable revenue stream.
The concept grew from an idea proposed by Father Justin Matthews of Thelma's Kitchen, and was backed by LaunchKC and partners, according to Jim Erickson, director of strategic initiatives at the Economic Development Corporation of Kansas City.
Seven recipients were selected in Social Venture Studios maiden launch. Among them, Diversity Telehealth, which matches individuals in underserved communities needing medical appointments with providers who have cancellations.
Also a winner is EPEC Inc. which helps mothers who are homeless or at risk of homelessness receive training in pet grooming, a job that can earn a starting salary of around $40,000 per year.
"We think that these companies can be set up to address social, racial, environmental issues. And it doesn't matter whether it's that for profit or nonprofit model," Erickson said. "As long as the revenue streams are sustainable, and they're not relying on those philanthropic or governmental dollars, year after year after year."
- Jim Erickson, director of strategic initiatives, Economic Development Corporation
- Dr. Shelley Cooper, CEO and founder of Diversity Telehealth
- Jarrod Sanderson, Board of Directors, EPEC Inc.
