The Ecosystem Advantage: Unlocking Entrepreneurial Potential Through Ecosystem Collaboration
The EE Incubator empowered credit unions to become effective ecosystem builders, fostering entrepreneurship and economic growth within their communities.
Entrepreneurial Ecosystems Incubator Details
As the Small Business Administration reveals that half of new small businesses face closure within the initial 5 years, the imperative of access to credit becomes even more pronounced. It becomes evident that knowing how to run a business is as critical as obtaining credit. Compounding this challenge, minority business owners are disproportionately discouraged from applying for credit (29.5%) compared to their non-minority counterparts (15.8%). This disparity underscores the urgency for credit unions to bridge this gap, not only by providing financial support but also by fostering an environment that addresses the multifaceted challenges faced by entrepreneurs, ensuring their sustained success.
The EE Incubator is looking to empower credit unions to become effective ecosystem builders, fostering entrepreneurship and economic growth within their communities. Through a learning journey facilitated by Filene and Bridge for Billions, credit unions will gain the knowledge and tools needed to support local entrepreneurs effectively. This transformative project aims to empower early-stage entrepreneurs and small business owners to enhance collaboration between credit unions and various ecosystem stakeholders, refine measurement tools, and establish sustainable models for ecosystem building that can be applied nationwide.
Some of the questions we answer include:
- What are the barriers preventing credit unions from establishing strong ties with local entrepreneurial ecosystems?
- What strategies can credit unions adopt to bridge the gap between their services and the needs of entrepreneurs, particularly those from underserved backgrounds?
- What impact can collaborative partnerships and ecosystem-building efforts have on both credit unions and the communities they serve?
We recognize the effectiveness of collaborative partnerships and co-designing solutions alongside our communities. This approach offers us a powerful opportunity to profoundly impact our served communities, driving not only economic wealth but also fostering profound social change.
