ST. LOUIS — Six $50,000 grants are up for grabs by the University of Missouri-St. Louis Accelerate program, a first-of-its kind initiative. It will be awarded to underrepresented founders from the St. Louis region.
For its third cohort, the Diversity, Equity & Inclusion Accelerator is accepting applications. The program takes a small group of rising entrepreneurs through an intensive eight-week business development program.
It includes hands on support from faculty members of the University of Missouri-St. Louis, access to university resources, public relations support, industry insights, advice from subject-matter experts and mentorship by top executives from the St. Louis region.
The winning founders receive a nondilutive $50,000 grant to help launch their business.
The DEI Accelerator is designed to build wealth, create jobs and shift perception around investing in underrepresented groups.
According to a news release by the program, data shows local and national startup, innovation and entrepreneurship ecosystems lack diversity and foster working environments. This often excludes people from marginalized groups despite research showing diverse founding teams have a higher rate of return than white founding teams.
In St. Louis alone, Black and Latinx founders face a $13 billion funding gap, according to Next Street and Common Future. UMSL Accelerate continues to create pathways for success for people of color, immigrants, LGBTQ, veterans, women and other underrepresented groups.
Some of St. Louis’ most notable startups have participated in the program:
- The Fattened Caf, which is a Filipino restaurant and packaged foods line, started as a pop-up concept with prepared meals in nine Schnucks stores. Because of the accelerator program, the owners have introduced regular hours at their restaurant and were able to expand to more local retailers in the area.
- Flipstik went from direct-selling products at kiosks in malls to lining the shelves to more than 600 Target stores nationwide. Founder Akeem Shannon raised more than $1.2 million in 2022, hired five employees and moved production of promotional items to St. Louis County.
- DEMIblue Natural Nail Polish hit $1 million in sales. Founder Michelle Robinson was able to expand her retail footprint.
- Nebula Media Group was a startup focused on increasing digital accessibility and is now operating on a waitlist for new clients.
- Pop Pop Hurray landed two new locations, expanding to a retail shop in St. Charles and even inside Busch Stadium.
If you're interesting in applying or learning more about eligibility requirements, click here. Applications will be accepted through Oct. 29.
The last information session to learn more about the program is 6-7 p.m. Wednesday, Oct. 19 via Zoom.
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