“I like to call it a movement rather than a program,” says Katie Gailes. “Really, there is no end or closed-loop to our engagement with the small business owners. It’s an ongoing support system”.
Katie Gailes is the director of Launch Wake County. This nine-town initiative helps small businesses at various stages have immersive experiences with mentorships, counseling, training, and access to capital opportunities. Launch Wake County provides these activities to small businesses in Apex, Cary, Garner, Holly Springs, Knightdale, Raleigh, Rolesville, Wake Forest, Wendell, and Fuquay.
Perhaps you’ve heard about programs with similar monikers, such as Launch Chapel Hill or Launch Durham. That’s because they’re all a part of an ecosystem for entrepreneurs and based on successful “Launch” models from Atlanta and Detroit. While there’s a tried and true formula to a successful Launch initiative, participants shouldn’t expect it to look and feel like a redundant program. “The programs are consistent, but not identical,” Gailes explains. “From partners to coaches, locations, and of course the participants themselves, every town that participates in Launch has something unique to offer. It adds elasticity to the model.”
The cohort-based movement is intensive and purposeful, requiring participants to understand and grow their new idea or existing business. There’s a 30-hour curriculum spread over ten weeks, and business owners often have homework (that actually gets reviewed) to complete. The requirements are the same for every participant that gets accepted into the program, “Wherever they [business owners] started when they come into the program, when they finish the 10-week course, they have a clear plan to execute their idea or business,” Gailes says. The Launch Wake County program has had over 430 participants so far who have completed the model.
Gailes credits the success of Launch Wake County’s incubator-style program to various features from the application & acceptance process to their multi-organizational collaborations with chambers of commerce, small business groups, and of course, CDFI’s such as Carolina Community Impact. One of the milestone components of the Launch Wake County program is its introduction and relationship facilitation with access to capital providers.
“All small businesses have capital needs. The problem is, where is it going to come from?” Through her professional experience in economic development, community development, and entrepreneurial programming, Gailes is all too familiar with the plight of small business financing. We’re introducing our Central Carolina Kiva Hub to the Launch Wake County community as a part of our effort to bring capital to more small business owners, especially those in underserved communities. “Kiva provides another way that the right business owner can get an infusion of interest-free capital into the business. And that’s the appeal.”
A large portion of Launch Wake County’s business participants is in the lifestyle industry. They are Main Street micro-businesses with a variety of products and services to offer. And while the Launch Wake County program encourages businesses of all phases and offerings to apply, the program doesn’t typically accept MLMs or franchises, and very few non-profit organizations make the cut. Additionally, only about five percent of the participants, who are accepted, are in the infotech industry. The model promotes a very selective approach to their application, interview, and acceptance process. In the end, each business that successfully makes it into the program is essentially hand-picked by the Launch Wake County team. The goal is to build an entrepreneurial ecosystem with people on a similar journey that understand and trust each other for collaboration and support.
Launch Wake County takes advantage of every moment of their program to offer a supportive infrastructure, mentoring, training, networking, and assistance finding capital. In return, they want the participants to not only understand the value of these offerings but to invest their time and energy into the free-of-cost program.“We want business owners who are serious about taking their business to the next level. You have to be willing to add another work day to your week,” Gailes says about the intensity of the workload and commitment.
We’re glad to partner with Launch Wake County to offer business training support, and most importantly, an innovative approach to small business financing through our Central Carolina Kiva Hub.
Click here for more information about Launch Wake County. You can also learn more about our Central Carolina Kiva Hub by clicking here.