Tag: Small Business Accelerator

USF News

USF Small Business Accelerator Boosts Will County Business Development

Congressman Bill Foster presents a $500,000 grant to USF College of Business & Health Administration Dean Dr. Shannon Brown and USF President Dr. Arvid C. Johnson.

[photo caption – U.S. Congressman Bill Foster (D-Ill.), center, formally presented USF College of Business & Health Administration Dean Dr. Shannon Brown, left, and USF President Dr. Arvid C. Johnson, right, a $500,000 U.S. Small Business Administration FY23 Congressional Community Project Grant in July 2023.]

[photo caption – JBJBusinessGroup, Inc. President Dr. Jerry Bell, Jr. (far right side of image), won a Department of Defense (DoD) Mentor Protégé Program (MPP) Pitch at the Mentor Protégé Program (MPP) Summit held in Detroit, Mich. in July 2024.]

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Joliet, Ill. – Since 2014, the University of St. Francis’s (USF) Business Incubator has supported economic growth in the Will County region by fostering new business development. In 2023, the USF College of Business & Health Administration successfully launched a Small Business Accelerator with a $500,000 U.S. Small Business Administration FY23 Congressional Community Project Grant supported by U.S. Congressman Bill Foster (D-Ill.) to contribute a next level of regional business support. The new project benefitted regional small businesses in underserved categories in an ongoing effort to build the region’s business landscape. The Accelerator provided its business members with equity-free funds and a variety of other benefits including training, mentorship, access to the business incubator, networking opportunities, and both curricular and co-curricular programming for founders to expand their business knowledge.

In total, the USF Small Business Accelerator was able to support eight businesses through the project grant, including JBJBusinessGroup, Inc. The small business joined the USF Business Incubator in 2019 in an effort to move their business model into a location and environment that would offer new access to resources. Over the next few years, JBJBusinessGroup, Inc. continued to slowly build and thrive – even during the COVID-pandemic – and in 2023, became one of the recipients of grant-funding from the USF Small Business Accelerator. Just one year later, through networking, training, mentorship, and a successful pitch to the right audience, their team is celebrating success. The company recently won a Department of Defense (DoD) Mentor Protégé Program (MPP) Pitch, which is a shark tank-style competition. The Mentor Protégé Program (MPP) Summit, held in Detroit, Mich. in July 2024, was sponsored by the Department of Defense (DoD) Office of Small Business Programs (OSBP) and provided a platform for building business-to-business relationships and offered smaller companies an opportunity to meet industry leaders in the field.

“The University of St. Francis College of Business & Health Administration is pleased to showcase JBJBusinessGroup, Inc.’s success and to have played a small part in their chance to participate in the MPP Summit in July. Our Business Incubator and Small Business Accelerator have provided numerous links for funding and connections for business members, and our university students, to open their networks and seek new learning” said Dr. Shannon Brown, Dean of the USF College of Business & Health Administration.

JBJBusinessGroup, Inc. not only participated in the pitch and was granted approval for a Mentor Protégé Agreement, but they also won the audience and judges’ vote for the best pitch.

“This is huge for my company, where the Department of Defense is going to invest about $1.8 million into resources to support my company over the next 3 years, to help me become a better supplier to the Department of Defense. As the father of a son in the army and an army veteran myself, I am thrilled to be able to continue supporting the war effort,” said JBJBusinessGroup, Inc. President Dr. Jerry Bell, Jr.

“Since joining the USF Business Incubator and Accelerator programs, I have gained access to mentors, and I have appreciated working with students to support my business. I’ve attended many federal contracting training events that have enhanced my ability to be more informed and have a better network for getting federal contracts. Additionally, being located in a HUBZone and being part of this program will accelerate my ability to hire and support the local workforce,” Bell added.

USF Business Incubator director and associate professor Dr. Bonnie Covelli has worked alongside the entrepreneurs and has seen first-hand the impact small businesses have within the Will County region.  

“USF is proud of our ten-year span serving regional small businesses through our entrepreneurial incubator and accelerator programs. Over the past year, the accelerator funding allowed us to infuse much needed short-term funds into the businesses. We are grateful for the opportunity to have helped move these businesses to their next stage of development,” Covelli said.

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The University of St. Francis, in Joliet, Ill., serves close to 3,300 students nationwide and offers undergraduate, graduate, doctoral and certificate programs in the arts and sciences, business, education, nursing and social work. There are over 53,000 USF alumni across the globe. For information, call 800-735-7500 or visit stfrancis.edu.

University of St. Francis: Bigger thinking. Brighter purpose.

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USF Small Business Accelerator to Host Free Screening of Show Her The Money on March 18

Show Her The Money Film Screening

Joliet, Ill. – The University of St. Francis (USF) College of Business and Health Administration’s Small Business Accelerator will host a free screening of the film Show Her The Money on Monday, March 18, 2024. The screening will begin at 5:30 p.m. and will take place in the USF Moser Performing Arts Center (500 Wilcox Street, Joliet, IL 60435).

Show Her The Money addresses how women are getting less than 2% of venture capital funding and demystifies what venture capital is. Join USF for a screening of the film, followed by a conversation with the film’s award-winning director Ky Dickens, who will discuss what is changing to help women overcome funding challenges.

“This is the first screening of this film in Illinois. We hope to attract a diverse, regional audience to this event, including female entrepreneurs of all ages and those interested in investing in female entrepreneurs,” said Shannon Brown, Ph.D., dean of the USF College of Business and Health Administration.

Seating is limited. Please reserve your free ticket and access other event information at https://kinema.com/events/show-her-the-money-hskmgg. Parking is free and complimentary food, beverages, and popcorn will be available. If you have additional questions, please contact Kari Jimenez in the USF College of Business and Health Administration at KJimenez@stfrancis.edu or 815-740-3395.

This event is funded in part through a Grant with the U.S. Small Business Administration. All opinions, conclusions, and/or recommendations expressed herein are those of the author(s) and do not necessarily reflect the views of the SBA.

About Show Her the Money

Show Her The Money is a story that has never been told. Featuring rock-star female investors who invest in diverse women entrepreneurs with innovations that will change the world, Show Her The Money reminds us that money is power and women need it to achieve true equality. Show Her The Money was directed by Ky Dickens and produced by Ky Dickens and Catherine Gray with Executive Producers Catherine Gray, Dawn Lafreeda, Sharon Gless, Diana Greshtchuk and Wendy Ryan. For more information on the film, visit showherthemoneymovie.com.

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The University of St. Francis, in Joliet, Ill., serves close to 4,000 students nationwide and offers undergraduate, graduate, doctoral and certificate programs in the arts and sciences, business, education, nursing and social work. There are over 53,000 USF alumni across the globe. For information, call 800-735-7500 or visit stfrancis.edu.

University of St. Francis: Bigger thinking. Brighter purpose.

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Dr. Karl Muth Announced as Executive in Residence for Small Business Accelerator

Dr. Karl Muth

Joliet, Ill. – The University of St. Francis (USF) College of Business & Health Administration is pleased to announce that Dr. Karl Muth has joined the USF Small Business Accelerator (SBA) program as the Executive in Residence. Announced earlier this year, the USF Small Business Accelerator will provide equity-free accelerator funds and mentorship to businesses and entrepreneurs in underserved categories. In this role, Muth will lead the SBA advisory committee and will serve as senior mentor and advisor for new accelerator ventures.

“We are excited to welcome Dr. Muth to our USF Small Business Accelerator team,” said Shannon Brown, Ph.D., dean of the College of Business and Health Administration. “Dr. Muth brings exceptional credentials in private equity, firm valuation, and senior-level leadership to the program.”

Muth previously served as an Executive in Residence for the University of Chicago and has served in senior-level positions for a variety of entities including as CEO of a venture-backed financial tech startup, senior mentor at Microsoft Ventures (now called M12), and board member for a major Fortune 250 insurance company. He currently sits on the board of Venture for America, which helps identify passionate young people in underserved groups and underserved cities and connects them with the training, resources, and networks needed to start and scale their business ideas.

The USF Small Business Accelerator program is funded in part through a Grant with the U.S. Small Business Administration. For more information on the USF Small Business Accelerator or to apply for funding (a final round of applications will be accepted through September 20, 2023), please email USFAccelerator@stfrancis.edu or visit stfrancis.edu/accelerator. Interested parties may also contact Bonnie Covelli, Ed.D., at bcovelli@stfrancis.edu or 815-740-5071 with questions.

About Dr. Karl Muth

Dr. Karl Muth studied law at the undergraduate level in the Netherlands (U. Netherlands Ant.) before earning JD and MBA degrees in the United States (the latter with a concentration in Economics from the University of Chicago), and then earned MPhil and Ph.D. degrees from the London School of Economics examining risk mitigation strategies employed among commodities producers. After earning his Ph.D., he was part of the Emerging Leaders program at Harvard University.

Muth has also taught numerous courses in business related policy including: New Venture Strategy, Innovation Management, and Entrepreneurship and Technology at various institutions in the Chicago area. He has also taught Philanthropy and Interdisciplinary Philosophy. He is a sought-after speaker providing testimonies, speeches, and interviews for news outlets, government forums, conferences, and media. His contributions have included media such as: The Financial Times, MIT Technology Review, the Journal of Private Equity, Global Policy Journal, Forbes, IBM Podcast, NPR, HBO, and the Oprah Winfrey Show.

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The University of St. Francis, in Joliet, Ill., serves close to 4,000 students nationwide and offers undergraduate, graduate, doctoral and certificate programs in the arts and sciences, business, education, nursing and social work. There are over 53,000 USF alumni across the globe. For information, call 800-735-7500 or visit stfrancis.edu.

University of St. Francis: Bigger thinking. Brighter purpose.

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USF to Create New Small Business Accelerator through $500,000 Federal Grant

Congressman Bill Foster

Joliet, Ill. – For over eight years, the University of St. Francis (USF) Business Incubator has supported the economic development of the Will County region by fostering new business development. Now through a $500,000 U.S. Small Business Administration FY23 Congressional Community Project Grant supported by U.S. Congressman Bill Foster (D-Ill.), Joliet’s university will create a new USF Small Business Accelerator (fully funded by the grant) to specifically benefit small businesses in underserved categories in its ongoing efforts to build the region’s business landscape.

“The USF Small Business Accelerator will provide equity-free accelerator funds and mentorship to businesses and entrepreneurs in underserved categories to promote economic development and job creation, build mentorship relationships in a formal manner to promote future informal mentoring and possible future business partnerships, and integrate senior executives as mentors for entrepreneurs and infuse entrepreneurial thinking into co-curricular activities to promote future economic development,” said Bonnie Covelli, Ed.D., associate professor in the USF College of Business and Health Administration and funding request author.

Covelli added that the USF Small Business Accelerator, which will primarily be located in the USF Business Incubator area on the University’s St. Bonaventure Campus in downtown Joliet, will also provide members with a variety of benefits, including funding, mentorship, training, access to a regional business incubator, and networking opportunities, as well as curricular and co-curricular programming for founders to expand their business knowledge.

According to Shannon Brown, Ph.D., dean of the USF College of Business and Health Administration, USF sees this new project positively impacting the community, as well.

“While this project’s focus is on benefitting small businesses in underserved categories, it will also create positive outcomes for the community, including community-based programming, a speaker series on the resources and benefits available to businesses and entrepreneurs in the region, an offering of support to current and future small businesses in the region, and access to digital and wood shop maker-space equipment relevant to business needs,” Brown said.

Brown added that USF students will also benefit from the new project.

“The Small Business Accelerator encourages entrepreneurial economic development in the region and supports the diverse demographics of our area and our student body. Over 50% of our student body now reports as non-white, and the census data on the demographics in Joliet, Illinois and Will County, Illinois demonstrates growing diversity. USF has also recently been recognized as a Hispanic-Serving Institution (HSI), which is defined as a not-for-profit institution of higher learning with a full-time equivalent (FTE) undergraduate student enrollment that is at least 25 percent Hispanic. Therefore, it is important to note that this project will also create experiential learning opportunities for USF students by supporting a student entrepreneurship lab where students learn operations and conduct research in the field of entrepreneurship, business development, regional economic growth, small business finances, marketing, and downtown development (with preference given to students in underserved categories) and integrate student-based learning opportunities with active business development to promote lab-based learning,” she said.

The USF Small Business Accelerator program will work in collaboration with the USF Business Incubator program, and when Accelerator funds are depleted, the USF Business Incubator will continue to support member companies in a sustainable model.

“Locally, the USF Business Incubator has served a majority of startups that fall into the categories of minority-owned (72%), women-owned or co-owned (50%), veteran-owned (one current member) and has a proven track record of serving the initial needs of startups. The businesses that leave the Incubator program take various paths, including: (1) they expand and lease their own office space; (2) they learn their business model is not viable; (3) they cannot raise the capital needed to scale up; (4) they enter accelerator programs outside the area. This proposal hopes to fill the gaps created by lack of funding and the need for an accelerator,” Covelli said.

Brown added that the support of Congressman Foster was instrumental in making the USF Small Business Accelerator possible.

“The University of St. Francis is grateful to the support of Congressman Foster not only for his investment in USF, but in the Joliet region. This project has the potential to create tremendous, positive impact in the region’s business landscape, so his support demonstrates the promise he, too, sees in this opportunity,” she said.

For more information on the USF Small Business Accelerator or to apply for funding, please email USFAccelerator@stfrancis.edu or visit stfrancis.edu/accelerator. Interested parties may also contact Bonnie Covelli, Ed.D., at bcovelli@stfrancis.edu or 815-740-5071 with questions.

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The University of St. Francis, in Joliet, Ill., serves close to 4,000 students nationwide and offers undergraduate, graduate, doctoral and certificate programs in the arts and sciences, business, education, nursing and social work. There are over 53,000 USF alumni across the globe. For information, call 800-735-7500 or visit stfrancis.edu.

University of St. Francis: Bigger thinking. Brighter purpose.

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