(This column originally appeared in the Inquirer)
A new, free educational program for West Philly small businesses is launching this fall, giving them access to faculty from the University of Pennsylvania, through a partnership with the Community College of Philadelphia.
The deadline to apply is fast approaching, with instruction starting next month.
Students of the Penn-CCP Entrepreneurship Academy will learn from Penn faculty, other entrepreneurs, and business advisers in three-hour weekly classes, as well as coaching sessions and office hours.
The initiative aims to increase the opportunity for businesses that are connected to the West Philadelphia area. Participants should be registered in the neighborhood, have operations there, or its owner can live there.
But the rules seem flexible: Because the program’s priority and focus is to help Philadelphia-based businesses, including nonprofits, interested owners are encouraged to apply even if they do not live in Philadelphia. Even businesses with no revenues can apply, but priority will be given to those generating revenue.
West Philadelphia has “no shortage” of entrepreneurial talent, said Franne McNeal, executive director of the academy, but what it lacks most is resources.
“Business owners here have less access to strategy, legal fluency, capital networks, and the kind of advice that turns a small business into a bigger one,” McNeal said. “The biggest gap I see is the owner with four employees who cannot figure out how to get to 14.”
The academy’s curriculum is divided into four stages: build the foundation, strengthen the structure, prepare for growth, and put the plan into action.
Students will learn about creating a business strategy, the right structure for their company, branding, and protecting intellectual property. Instruction will also cover financial literacy, workforce management, marketing and sales, and how to present to a potential investor.
“We’re going to cover the foundational elements of growing a business,” faculty director Praveen Kosuri said. “Everything from business planning and strategy to structuring and branding.
Besides learning how to build a business, participants are expected to gain confidence in identifying business risks, asking the right questions, and knowing when to seek specialized advice. The program is also intended to foster meaningful relationships between founders, faculty, practitioners, and members of Philadelphia’s entrepreneurial community.
Each business owner will submit a business plan and pitch, along with a 90-day action plan, for faculty feedback.
“They’ll have a funder-ready plan, the financial fluency to defend it, and practitioners in the room helping who know the Philadelphia capital landscape,” she said.
While the academy is tuition-free, McNeal and Kosuri noted that participants will have to put in significant time.
The 10 weekly sessions in West Philadelphia will take place from 6–9 p.m. beginning in late October through January.
“Participants need to show up each week to learn, to work on their businesses, and to support the others in the class,” said Kosuri. “We hope it sets them on a path that continues to lead them to their goals.”
Although start-up businesses can apply, the program seems more geared toward already established companies, whose owners want to take their companies to the next level.
Unlike other programs I’ve seen, the academy is establishing a specific measurable goal that will hold both its leaders and students accountable: getting the businesses involved to achieve between $1 million to $10 million in revenues within three years.
McNeal says the program is a pilot and its success will be measured by participants’ success.
“Attendance and satisfaction scores are easy to report but revenue and employment are slower and harder, and they are the only numbers that mean anything, so those are the ones we are building the tracking for,” she said.
“We will be judged on whether we come back,” she said.
Applicants can apply online.
The priority deadline is Oct. 1, but applications submitted later will be reviewed on a rolling basis if space remains.
