Memphis org launches new business growth initiative for entrepreneurs | MBJ
By Wendy Guzmán – Reporter, Memphis Business Journal, Jan 28, 2025, Updated Jan 28, 2025 6:46am CST
Epicenter is launching a program to continue building a diverse local pipeline of entrepreneurs.
The Memphis-based organization has established the Innovate Xcelerate initiative, which is intended to expand Memphis' entrepreneurship culture. The two-year program is funded by a $380,000 grant from the MassMutual Foundation.
Beginning Feb. 7, the program is scheduled to be open to all Memphis residents over the age of 18. It'll be followed by a hackathon led by Memphis computer skills training school CodeCrew.
Ten teams will then receive initial funding for the development of project prototypes. Additionally, those teams will have the opportunity to participate in a yearlong accelerator, which is set to provide "technical assistance, legal and accounting support, marketing guidance, and access to corporate buyers," according to a news release. Of the ten teams, capital investments up to $25,000 will go to a minimum three finalists.
Epicenter's experience with its previous Frayser Connect programming, which brought training and resources to small businesses in Frayser, informed the Innovate Xcelerate initiative's approach that additional support is needed beyond small capital infusions to build businesses. Frayser Connect was made possible by a $1.3 million grant in 2020, also from the MassMutual Foundation via the Consilience Group.
Choya Johnson was involved with Frayser Connect as a capital programs specialist. She'll now lead the Innovate Xcelerate initiative. Johnson is an entrepreneurial programs specialist at Epicenter.
“Through my time working with entrepreneurs and small businesses at Frayser Connect, I saw firsthand the value additional resources like capital and training courses can have,” said Johnson in the release. “With the support of the MassMutual Foundation, we’re able to take the work we’ve done in Frayser and provide targeted resources to innovative entrepreneurs who have been overlooked in the past.”