Empowering entrepreneurs represents a multifaceted investment that delivers substantial returns in economic growth, social advancement, and community development. Entrepreneurs are essential for driving innovation and creating jobs. Supporting them stimulates economic expansion, leading to increased productivity, higher incomes, and improved overall well-being in both communities and nations.
This commitment to fostering entrepreneurship was exemplified at the inaugural 5K Pitch Competition for Minority and Women-Owned Business Enterprises (MWBEs), hosted by Founders First CDC under the visionary leadership of —often referred to as the “Queen of Capital.” Held at Rutgers University, Newark Campus, in Ruth Bader Ginsburg Hall, this landmark event aimed to empower MWBEs to succeed in Newark’s competitive business environment and the broader Tri-State area in alignment with the White House Initiative for Inclusive Entrepreneurship (IIE).
Folsom, the driving force behind Founders First Capital Partners, Inc. (FFCP), has transformed access to growth capital. With a commitment to shared success, FFCP has secured $200 million in committed capital, positioning itself as the leading private growth funder for service-based enterprises. Notably, FFCP is the only women and minority-led, mission-driven capital firm focused on supporting B2B/G, contract revenue-generating small businesses in underserved communities.
Shaylon Scott, Executive Director of Founders First CDC, praised Folsom for her crucial role in the organization’s successes. “Our founder, Kim Folsom, has been instrumental to our achievements,” Scott remarked. “Her passion, expertise, and commitment to excellence have shaped our mission to uplift small businesses.”
The pitch competition offered vital resources for MWBEs, including insights on securing capital, mentorship, and tailored training programs. Participants learned to leverage state resources, connect with experienced advisors, and network with fellow entrepreneurs. To date, the IIE has successfully secured over $177 million in loans, grants, and private capital to aid underserved small businesses.
A highlight of the event was a Fireside Chat with Kim Folsom, who shared insights from her 25-year career as an impact investor. “Empowering minority and women-owned businesses is crucial for fostering innovation and economic growth within our communities,” Folsom emphasized. “Events like the 5K Pitch Competition are vital for providing the necessary resources, networks, and support these businesses need to thrive.”
The event also featured a recognition ceremony honoring organizations and businesses making significant contributions to the community, along with valuable networking opportunities with industry experts and corporate partners.
Attendees had the unique opportunity to serve as judges for the competition. David Lewis of MacroBites—a national Black-owned health food company—won a $5,000 prize for his compelling pitch. “Winning the pitch competition was a pivotal moment for our company,” Lewis reflected. “It validated our hard work and demonstrated that our innovative approach resonates in the industry.”
Additional speakers included Jeptha Stewart, NJ/NY Market Manager at TruFund; Earl Camp, EVP at Now Acct; Sharod Margan, CEO of United Building Maintenance; and Tiana Lipton from Women Elevating Women, who contributed valuable insights to the event.
As Founders First CDC looks ahead, it remains committed to empowering the next generation of business leaders and supporting the growth of MWBEs in future competitions. Shaylon Scott expressed optimism, stating, “This recognition from the pitch competition is just the beginning. We’re excited to expand our reach and create a lasting impact in the realm of capital funding.”
- About Founders First CDC
Founders First is dedicated to helping underserved entrepreneurs access the capital and resources necessary for success. Through innovative programs and community engagement, we empower the next generation of business leaders.
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- About Kim Folsom
Kim Folsom is the driving force behind Founders First Capital Partners, Inc. (FFCP), where she has redefined the provision of growth capital. With a commitment to shared success capital practices, FFCP has secured $200 million in committed capital, establishing itself as the premier private growth funder for service-based enterprises. Notably, FFCP is the sole women and minority-led, mission-driven alternative capital firm specializing in empowering B2B/G, contract revenue-generating small businesses in underserved communities.
- About Women Empowering Women
Women Empowering Women is committed to fostering a supportive network for women entrepreneurs and leaders, equipping them with the tools and resources needed to thrive.
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