CHICAGO, May 3, 2017 /PRNewswire-USNewswire/ -- Future Founders, a non-profit organization that believes every youth can become an entrepreneur, today announced the significant economic impact achieved by its first two Fellowship cohorts of collegiate entrepreneurs:
- Created 44 full-time jobs and 93 part-time jobs to date
- Generated $3.4 million in gross revenues in 2016
- Raised $1.3 million in outside capital to date
Launched in 2015, the Fellowship is a selective year-long cohort that accelerates the development of the top collegiate entrepreneurs in the nation. The program includes a mix of in-person and virtual engagement. Fellows benefit from mentoring, coaching from Entrepreneurs in Residence, entrepreneurship retreats, a peer community, and volunteer opportunities through Future Founders programs.
The Fellowship is different from a typical accelerator. It is an intensive program that develops both the founders and their businesses, giving them time to grow over a 12-month period. Future Founders does not take equity or charge for the program thanks to the generous support of Capital One, The Coleman Foundation, The John E. and Jeanne T. Hughes Foundation, Keywell Foundation, and Motorola Solutions Foundation.
Of the 25 entrepreneurs who graduated from the 2015 and 2016 Fellowship cohorts:
- 92% of the Fellows are still running businesses today
- 11 Fellows are running profitable businesses and another has had a successful exit
- 13 Fellows are working on their businesses full-time; 10 Fellows are working part-time
- 7 Fellows made their first business revenue while participating in the program
One year after the program, the collective revenues of the first cohort grew from $772,000 in 2015 to $3 million in 2016, with an average growth rate of 211%. In addition, five of the 2015 Fellows' businesses generated $400,000 or more in revenue in 2016.
"We are thrilled at the success our Fellows continue to achieve," said Scott Issen, President & CEO, Future Founders. "This data validates our methodology of supporting collegiate entrepreneurs and underscores the value the Fellowship has for both founders and their businesses. We look forward to supporting our Fellows throughout their entrepreneurial journeys."
Future Founders is currently running its third Fellowship cohort. See all current and alumni Fellowship companies at https://futurefounders.com/startup/companies/.
For more information or to nominate yourself or a collegiate entrepreneur for the Fellowship, visit futurefounders.com/startup/fellowship or contact Katie Sowa, Senior Director, Startups, at email@example.com.
To sponsor the Fellowship, contact Scott Issen at firstname.lastname@example.org.
Note: This data was compiled from a March 2017 study of Future Founders Fellowship companies.
Future Founders is a 501(c)3 non-profit organization that believes every youth can become an entrepreneur. We immerse youth in experiences that inspire and empower them to create their own opportunity. We believe this leads to a generation more determined, hopeful and equipped as they engage the future. Since 2005, our programs have served over 30,000 youth. Over 80% of our student alumni believe they can become entrepreneurs. Join us as we empower the next generation of business leaders and entrepreneurs.
Media Contact: Scott Issen, 312-350-0334, email@example.com
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SOURCE Future Founders