KALEIDOSCOPE is a two (2) year business
development and sustainment program designed
to strengthen and grow minority and women business
enterprises focused on goods or services related to
communications, finance, mobile computing, social media, stem
Did you know?
- The rate of failure for Black-owned businesses is at an all-time high
- Eight out of 10 Black-owned businesses fail within the first 18
months. - Contrary to misconception, the survival rate curve is across
industries. - Black-owned businesses lag substantially in sales, profits,
employment, and survival. - Black entrepreneurs often find themselves with no alternative to
pulling the plug. - For those that do actually survive, they’re not growing as quickly or
as big as businesses owned by other ethnic groups.
Why does this happen?
- Less than 1% of Black-owned businesses have a sponsor. There are
tons of mentors and “programs” but not sponsors. - Discrimination and unfair evaluations across all areas
- Lack of complete, solid and realistic business plan to start with based
on current information and market research, managing the business’
growth and budget - Insufficient market research ensuring customers want the goods or
services you sell. A product needs to fulfill an unmet need or solve a
problem - Tough competition. Pay attention to the competitive landscape of
their business. - Lack of Financial resources, Cash-flow issues. Cash flow issues are a
major culprit in the failure of Black-owned businesses. Businesses
with a positive cash flow have the required operating funds to settle
debts, pay employees, reinvest in the business, etc. - Failure to adapt, remaining rigid
- Unsustainable growth with an established customer base
- Inexperienced management.
- Lack of industry support.
Our Program
- This program is a home-base for our entrepreneurs,
providing them foundation of support so they can grow
without getting lost and frustrated, - Cohort capped at 15 companies to allow the ability to really get to know each business and their needs, providing individualized guidance.
our Goals
- Build and sustain successful and community engaged companies,
- Participate in our communities,
- Utilize mentors as a key resource,
- Support underserved companies,
- Help companies create their network
KALEIDOSCOPE Preferred Criteria
- Products or Services: good or service related to Communications,
Finance, Mobile Computing, Social Media, STEM - Revenue: $50,000+
- Employee Size: 1 or more
- Location: Frederick, Hagerstown, Western Maryland, NorthernMontgomery county
- Past Success in related industry individually or corporately
- Years in Business: 2+ years
- Three-Five Year Business Plan
- Forecasted Financial Statements for 2023: $150,000ea+
How we’re different:
- Committed team: program director, program coordination, program administrator
- Committed mentors
- All participants, facilitators are subject matter experts in their industry
- Coached by experienced and successful business people
- No real estate obligations
- Targets women and minority founders strong peer to peer community development
- Intensive cohort program with post- program support
- Focused on building business pipeline
Exploring the program:
KALEIDOSCOPE meets once a month for a day-long session on everything from brand to leadership to financial planning. Each session is designed to be fun, interactive, and engaging, and we bring in subject matter experts to provide tailored guidance on each topic.
Our sample session topics include:
- What’s your financial picture: loc, small business loans, banking relationships, personal financial positioning
Business development
- Procurement and proposals
- Values-based decisions
- Civic engagement
- Recruiting and retention
- Strategic planning
HOW IT WORKS
Drawing on GEORGE STREET’s experience and expertise in the
focused areas, we coach on how to avoid the pitfalls that cause businesses to fail.
YEAR 1: Foundations Goal
- Review and establish the foundation of the company,
- Secure at least one contract,
- Build strong infrastructure and foundation that will establish the cohort’s future success,
- Coach and mentor each of our companies to ensure that they start generating more revenue by the end of the first year,
- Establish solid financials personally and for the company.
YEAR 2: Specialization Goal
- Scale the company,
- Bring in more customers,
- Coaching support and guidance to put team in place needed to scale
- Focus on ensuring cohort companies are self-sufficient
RESULT
Within 24-month KALEIDOSCOPE program, companies experience a
10% growth rate, solid foundation, financial stability, business
pipeline
How to get in to KALEIDOSCOPE:
- Attend one of our two information sessions,
- Review our class schedule and ensure that you’re able to commit to our mandatory attendance policy.
- Be certain you can set aside at least 8 hours per week for coursework.
- Complete the online application, once available.
- Attend scheduled in-person interview.
How to stay in KALEIDOSCOPE:
- Attend all sessions
- Complete all coursework prior to class.
- Be 110% committed
Good companies adapt to shifting market trends. Great companies
shape them.
OUR TEAM
We’re an incubator that works “with” you to help get the dream off
the ground and scaling. We partner with funders to ensure they
have the play by play on how to build a successful Digital Services
firm that stands out from the pack.