LaunchKC eyes startups building ‘a more prosperous and equitable future’; Social Venture Studio opens apps

A program created in late 2021 to help boost promising social ventures as they create sustainable business models to tackle social, racial, or environmental issues is returning this spring for its second cohort.

LaunchKC’s Social Venture Studio is now accepting applications for its program, which aims to drive social impact and return on investment via socially-minded entrepreneurs selected for its four-month curriculum.

“Increasing access to capital, resources, and opportunities for BIPOC and female leaders is imperative to both  solving social problems and having a robust business community,” said Jacqueline Erickson Russell, founder and CEO of Social Impact Advisory Group, a consulting agency that helps lead programming for the effort.

“Social Venture Studio will be empowering the next high-growth organizations who can lead the way to a more prosperous and equitable future,” she continued.

Click here to apply for LaunchKC’s Social Venture Studio. Applications close March 1.

Natasha Kirsch, Pawsperity, at the demo day for the 2022 LaunchKC Social Venture Studio; Photo by Tommy Felts, Startland News

The Social Venture Studio is seeking a diverse group of leaders. The selected five to seven companies will participate in a cohort that receives professional support, grant awards ranging from $20,000 to $40,000, temporary office space at the Keystone CoLAB, mentoring, and network connections to strengthen their social venture business concepts, according to LaunchKC.

An information session is planned for Jan. 25 at the United Way of Greater Kansas City, where interested individuals may learn more about the Social Venture Studio, ask questions, and meet past cohort members.

Click here to register for the Jan. 25 information session.

“Last year’s program was a big success,” said Jim Erickson, director of strategic initiatives for the Economic Development Corporation of Kansas City, which organizes LaunchKC efforts alongside the Downtown Council of Kansas City. “Headed into Year Two and beyond, we’re looking forward to scaling this effort in KC and across the region to drive generational economic change.”

RELATED: LaunchKC shines spotlight on founders as first social venture studio cohort takes the stage

Chef Shanita McAfee-Bryant, The Prospect KC, at the demo day for the LaunchKC Social Venture Studio

Jacqueline Erickson Russell, Social Impact Advising Group, at the demo day for the LaunchKC Social Venture Studio

The inaugural program in 2022 supported seven Kansas City-based entrepreneurs with programming and grant funding to scale their businesses. The effort was also recognized by the International Economic Development Council (IEDC) with its Excellence in Economic Development Award for the program’s work in promoting economic equity and inclusion.

Similar to the 2022 program, Reconciliation Services, which owns a prominent KC social venture — Thelma’s Kitchen — will closely advise as a social venture industry expert. Keystone Innovation District will administer programming, with consulting from Social Impact Advisory Group.

LaunchKC continues to see momentum, wrapping up its seventh year, having invested more than $3.5 million in cash grants to 100 companies that have created more than 300 jobs in Missouri and attracted more than $60 million in follow-on capital.

RELATED: Bank of America awards $200K to Pawsperity, a social venture startup supporting struggling parents

Sixty-three percent of LaunchKC participant companies are minority or woman-owned businesses, according to the effort, which most recently wrapped its rebooted LaunchKC grants competition during Global Entrepreneurship Week Kansas City.

RELATED: Winners revealed: LaunchKC awards $300K in rebooted grants competition