FOR IMMEDIATE RELEASE: EforAll Announces National Expansion Plan to Create 25,000 Jobs in Post Industrial Cities; Reaches 60% of $10 Million Funding Goal; Adds Gail Goodman of Constant Contact to Board
Lowell, MA — Entrepreneurship for All (EforAll), the nation’s foremost accelerator targeting inclusive entrepreneurship in mid-sized cities, announced plans to expand to more than 50 U.S. cities, creating more than 10,000 businesses, 25,000 jobs, and over $500 million in funding for entrepreneurs. EforAll’s model transforms the economy of a city, creating over 500 local jobs and stoking a vibrant business ecosystem.
EforAll also announced that it has reached 60% of its $10M expansion fundraising goal through the addition of two major new donors: Gail Goodman, former CEO of Constant Contact, and Michael Fitzgerald, the Founder and Managing General Partner of Commonwealth Capital. These new supporters from the fast moving technology space add to EforAll’s continuing support from three leading national foundations: The Kauffman Foundation, the Draper Richards Kaplan Foundation, and the Deshpande Foundation.
Goodman will join the EforAll board and work closely with the team to scale quickly across the U.S. Says Goodman, “EforAll is on its way to revitalizing the U.S. economy, one mid-size city at a time. The organization has an efficient, scalable model that really works. More than 80% of their entrepreneurs are still in business, which is remarkable. I’m excited to help the team reach more cities and entrepreneurs.”
EforAll currently operates in 5 mid-sized cities. The organization’s 254 graduating entrepreneurs have created 431 jobs, generated $9.9M in annual revenues and raised $11.4M in capital. About 83% of EforAll entrepreneurs are still in business.
In an industry often lacking inclusion, the organization prides itself on the fact that 73% of their entrepreneurs are women, 52% immigrants and 57% are minorities. Three out of five entrepreneurs that enter EforAll’s accelerator program were previously unemployed.
–Entrepreneurship for All (EforAll) – EforAll accelerates economic and social impact through inclusive entrepreneurship in mid-sized cities. EforAll believes that the best way to revitalize mid- sized U.S. cities that have fallen into decline, and suffer related high rates of poverty and unemployment, is to fuel the dreams and ambitions of entrepreneurs who live in and near these cities. We believe that they understand their city and its problems better than anyone else and have ideas and solutions with the potential to make their city prosper once again while they create their own pathway out of poverty.
-Gail Goodman – Gail is the Former CEO of Constant Contact, leading the company from 1999 to its sale in 2016. She took Constant Contact from pre-revenue through a successful IPO. Constant Contact serves more than half a million small business customers. Gail is the author of Engagement Marketing: How Small Business Wins in a Socially Connected World. She is a fierce small business advocate and is dedicating her time to fostering entrepreneurship (www.gailgoodman.org) . She now works closely with EforAll to scale the organization across the U.S.
-Michael Fitzgerald – Michael T. Fitzgerald is a Founder and Managing General Partner of Commonwealth Capital Ventures. He has more than 20 years of experience in early stage venture investing. His investment activity has been focused on early stage technology and service companies with an emphasis on all aspects of the software industry.
-Kauffman Foundation – Established in the mid-1960s by the late entrepreneur and philanthropist Ewing Marion Kauffman, the Kauffman Foundation is based in Kansas City, Mo., and is among the largest private foundations in the United States with an asset base of approximately $2 billion. The Kauffman Foundation strives to have a national impact and global reach by working together with communities around the country to create opportunities and connect people to the tools they need to shape their futures and be successful.
-Draper Richards Kaplan Foundation (DRK) – The Draper Richards Kaplan Foundation is a global venture philanthropy firm supporting early stage, high impact social enterprises. DRK believes that with early funding and rigorous support, exceptional leaders, tackling some of society’s most complex problems, can make the world a better place. DRK finds, funds and supports exceptional leaders with innovative and highly impactful ideas that have the potential to scale. The Foundation provides $300,000 of unrestricted capital over three years and, most importantly, rigorous, ongoing support by joining the board of directors and partnering with the leader to help build capacity in the organization and scale their impact.
-Deshpande Foundation – The Deshpande Foundation’s mission is to strengthen local ecosystems, build leaders and entrepreneurs, and catalyze innovative thinking to accelerate creation of sustainable, scalable enterprises that have significant social and economic impact. To foster the next generation of entrepreneurs, leaders and organizations the Foundation’s key focus is on partnering with universities and communities to help build an ecosystem that will create these innovative enterprises.
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