ECMC Group Launches the Bold Path Fellowship to Provide Entrepreneurial Onramps for Under-Resourced Birmingham Graduates

Program offers funding and mentoring to postsecondary students and graduates seeking to start their own business

MINNEAPOLIS, Oct. 15, 2024 /PRNewswire/ -- The path to becoming an entrepreneur requires time to focus and capital—two assets difficult to come by for under-resourced individuals. ECMC Group and its affiliates today launched and opened applications for the Bold Path Fellowship to enable recent graduates to have the resources they need to achieve their career goals. The Bold Path Fellowship will start in Birmingham, Alabama, and is funded by the ECMC Group Education Impact Fund and ECMC Foundation.

"Entrepreneurship is a growing postsecondary pathway for recent graduates that can lead to career and financial success; however, segments of our population are unable to explore that opportunity due to a lack of access to the resources that they need to support early-stage business development," said Joe Watt, managing director for the Education Impact Fund. "Given ECMC Group's vision to empower underserved communities to thrive through education, we are launching the Bold Path Fellowship to help break those barriers while also focusing on up-and-coming entrepreneurial ecosystems, like Birmingham, where funding is harder to come by."

Bold Path Fellows will receive $120,000 in non-dilutive grant funding over two years. These funds are intended to substitute for early "family and friends" funding, which is often lacking for low-income founders and critical to get their businesses off the ground. Bold Path Fellows also will have access to mentors from the local community to receive guidance and advice as they navigate the challenges of entrepreneurship.

"This program not only champions the potential of the entrepreneurs but also gives back to the community to foster economic growth, since businesses that are established must be located in the greater Birmingham area," said Jessica Haselton, managing director at ECMC Foundation. "While there are existing national programs that support founders, we believe there is power in a local approach."

To anchor its place-based program strategy, local economic development nonprofit Prosper is serving as a key strategic partner for the Fellowship and helping to bridge relationships with local postsecondary institutions, supporting organizations and community members in the area.

"Prosper is excited to build yet another partnership with a national organization dedicated to helping young, under-resourced founders. We're thrilled to be able to serve as a locally based strategic partner for the Fellows who will benefit from this cutting-edge opportunity being launched in Birmingham," said J.W. Carpenter, president of Prosper.

To be considered, individuals must have completed a degree or credential (four-year college, community college or vocational program) within the last five years. Spring 2025 graduates are also eligible. Applicants must be residents of the greater Birmingham area and launch their venture in Birmingham.

To learn more, visit www.boldpathfellowship.org.

Program Timeline 
Applications open: October 15–November 29, 2024 
Fellow selection: Early spring 2025
Community event: Early spring 2025
Program start: Early summer 2025

About ECMC Group
ECMC Group is a nonprofit corporation focused on helping students succeed by creating, providing and investing in innovative educational opportunities. Headquartered in Minneapolis, ECMC Group and its family of companies provide financial tools and services, as well as funding for innovative programs to help students achieve their academic and professional goals. To learn more, visit www.ecmcgroup.org.

Education Impact Fund
The Education Impact Fund is a $250 million fund that aims to accelerate the transformation of America's postsecondary and workforce ecosystem by investing in innovative companies and collaborating with institutions, employers and communities toward a shared vision of improving education access and outcomes for underserved learners. To learn more, visit www.educationimpactfund.org.

About ECMC Foundation
ECMC Foundation is a national foundation whose North Star goal is to eliminate equity gaps in postsecondary completion by 2040. The Foundation's mission is to improve higher education for career success among underserved populations through evidence-based innovation. ECMC Foundation makes strategic grants and program-related investments to support both nonprofit and for-profit ventures, guided by a strategic framework that aims to advance systemic change by removing barriers to postsecondary completion; building the capacity of organizations, institutions and systems; and transforming the postsecondary ecosystem. Learn more about ECMC Foundation by visiting www.ecmcfoundation.org.

SOURCE ECMC Group

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