The FastTrac NewVenture curriculum has been developed by the Ewing Marion Kauffman Foundation in Kansas City, Mo.
A 12-session business training program beginning July 27 in Hartford has lowered its registration prices and added two extra weeks to its sessions in hope of helping new entrepreneurs and small business owners throughout state.
FastTrac NewVenture is a new partnership between The Small Business Development Center (SBDC) and the University of Hartford’s Entrepreneurial Center. The program aims to guide small business owners through the entire process of navigating a start-up. Since it’s an especially difficult time to launch a new business, program prices dropped from nearly $800 to $495, which includes networking, two extra weeks of work sessions and after-program follow up advising from SBDC staff along with other small businesses in the region.
FastTrac NewVenture will be offered at least four times annually in each SBDC region in the state, according to Evelyn Pasco, business development specialist at SBDC. The program relies on several state agencies for funding including Central Connecticut State University and the Small Business Administration. FastTrac NewVenture is part of the Kansas City, Mo.-based Ewing Marion Kauffman Foundation, the largest organization in the nation solely focused on entrepreneurial assistance.
Since the initiative began three years ago, more than 165,000 entrepreneurs have participated, said Ginne-Rae Clay, state director of SBDC. In 2009, Clay said 193 entrepreneurs received assistance to start a small business from SBDC and secured just over $4.4 million in total capital for their startups.
Clay sees a trend in unemployed workers who are turning their passions into profit.
“I know a gentleman right now who was just making cheesecakes for friends. He’s come to workshops. He gets that the thing he’s been doing as a hobby has the potential to make it as a business. Now as a sole proprietor he’s going to start a business. These are the kinds of stories we’re getting. Another one I know has been catering. Both have families and lost their jobs. So now, they’re taking their hobbies and talents and trying to use them to feed their families,” said Clay.
“There are many people out of work with a good work ethic. (FastTrac NewVenture) fast-tracks their business and gets it going. It’s not only for people who want to start business. It’s also for people who started a business but lack strategy on growing the business to be successful. (The program) helps get these people future goals and a foundation for taking it to the next level,” she added.
Clay says in this economy, she didn’t want the cost of the program to become a barrier for entrepreneurs. She also believes that anybody can come up with a good business idea and that generally by the end of the 12 weeks, they can be ready to launch.
“If someone is starting an international export business, for example, it may take a few more weeks, but a general service business, like a daycare, 99 percent of the plan can be completed in the 12 weeks,” she said.
FastTrac NewVenture sessions will be facilitated by a team of professionals from the SBDC and the Entrepreneurial Center. Classes will be held every Tuesday and Thursday from July 27 through Sept. 2 (12 sessions) at the University of Hartford’s Butterworth Hall on the Asylum Avenue Campus in Hartford.
Registration is $495 and online enrollment is available at http://www.ctsbdc.org/events.aspx. The fee includes all program materials.
Joanna Smiley writes the weekly Local Insight column. Reach her at jsmiley@HartfordBusiness.com.
