The Social Equity Council last week approved an outline for its technical assistance and business accelerator plans, a key part in supporting businesses looking to enter the cannabis industry.
According to a summary of the plan, the programs will offer assistance at various stages of business development.
“The plan includes business support services for anyone interested in participating in the cannabis market,” SEC Interim Executive Director Ginne-Rae Clay said last week.
Here’s a look at what that plan looks like:
General outreach and technical assistance
Outreach will begin for those interested in starting a business but may not be fully aware of the process or requirements.
Support can include general business planning tips and connecting entrepreneurs with resources they’ll need down the road, including information about the lottery process and what’s needed for provisional license applications. Technical support can also include a walkthrough of regulatory and legal requirements.
Business accelerator
The business accelerator program will be for companies with either provisional or full licenses that are getting ready to launch.
Per the SEC’s outline, the types of support most needed at this stage include “tailored support on business startups, including access to capital, accounting, incorporation, hiring/HR, IT, legal, partnerships and sourcing and marketing.”
Mentorship, networking and relationship building will also be key in these phases as companies launch and think toward growth.
The outline says the SEC could identify a higher education entity as a potential partner to work with businesses in the business accelerator program.
Other potential technical assistance partners could include: professional associations; chambers of commerce; legal and accounting firms; producers and industry groups; CT Next; and community-based organizations.
Outreach and assistance could linclue both in-person and virtual events. Clay said websites, call centers and marketplace expos will be used as avenues to connect to businesses.
