FAQs

Don’t see your question? Contact us at iccc@icic.og or (617) 238-3019

General | Eligibility | Nomination Process | Value and Impact

General

WHAT IS INITIATIVE FOR A COMPETITIVE INNER CITY (ICIC)?

Founded in 1994 by Harvard Business School Professor Michael Porter, ICIC is a national nonprofit organization and the leading authority on U.S. inner city economies and the businesses that thrive there. ICIC’s mission is to drive economic prosperity in America’s inner cities through private sector investment to create jobs, income and wealth for local residents. In addition to a Research and Advisory practice, ICIC has several Urban Business Initiatives (UBIs), which include the Inner City Capital Connections (ICCC) program. For more information, visit icic.org.

Eligibility

CAN STARTUP COMPANIES PARTICIPATE?

No. The program content is designed to help established businesses grow, and so companies are required to be in the growth-to-exit stage and have $500,000 or more in annual revenue. We will refer start-ups to other local resources more aligned to their needs, and encourage them to apply in subsequent years.

CAN NONPROFITS PARTICIPATE? HOW DOES THE PROGRAM APPLY TO THEM?

Yes! We invite nonprofits and social enterprises to apply. Traditionally, nonprofits with a fee-based model or for-profit activities have gained the most from the program. Nonetheless, any interested nonprofit is encouraged to apply.

Nomination Process

CAN WE NOMINATE SOMEONE WITHOUT RECEIVING AN AFFIRMATIVE EXPRESSION OF INTEREST?

Yes. We strongly recommend you inform the business owner they have been nominated, so they are aware of the program when we follow up. If a business owner expresses interest to you, encourage them to apply, and we will follow up. If they respond that they are not interested, let us know, and we will cease communication.

CAN I NOMINATE MYSELF?

Yes. You can skip that step and apply directly at apply.iccapitalconnections.org.

WHAT ARE THE GEOGRAPHIC REQUIREMENTS? WHAT IF I DON’T KNOW IF A BUSINESS FALLS WITHIN THE ACCEPTED GEOGRAPHY?

We use multiple definitions when qualifying businesses. We work with businesses in economically-distressed areas, inner cities, low-to-moderate income areas, and/or businesses that employ a significant portion of their workforce from these areas. If you are unsure as to whether a business is geographically qualified, nominate them and we will determine if they qualify. We can also pre-qualify your nominees’ addresses in advance so you can nominate only those who qualify.

WHAT IF I DON’T KNOW IF A BUSINESS OWNER IS MAKING AT LEAST $500,00 IN ANNUAL REVENUE?

We ask this question in the application, so you can still nominate a business owner even if you don’t know their revenue. In the past, we have accepted business owners with less than $500,000 in annual revenue because they had a strong growth mindset, were on track to scale up, or were highly recommended by the nominator.

Value and Impact

WHAT TYPES OF TOPICS AND SKILLS DO PARTICIPANTS LEARN?

Specific topics include marketing strategy, talent management, entrepreneurial finance, negotiation and persuasion, and presentation skills. Participants leave with actionable strategies for measuring growth, creating harmony between employees and customers, and building a team that supports business goals. While the topics are refreshed frequently to reflect current business trends, the program content is consistently designed to help businesses build capacity and achieve sustainable growth.

IS THERE VALUE FOR BUSINESSES WHO ARE NOT ACTIVELY SEEKING CAPITAL?

If your business is not actively seeking capital, you can still benefit from current teachings on strategic planning, talent management, and marketing and sales tactics, and unique networking opportunities. Your business will benefit from a new perspective on sustainable growth, regardless of whether or not you choose to seek capital after the program.

IS THERE VALUE FOR PARTICIPANTS WHO HOLD A MASTER’S DEGREE AND/OR HAVE BEEN IN BUSINESS FOR SEVERAL DECADES?

Absolutely! Many of our alumni are credentialed and experienced business owners and still choose to complete the program more than once! While the curriculum maintains a focus on sustainable growth and accessing capital, we review the content each year to ensure it reflects the most current business trends and thought. In addition, the valuable coaching, critiquing and networking opportunities that are focused on accessing capital are unique to ICCC.

WHY IS ICCC UNIQUE?

We’re proud to offer a program with several distinguishing aspects:

  • Our mission is to promote sustainable business growth in inner cities, which is why we work specifically with businesses in economically-distressed areas
  • It requires a minimal time commitment (40 hours over 3-6 months) to complete
  • It is the only program that combines education with access to potential capital providers
  • All participants benefit from both individual and small-group coaching and mentoring

WHAT IS ICCC’S IMPACT?

We measure the program’s success and impact by the average revenue growth, number of jobs created, and the total capital raised. From 2005-2017, 2,221 ICCC alumni have averaged 160% growth in revenue, created 19,907 jobs, and raised $1.92 billion in capital. As our alumni succeed, we promote sustainable business growth in underserved communities across the country.

Read more about ICCC’s regional and national impact in the 2018 Impact Report.

 


© 2019 ICIC. All rights reserved.