Inclusive entrepreneurship can have long-term effects on individuals and communities. To capture these longer-term outcomes, RMMFI sends Impact Surveys to Business Launch Boot Camp graduates on the one, two, and three-year anniversaries of their graduation. These surveys help us learn more about the entrepreneur experience and business status, understand how RMMFI is reaching our mission and North Star, and find ways to improve our support for past graduates and future entrepreneurs.
Looking at the data from our Impact Surveys, there are four key themes that we want to highlight:
1. Entrepreneurship activates individual potential.
60% of entrepreneurs indicated that they are on the path to achieving what they want in life, and 68% reported that business ownership is influential on that path.
2. Entrepreneurs are staying in business.
77% of all entrepreneurs and 78% of BIPOC entrepreneurs reported their businesses as open, including those who paused or closed their businesses and then opened a new business.
3. Entrepreneurs build and support vibrant, unique, and empowered communities.
75% of entrepreneurs have participated in one or more community events in the past 12 months, including donating to a community organization, partnering with another local business, and mentoring a fellow entrepreneur.
4. Mentorship plays a critical role in an entrepreneur’s journey.
40% of entrepreneurs maintained connections with their mentors from boot camp in the past 12 months. 54% said mentor support was one of the RMMFI services that they found useful on their journey.
We’re proud of what our Impact Surveys demonstrate about the success of RMMFI’s approach, and we believe they offer even more evidence of the community-wide benefits that can result when we ensure our small business support systems are equitable and inclusive.