Competition THRIVE in New York City
- Responsible Organisations: New York City Economic Development Corporation (NYCEDC) (Government)
- ILO Regions: Americas
- Country(ies): United States
- Thematic areas: Social integration and inclusion
- MLFLM: 14.
Description
Recognising the contribution of immigrant entrepreneurs helps promote small business success and build a network of business leaders. The competition To Help Reach Immigrant Ventures and Entrepreneurs (THRIVE) is an immigrant entrepreneur support competition. Launched by the City of New York Economic Development Corporation (NYCEDC) in 2011 as part of its mission to 'make the city stronger', the project generates financially sustainable business plans that can address the challenges faced by immigrant entrepreneurs in New York City. With help from partner organisations, the NYCEDC developed a two-round competition. In round one, judges choose five finalists to receive $25,000 of seed funding to pilot their projects and refine their business plans. After seven months of mentoring and skill-building, the top winner is awarded $100,000 of funding and promotional services to further scale their programme.
Rather than awarding individual entrepreneurs, Competition THRIVE invites established non-profit organisations to develop proposals for scalable programmes that promote growth opportunities for the city's immigrant businesses. The plans must address the challenges they face, such as access to credit, financial management, language barriers, and access to business networks and are judged according to feasibility, applicability, scalability, and sustainability.
This practice was kindly contributed by Hire Immigrants, a program of the Global Diversity Exchange, Ryerson University (Toronto, Canada). See more at: http://citiesofmigration.ca/good_idea/competition-thrive-making-the-city-stronger/.
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