U.S. Department of Commerce Invests $750,000 to Provide Businesses Development Assistance Across Southwestern States
WASHINGTON – The U.S. Department of Commerce’s Economic Development Administration (EDA) is awarding a $750,000 grant to Hidden Star Resources of Austin, Texas, to provide start-up business assistance across 10 areas in Texas, Arkansas and New Mexico. According to the grantee, the project is expected to create more than 400 jobs and spur $1.5 million in private investment.
“This EDA investment funds a program to provide technical assistance, training, education, and other resources to start-up companies and entrepreneurs in 10 low-income and disadvantaged areas across Arkansas, New Mexico, and Texas,” said Deputy Assistant Secretary for Regional Affairs Dennis Alvord.
Hidden Star Resources offers small business owners with counseling, mentoring and workplace training services to spur economic development throughout local communities and the U.S. economy. Hidden Star plans to utilize the EDA investment as a pilot for nationwide expansion.
About the U.S. Economic Development Administration (www.eda.gov)
The mission of the U.S. Economic Development Administration (EDA) is to lead the federal economic development agenda by promoting competitiveness and preparing the nation’s regions for growth and success in the worldwide economy. An agency within the U.S. Department of Commerce, EDA makes investments in economically distressed communities in order to create jobs for U.S. workers, promote American innovation, and accelerate long-term sustainable economic growth.
U.S. Department of Commerce Invests $600,000 to Help Small Businesses in the Houston-Galveston Area in Wake of Hurricane Harvey
WASHINGTON – Today, the U.S. Department of Commerce’s Economic Development Administration (EDA) is awarding a $600,000 grant to Hidden Star Resources to help fuel new development and provide support to existing small businesses recovering from the effects of Hurricane Harvey.
“We commend Hidden Star Resources for their efforts to provide support to small businesses after the destruction caused Hurricane Harvey,” said Deputy Assistant Secretary for Regional Affairs Dennis Alvord. “This project will ensure that businesses in the Houston-Galveston area get the services they need to grow and revitalize the local economy.”
This investment will allow Hidden Star Resources to target startup and other services to the region. Continuity planning services will also be incorporated to increase economic resiliency and help local businesses better prepare for future disasters.
This project is funded under the Bipartisan Budget Act of 2018 (PL 115-123) (PDF), in which Congress appropriated to EDA $600 million in additional Economic Adjustment Assistance (EAA) Program (PDF) funds for disaster relief and recovery as a result of Hurricanes Harvey, Irma, and Maria, wildfires, and other calendar year 2017 natural disasters under the Stafford Act.
About the U.S. Economic Development Administration (www.eda.gov)
The mission of the U.S. Economic Development Administration (EDA) is to lead the federal economic development agenda by promoting competitiveness and preparing the nation’s regions for growth and success in the worldwide economy. An agency within the U.S. Department of Commerce, EDA makes investments in economically distressed communities in order to create jobs for U.S. workers, promote American innovation, and accelerate long-term sustainable economic growth.
Non-profit establishes revolutionary approach to addressing disadvantaged and minority entrepreneurship problems
September 13, 2016—Austin, TX— Hidden Star, a 501(c)(3) non-profit organization in Austin, Texas with a revolutionary approach to addressing disadvantaged and minority entrepreneurship has officially launched its operations and first fundraising campaign.
One of the recognized experts in the field has high praise for Hidden Star’s unique approach:
“Hidden Star is one of the great concepts in minority and disadvantaged entrepreneurship that I have seen in 50 years. It is revolutionary,” said John S. Butler, Ph.D., Distinguished Professor of Minority Entrepreneurship and award-winning author at the University of Texas at Austin.
With business closings outnumbering startups for the first time, and with every minority group under-represented in business ownership, and with income inequality at historic highs; now is the time to focus on participation and success rates among disadvantaged and minority entrepreneurs. Hidden Star has launched a crowdfunding campaign to further its work in increasing entrepreneurship and business ownership among low income, disadvantaged, and minority groups in the U.S.
Hidden Star’s approach provides services to improve outcomes for under-resourced entrepreneurs; and dramatically improve their odds of succeeding in their own business. These services include advice, consulting, guidance, education, and support across a wide range of necessary areas: structure, general business, legal, real estate, negotiating, governmental regulations, permits, researching the market, helping with business planning, accounting, and others. These are precisely the services that have historically been out of reach for these entrepreneurs; and all of this expert help is provided to the entrepreneur without any cash outlay.
“It makes me feel great to see these hardworking entrepreneurs benefitting from the help Hidden Star provides as they follow their dreams” said Mike Dewey, founder, Hidden Star.
Hidden Star’s unique Pay it Forward with Equity twist means every company receiving help from Hidden Star will donate a small piece of their company back to the Hidden Star organization along with contributions from other fortunate founders and entrepreneurs from across the country. Hidden Star can potentially become the broadest holding of private equity in the world. Donated money funds more and more services to more and more of the deserving entrepreneurs; and Hidden Star becomes self-sustaining.
Experienced entrepreneurs and business owners formed Hidden Star—people who know how the system works and are able to guide aspiring entrepreneurs through the complex process of starting a business. Hidden Star has been successfully providing services for months, but is only now launching its first fundraising campaign and outreach to aspiring business owners.
Their first funding campaign can be found on Indiegogo, at https://www.indiegogo.com/projects/fuel-a-revolution-in-minority-entrepreneurship/x/14957626#/ .
The short informational video can be found on YouTube: https://www.youtube.com/watch?v=4jEtzq61kTM
Mike Dewey and Dr. John S. Butler are available for media requests.
About Hidden Star
Based in Austin, Texas, Hidden Star (www.hiddenstar.org) provides services to under resourced business owners and entrepreneurs nationwide. Formed and granted IRS 501(c)(3) status in 2016; donations are tax deductible.
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Non-Profit Incubator Program Launched for Low-Income, Disadvantaged, and Minority Entrepreneurs and Innovators
TEAM ASSEMBLED TO INCREASE SUCCESS RATES FOR POOR AND LOW-INCOME ENTREPRENEURS, INVENTORS, AND INNOVATORS
AUSTIN—1 May 2016—A nonprofit business-development program has been launched to assist low-income, disadvantaged, and minority entrepreneurs start and grow new small businesses nationwide.
Named Hidden Star, this new organization is dedicated to providing business assistance and start-up help with the goal of dramatically increasing the chances for success for these new business owners.
Providing entrepreneurs with resources, help, and assistance at every step of the way, Hidden Star will help owners vet ideas, evaluate potential, research markets, real estate, marketing materials, websites, logos, structure, legal services, and advice, as well as work with a wide variety of funding sources to find appropriate capital.
This help will be provided to the entrepreneur at no cost—as long as they are willing to work, Hidden Star is willing to help. The initial staff of Hidden Star includes professionals who have been involved with a number of successful start-ups and who bring valuable, real-world experience to this process. They include Michael Dewey, founder; branding and marketing expert, Keith Guyett; and Cyndie Shaffstall, serial entrepreneur, digital-marketing expert, and EVP of Brand and Marketing for Infinite Clothing.
“Low-income people have limited or no resources for developing their ideas into successful businesses,” said Dewey, “but this doesn’t mean their ideas aren’t great. Our program is designed to ensure the world benefits from the ingenuity of even those who don’t have the resources typically needed to launch a successful business.”
“What’s most important about our program,” said Guyette, “is the entrepreneur maintains control and ownership of their company, but now they enjoy a much higher chance of success because it has been advised and assisted by experienced, proven business people. With strong leadership, gaining outside funding is more likely. It’s a success story for everyone involved.”
“Given the trends—since 1977 new business formation is down a staggering 50% and for the first time ever companies going out of business outnumber start-ups—increasing the participation rates and survival rates of new small business will contribute measurably on many fronts,” said Shaffstall.
About Hidden Star
Hidden Star, based in Austin, TX, is the only U.S. nonprofit business incubator committed entirely to improving the success of disadvantaged, underprivileged, low-income, and minority business owners.
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