FedEx Announces Recipients of the 2023 FedEx Entrepreneur Fund
- FedEx Corporation awarded grants to small businesses owned by military veterans, military-connected entrepreneurs, and entrepreneurs with disabilities
- Hello Alice will further support grant recipients' growth through the FedEx Boost Camp, a new six-month growth experience
- Over 13,000 applicants this year, with 54% military-affiliated businesses and 37% entrepreneurs with disabilities
- Top challenge identified by 35% of applicants is raising capital and finding loans
- Global Entrepreneurship Week coincides with the announcement of the FedEx Entrepreneur Fund grant winners
- 35% of applicants identified raising capital and finding loans as a top challenge
- It's unclear how the funds will be used to address the challenges faced by the small businesses
Insights
The announcement of the FedEx Entrepreneur Fund grant recipients is a significant event that highlights the company's commitment to social responsibility and fostering entrepreneurship. From a market research perspective, this initiative can enhance FedEx's brand image and potentially improve customer loyalty among the demographics targeted by the grants, such as military veterans and entrepreneurs with disabilities. It also aligns with the growing consumer and investor interest in corporate social responsibility (CSR).
Moreover, by investing in small businesses, FedEx may indirectly benefit from the growth of these companies, which could lead to increased shipping and logistical needs that FedEx can fulfill. This symbiotic relationship can create a pipeline for future business opportunities. Additionally, the FedEx Boost Camp offers a strategic advantage by potentially incubating businesses that could become long-term partners or customers.
The focus on demographics such as military-affiliated businesses and entrepreneurs with disabilities also reflects a broader trend in the market to support underrepresented groups. This can open up new market segments for FedEx and contribute to a more diversified and resilient customer base.
From a financial standpoint, the FedEx Entrepreneur Fund represents a strategic investment rather than a direct revenue-generating initiative. The fund's size and the $10,000 individual grants may not significantly impact FedEx's overall financial performance, given the company's scale. However, the additional $100,000 investment in the FedEx Boost Camp indicates a commitment to the long-term development of these small businesses.
Investors may view such CSR initiatives as a long-term value driver, contributing to brand equity and potentially leading to indirect financial benefits through enhanced market positioning. The high number of applicants (nearly 13,000) suggests a strong demand for such programs, hinting at the potential scalability of this initiative.
While the direct financial return on this investment may be challenging to quantify, the indirect benefits such as increased brand loyalty, positive public relations and potential future business collaborations could contribute to FedEx's financial health over time.
Small businesses are a critical component of the U.S. economy and their growth can have a positive ripple effect on various economic indicators. The FedEx Entrepreneur Fund grant program can be seen as an economic stimulus for this sector, particularly for those owned by military-connected entrepreneurs and people with disabilities.
The program's potential to address the top challenge identified by applicants—raising capital—can ease credit constraints and allow for the expansion of operations, employment and production capacity. In the long run, this could lead to increased economic activity and a more inclusive economy.
Additionally, the focus on general operating expenses reflects a need for liquidity among small businesses, which is crucial for their survival and growth, especially in a financial climate marked by inflation and rising interest rates. By providing this financial support, FedEx is contributing to the stability and resilience of the small business sector.
NORTHAMPTON, MA / ACCESSWIRE / December 27, 2023 / FedEx Corporation
In its second year, the FedEx Entrepreneur Fund awarded grants to small businesses owned by military veterans, military-connected entrepreneurs and/or entrepreneurs with disabilities in the U.S. in collaboration with Hello Alice and Global Entrepreneurship Network (GEN).
FedEx announced the 30 grant recipients of the FedEx® Entrepreneur Fund, an initiative that provides
There were close to 13,000 applicants this year,
"We are honored to support entrepreneurs with FedEx through the second round of their critical grant program this year," said Elizabeth Gore, co-founder of Hello Alice. "It's been a difficult year financially for entrepreneurs with challenges such as inflation and rising interest rates. The FedEx® Entrepreneur Fund provides vital funding and resources to small business owners, who will now be able to grow their businesses and keep supporting their families and communities."
This year, the announcement of the FedEx® Entrepreneur Fund grant winners coincides with Global Entrepreneurship Week, a movement led by GEN with support from FedEx, to celebrate entrepreneurs globally and to make it easier for anyone, anywhere to start and scale a business.
It's now our honor to introduce you to two of this year's grant recipients.
Bioburden Reduction Systems was created to innovate and expand on the technology behind PPEs (Personal Protection Equipment) and how to enhance them by creating a more efficient manufacturing process.
The COVID-19 pandemic significantly strained the production of Personal Protection Equipment (PPE). PPE became scarce and hard to find, as it was being used around the clock by hospitals, nursing homes, hotels, schools, etc. Brian Jordan, founder of Bioburden Reduction Systems, is a disabled veteran, and wanted to figure out a way to evolve the growing needs for PPE.
As a result of this crisis, a not-for-profit organization, Southern Maryland Loves You (SOMDLY), was born. This organization began supporting the COVID-19 effort by producing PPE. After weeks of producing PPE, Brian determined that a more efficient way to support the effort is to figure out a process to sanitize and reuse PPE. SOMDLY engineered the Bioburden Reduction Device named "Hot Box." A few years after the COVID-19 outbreak subsided and cases had significantly decreased, members of the SOMDLY Board of Directors thought it best to create a for-profit start-up to help find alternative uses for the Hot Box.
"We proved the effectiveness of the Hot Box during COVID-19. However, now that the pandemic is over, these funds will allow us to continue with a strategic marketing effort. Thank you so much for this assistance! As a small business, these funds will go a long way with our endeavor," said Jordan.
Rock Your Body Fitness Studio is a dynamic fitness hub dedicated to promoting wellness while fostering a sense of community. It aims to work with individuals of all ages and backgrounds to prioritize their physical and mental well-being in a welcoming and supportive environment. This is done by offering a variety of fitness classes, catering to all fitness levels, ranging from Zumba and Yoga to dance; with 1:1 personal training available as well. Additionally, as a SilverSneakers partner, they host specialized classes focusing on senior fitness and toning to support the older members in their community.
Carmen Rolon, owner of Rock Your Body Fitness Studio, is an active-duty member, and wants to ensure that military and veterans feel included at her studio. The studio offers special discounts for military and veterans as they aim to make physical and mental health accessible to all. Carmen strives to create an inclusive environment where everyone can improve their well-being.
"Strength does not come from the body alone, but from the perseverance of the spirit. As a veteran and small business owner, we embody resilience, determination, and the power to transform challenges into opportunities," said Rolon.
Make sure to continue visiting FedExCares.com for more feature stories about the 2023 FedEx Entrepreneur Fund winners in the coming weeks.
***Photos courtesy of Hello Alice
View additional multimedia and more ESG storytelling from FedEx Corporation on 3blmedia.com.
Contact Info:
Spokesperson: FedEx Corporation
Website: https://www.3blmedia.com/profiles/fedex-corporation
Email: info@3blmedia.com
SOURCE: FedEx Corporation
View the original press release on accesswire.com
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