On Tuesday, October 29, NextGEN hosted an impactful Founders Forum event titled “Equitable Access to Capital” at Flywheel Coworking in Greenville. In partnership with South Carolina Minority Business Accelerator, Village Launch, and CommunityWorks, NextGEN brought together a panel of influential local entrepreneurs, including Dayna Lee (founder of Comal 864), LaChandra Brown (founder of Logan Chris Salon), Gustavo Nieves (founder of Echo Base Expeditions), and Samantha Brown (founder of EatKlean). Moderating the panel was Ebony Sullivan, CEO of Cassy Electric, who guided the conversation on navigating funding challenges and local resources.

Founders Forum is part of an educational series created by NextGEN to foster community connections and inspire entrepreneurs with relevant insights for startups across the Greenville area. This particular session took a deep dive into the intricacies of securing capital, uncovering financial resources, and sharing lessons learned from founders who’ve been in the trenches of business building.

The energy at the event was palpable. The audience felt the collective support and shared stories from founders on their journeys to finding funding. As one attendee put it, Being a founder can be lonely, so finding local resources and support is crucial. The discussions emphasized that finding allies within the entrepreneurial ecosystem can make all the difference.

The panelists shared several key insights on preparing for funding:

1. Financial Preparation: Be ready with essential financial documents such as a year-to-date Profit and Loss statement, a Balance Sheet, three years of business and personal tax returns, a personal financial statement, a debt schedule, and business and personal bank statements.
2. Purpose and Motivation: Understand your company’s purpose and value proposition. Knowing this is essential to keep motivated during tough times. If you lack clarity about your drive, it will be harder to sustain your momentum when challenges arise.
3. Community Impact Over Scale: You don’t have to change the world all at once. Start with your community, as incremental change often has a ripple effect, inspiring others to contribute to positive growth within their own neighborhoods.
4. Separate Finances: It’s vital to keep personal finances distinct from business finances to ensure clarity and professionalism, especially when seeking external funding.