T
he average entrepreneur at Rising Tide Capital is a 39-year-old mother of two children earning less than $33,000 per year1. Local cost-of-living calculations indicate that her income would need to be $48,000 to be considered financially self-sufficient2.
An extra $15,000 per year from a home business can make an RTC entrepreneur self-sufficient; able to save for the future, educate a child and contribute to a healthy local economy.
Client Demographics: 90% minorities 67% women 77% low income 26% single mothers 46% college graduates 28% unemployed at intake 9% formerly incarcerated
One in five families in New Jersey cannot cover basic living expenses like food and shelter, even when household heads are employed. This represents 1.9 million people and 25% of all children in the state1.
1
“Poverty Benchmarks-2010,” The Legal Services of New Jersey Poverty Research Institute, 2010 1 2
Compiled from intake data provided by RTC Clients between 2006-2011 “The Real Cost of Living: The Self Sufficiency Standard for New Jersey-2008,” the Legal Services of NJ Poverty Research Institute, 2008
As a result of these outcomes, RTC generates $3.80 in economic impact for every dollar invested in its programs1
1
Data compiled from the MicroTest (Aspen Institute) Annual Survey of Rising Tide Capital Entrepreneurs
Rising Tide Capital: Performance Dashboard
OUTREACH
839 800
against full yr target of
2010
+34% 26%
2011
6%
Jersey City
14% 9%
Advertisement (flyer/newspaper)
24%
Other Hudson County East Orange / Orange
46%
Newark
10%
Other Essex County
53%
17%
8%
9%
12%
Event / festival / street fair
9%
Referral from someone else
8%
Other
Outside NJ
2009
+52%
88%
Other Hudson County 48%
Average age 39.7
69%
East Orange / Orange Newark
With business open 26%
Other Essex County Elsewhere in NJ Outside NJ
11%
373
No. entrepreneurs served this yr *
Female
Minority
Who were in business at time served this yr *
117 494
BUSINESS ACCELERATION SERVICES (BAS) No. entrepreneurs using BAS this yr *
Who we serve
2010
89%
15
2007
75%
68%
67
2008
99
2009
98
2010
98
304
+35%
2011
117
85%
Graduation rate (all time)
75%
Microtest industry standard graduation rate is …
Minority
4-year college degree
Average Age With a biz open
Low Income (HUD)
40.1 26%
JOBS CREATED
Change in Average business sales
Change in median household income
$25,700
Businesses Expanded
2011, 18
Business financing (loans) secured
* Unduplicated count within specified period
$12,000
1900%
30 3
48
27
at intake **
at intake **
at intake **
at intake **
after 1 yr ***
after 1 yr ***
after 1 yr ***
after 1 yr ***
** Based on all graduates to date at intake
96
48
10%
26%
2011, 72
Percentage graduates using public assistance
29%
Percentage graduates in business
2011, 31
Businesses Strengthened
Technical Assistance (Helpdesk) hours
3,847 157
$40,000
+52%
23%
Seminar hours
2,039
$22,948
233 47% 200 41%
108
243
IMPACT ON INDIVIDUAL
New Business Starts
In business In planning stages Different Path
2010
45%
61 12%
14
Total hours BAS services provided
2011
above represents all graduates to date
Business Starts/Strengthens/Expansions this yr*
Technical Assistance (Helpdesk)
109
Avg. hours BAS service provided per person this yr *
BUSINESS DEVELOPMENT
Graduates Business Status
Seminars 243
2011 32%
Female
147 155
$15,607
PROGRAM ACTIVITY
+53%
373
COMMUNITY BUSINESS ACADEMY (CBA) No. entrepreneurs graduating CBA this yr * Total no. of CBA graduates to date *
OUTCOMES & IMPACT
245
2011
KEY:
28%
174
2010
2006
+189%
Who is attending? Jersey City
4%
8%
Elsewhere in NJ
+31%
408
Where are they attending from?
How did they hear about us?
312
2011
839
4%
408 26
No. attending Orientations about our Program this yr * No. Orientation sessions held this yr 2010
628
Where are they Inquiring from?
31/12/2011 12/31/2011
data correct to:
No. people Inquiring about our Program this yr *
*** Based on sample of graduates (respondents to 2010 annual survey)
2010
2011 Owner Employee
2010: 18 FTE jobs
2011: 54 FTE jobs
I
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The Virginia Wellington Cabot Foundation
The John E. & Jeanne T.
HUGHES FOUNDATION