Baruch Announces Finalists for THRIVE

The New York City Economic Development Corporation (NYCEDC) and the Lawrence N. Field Center for Entrepreneurship at Baruch College, in cooperation with the Western Union Foundation and the Deutsche Bank Americas Foundation, have announced the finalists of the third annual Competition To Help Reach Immigrant Ventures and Entrepreneurs (THRIVE).

Competition THRIVE challenges community groups, businesses and other organizations from the public and private sectors to develop programs to assist immigrant entrepreneurs, who comprise 53 percent of all self-employed workers in the City, compared to 35 percent in New York State and only 21 percent in the United States. The competition invites proposals that address practical struggles faced by immigrant entrepreneurs in starting, operating and expanding their businesses in New York City, which commonly include access to credit, financial management, language barriers, and access to business networks.

The five selected finalists will each receive $25,000 of seed funding to pilot their program for six months in communities across the city. After the pilot period, the judges will select the winning program to receive $100,000 to further implement its program.

“Supporting immigrant entrepreneurs is key to sustainably growing the City’s economy, and Competition THRIVE is designed to hone in on effective strategies to address the unique hurdles these businesses face across the boroughs,” said NYCEDC President Kyle Kimball. “I look forward to seeing the progress the five finalists make in the coming months, equipping immigrant businesses with the tools they need to succeed in their communities and beyond.”

The finalists have been selected by a panel of judges comprised of business, non-profit, and academic leaders, and representatives from New York City government, based on the utility, scalability and sustainability of their proposals.

regions: New York City

About the Author