Seattle social entrepreneurs in Rainier Valley are getting help from both Urban Impact and Seattle Pacific University. The help comes in the form of the “Sharks at the Beach” business pitch competition and class auditing. The competition grants budding entrepreneurs access to mentors, classes, and more. Over $25,000 was awarded to the winner to help their idea come to fruition.
The Rainier Valley was chosen because, according to 2010 census data, it is one of the most diverse neighborhoods in the U.S. It’s home to a wide range of residents of Hispanic, African, and Asian descent. Unfortunately, it’s also known for high crime, concentrated poverty, and income inequality. These growing social issues made it the perfect community for Urban Impact Seattle.
Urban Impact has been addressing the needs of Rainier Valley for two decades. They intentionally add value through jobs and development projects. Most recently, they joined with Seattle Pacific University to equip entrepreneurs in the neighborhood with the acumen and seed capital necessary to impact the community.
In a news article, B.J. Stewart, the COO of Urban Impact, spoke about their work. “About four years ago, the Urban Impact board made the decision to take a strategic focus on the area of economic development, thus establishing a think tank of business leaders, community organizations and our academic partner, Seattle Pacific University,” he said. “We identified one of our main areas of impact as being able to help develop jobs through social entrepreneurship training.”
That idea transformed into a new outreach that allowed Rainer Valley residents to audit SPU’s Social Venture Planning Class. Then, from there, it led to the Sharks at the Beach competition.
The winner of this year’s competition created Community First Development, an organization dedicated to acquiring commercial properties in at-risk neighborhoods to secure long-term sustainability for local business owners who may have been ousted by rising rents. It would convert properties into co-ops.
Urban Impact and SPU believe that the competition and class auditing are only the beginning. The plan is to build a new economic development initiative and to lift up entrepreneurs in the community to make a difference.