Did you know that less than 1% of all entrepreneurs receive a business loan or private equity within their first 3 years? The odds are even worse for women, youth, and other disadvantaged groups. In fact, 99% of nascent companies use personal savings, friends, and family contributions to start or grow a business. What’s worse is that those startups lucky enough to receive financing, usually end up failing because their business model is unviable, which impacts their ability to raise money from investors. This, in turn, leads to financial hardship for the entrepreneurs and possibly their families and communities.
For these reasons, GriffinWorx, one of the world’s largest business-building organizations, and Sou Sou, an investment platform that links investors and banks to entrepreneurs, will be joining forces to support startups and small businesses with a special focus on women, youth, immigrant and minority entrepreneurs from traditionally underrepresented groups.
GriffinWorx’s high impact programming focuses on the process of building viable and sustainable businesses with end-to-end products and services that generate predictable outcomes, accelerate business ventures, and inspire innovation. Sou Sou offers entrepreneurs an alternative financing solution to complement their efforts. Through the Sou Sou app, entrepreneurs will be able to shop for affordable loans from financial institutions and investors, create or join savings clubs with peers to help them self-finance early ventures, build their credit, and apply for a business loan on Sou Sou’s digital lending marketplace. Taken together, entrepreneurs have access to the most critical resources needed to launch and grow a successful business.