Elevate Hennepin serves 562 entrepreneurs with nearly 5,000 of advising in Q1

Elevate Hennepin serves 562 entrepreneurs with nearly 5,000 of advising in Q1

In the first quarter of 2024, Elevate Hennepin advisors spent nearly 5,000 hours working with business owners and entrepreneurs. In all, 562 people from 27 cities across Hennepin County utilized Elevate consultants and came together for group-learning opportunities to take the next step in their business.

Advisors offered support across a range of business disciplines from marketing to legal, and entrepreneurs developed new skills for each stage of business in CEO Start, CEO Now, and CEO Next—the Elevate Hennepin CEO Growth Series.

Since Elevate Hennepin began in 2021, it delivered 31,425 hours of professional consulting for 2,718 businesses. Advisees report 528 new or retained jobs, 165 new businesses launched, and $25.2 million in financing.

Wholistic business support

From marketing guidance to tricky legal questions, entrepreneurs leaned on Elevate Hennepin for support with all manner of business challenges and opportunities.

In the first quarter of 2024, 46% of advising hours were dedicated to what we call “general business services,” which is support for creating a solid business plan, strategic planning, and coaching on specific business challenges.

Behind that was marketing—20% of the 4,998 hours of Elevate consulting was dedicated to making marketing plans, strategies, and supporting entrepreneurs to spread the word about their product or service.

Advisors spent 13 percent of their hours guiding entrepreneurs on financing and capital activities like wrangling bank paperwork, exploring new financing strategies, or creating better budgets and financial plans.

With Elevate Hennepin support, 33 businesses were able to raise a total of $6.3 million in financing to start or expand their business. Thirty-eight businesses reporting creating 105 new jobs.

Support for all entrepreneurs

From the start, Elevate Hennepin sought to offer support to entrepreneurs at all stages and from all backgrounds. The latest quarter demonstrated that dedication yet again.

Most businesses that sought support (34%) reported one to four employees, 29% were self-employed. Giving these small or young businesses access to expert consulting and training in CEO Start means they are able develop best practices that an allow them to hire more employees and keep growing.

Nine percent of businesses at the next stage, earning $250,000 or more, also sought Elevate Hennepin advisors and joined CEO Now to develop systems to keep growing. Five percent of businesses reported more than $1 million, joining CEO Next, the Elevate Talent pilot, or leaning on advising for advice on the unique challenges of larger businesses.

More than 65% of users were Black or people of color, and 61% of advisees were women. A cornerstone of Elevate Hennepin is providing resources to empower culturally diverse and those otherwise unrepresented in the business community, and the latest quarter shows continued success meeting that promise.

Thank you to our advisors and trainers

None of this would be possible without a deep and savvy network of advisors a group of more than 40 consultants and advisory firms and the facilitators and trainers behind our group learning opportunities.

Ninety four percent of advisees said this outstanding network allowed them to take the next step for their business with confidence and professional guidance.

See how Elevate Hennepin can support you and your business goals by visiting our business resource directory or booking a 15-minute consult with one of our Business Navigators.