Truist Supports VCU to Empower Community Entrepreneurs
RICHMOND, VIRGINIA, 04/22/2023: VCU today announced it received grant funding from Truist, through Truist Foundation and Truist Charitable Fund, to bring resources to small business owners in the community.
Truist has awarded Shift Retail Lab and the VCU da Vinci Center funding to support the Richmond Entrepreneurship Academy (REA). The Richmond Entrepreneurship Academy (REA) will provide free access to training, mentorship, and commercialization opportunities to entrepreneurs to address the need for more affordable, accessible training to support small businesses. REA offers the Richmond region a unique, comprehensive, cost-free program, tailored to meet the demand for small business development and training throughout the community.
“Entrepreneurs are a powerful force for economic growth, productivity and employment across the state of Virginia,” said Thomas Ransom, Virginia regional president for Truist. “Our partnership with VCU and the Richmond Entrepreneurship Academy will help small business owners launch their ideas and businesses, and is one of the ways we’re proud to put Truist’s purpose, to inspire and build better lives and communities, into action.”
“As an urban research university committed to innovation, this support from Truist allows VCU to expand access to innovation and entrepreneurial resources in the region. Ecosystems thrive when corporate, community, and university leaders work together to create positive change and opportunity for everyone.” – Garret Westlake, PhD Associate Vice Provost in Innovation, Executive Director of the da Vinci Center for Innovation, and faculty at VCU School of Business.
Truist’s investment in the Richmond Entrepreneur Academy will help develop a model for community entrepreneurial support at VCU’s Shift Retail Lab. Startup curriculum developed by VCU School of Business faculty will be offered as part of the REA, and made available online at no cost to participants. REA will also provide free access to training, mentorship, and commercialization opportunities through the programming at Shift Retail Lab.
Through the program, community entrepreneurs will access:
- A stipend to support product development, marketing, and more
- Micro-credentials in Ideation, Design Thinking, Business Model Canvas, Digital Literacy, and Art of the Pitch
- Faculty and graduate students for mentoring and networking
- Shelf space at Shift Retail Lab
- Opportunity to pitch at VCU Demo Day
While the Richmond region offers business training programs and university degrees, REA’s comprehensive model will remove cost as a barrier to enrollment. The micro-credentials offer future business owners credentials and new skills, without stepping out of the workforce. In addition to free admission, REA will also provide travel stipends to ensure all participants can interact with VCU stakeholders, mentors, and students.
REA will engage 100 students per year and intends to reach small business owners through multiple channels, including Jackson Ward Collective (JWC), Metropolitan Business League (MBL), Hispanic Chamber of Commerce, and more. VCU is a unique collaborative partner to these organizations given the university’s expertise in entrepreneurship education. Anyone interested in applying can do so at this link.
VCU offers innovative, design-focused training, and provides the opportunity to exhibit products in the Shift Retail Lab on Broad Street. Shift Retail Lab provides an important space for entrepreneurs to test their ideas through sales and customer feedback. Shift Retail Lab is recognized as a 2022 Fast Company World Changing Idea.
About Truist Foundation
Truist Foundation is committed to Truist Financial Corporation’s (NYSE: TFC) purpose to inspire and build better lives and communities. Established in 2020, the foundation makes strategic investments in nonprofit organizations to help ensure the communities it serves have more opportunities for a better quality of life. Truist Foundation’s grants and activities focus on building career pathways to economic mobility and strengthening small businesses. Learn more at Truist.com/Foundation.
Truist Charitable Fund
The Truist Charitable Fund is a donor-advised fund supported by Truist and administered by The Winston-Salem Foundation.
About VCU da Vinci Center
The da Vinci Center for Innovation is prototyping the future of higher education through cross-disciplinary academic, experiential, and experimental learning opportunities. The academic and experiential offerings of the VCU da Vinci Center for Innovation aim to create T-shaped individuals who are anchored in a discipline and have the capacity and openness to span across disciplines.
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