ITEM PHOTO BY OWEN O’ROURKE
From left, William S. Mosakowski, Public Consulting Group, David Parker, chief executive officer at EforAll, and Thomas L. Demakes, president of Old Neighborhood Foods, talk about the entrepreneurial program.
By BRIDGET TURCOTTE
LYNN — A nonprofit program for up-and-coming entrepreneurs has set its sights on the city of Lynn.
Comparable to the popular television show “Shark Tank,” Entrepreneurship for All (EforAll) is designed to encourage local entrepreneurs and ultimately improve communities.
The program has already been established in the cities of Lowell and Lawrence. Of 74 graduates, 60 percent were unemployed prior to entering the accelerator program. Seventy percent of startups were with a female founder, and 38 percent with an immigrant founder. The estimated total revenue in 2015 of these graduates is $3.5 million.
The Lynn program is financially backed by two local individuals who know the hardships, yet have been successful in running their own businesses.
“I went to Lowell, watched the program and saw the whole idea of entrepreneurship,” said Tom Demakes, third-generation owner of Old Neighborhood Foods. “I was very impressed by what I saw in Lowell and very impressed by the passion I saw.”
“It’s an opportunity for people to not only be employed but to have a lifelong passion,” said William Mosakowski, who founded Public Consulting Group and grew his business in Lynn. “It’s a way to not only change things for your family but also for your community.
“Lynn needs entrepreneurs,” he said. “Lynn needs people who think about the future of the city and want it to succeed and want to employ others. It’s the first step in a lifelong journey.”
“I couldn’t be more thrilled to have two backers who know the community and care about the community,” said David Parker, EforAll chief executive officer. “Almost all the connections in the city were made by these two gentlemen.”
Parker said he is talking to people and looking for an executive director for a Lynn branch of the program.
The first job of the executive director will be to organize pitch contests. Roughly 100 people attend the contests and many pitch their ideas to a panel of judges and ask pertinent questions about them.
“For many it’s their first time presenting ideas to someone,” Parker said. “It can be a little nerve-wracking for them.”
First-, second- and third-place winners will be chosen at each of the contests. The top prize is $1,000, second prize is $750 and third prize is $500. In addition, those in the crowd vote for their favorite pitch and the winner also receives a $500 prize.
Twenty entrepreneurs will also be at each event with a table, presenting and talking to others about their ideas.
“The networking that happens at these events is wonderful,” Parker said.
“We really think of the pitch contests, first of all, as a great community event,” said Parker. “But for the program, we actively talk to the entrepreneurs who come to the contests and encourage them to apply for the Accelerator Program.”
The Accelerator Program is offered twice a year with space for 15 people in each class. Entrepreneurs in the first Lynn group will attend workshops in June, July and August and will remain in the program and under the guidance of their mentors for a full year.
Three mentors are provided to every entrepreneur in the program. They help the entrepreneurs set goals, meet with them weekly and are on call to give support and advice. Mentors help bring the entrepreneurs’ ideas to the next level. Many have the ideas but don’t have the experience to know how to further develop them, Parker said.
“My dad was my biggest mentor but he wasn’t a salesman,” Demakes said. “He said ‘go out and learn how to sell.’ Being in business by yourself is a lonely experience.”
“You start off by yourself,” Mosakowski said. “I didn’t start with any employees (he now has 2,000). I didn’t have mentors.”
Mosakowski said he was fortunate enough to work with people after college who taught him a lot about business and served as mentors to him.
The most important aspect of EforAll is that it helps provide support to those who are trying to grow their business ideas so that they don’t feel like they are alone, Parker said.
“The entrepreneurs inspire each other, they help each other,” Parker said. “When we start, the fifth part of the program will come in. Alumni from the program will circle back and help the entrepreneurs because they value what we were able to give them and they want to give back.”
A pool of $30,000 is set aside for every class of 15, Parker said. In four different instances the entrepreneurs compete for funds to help launch their businesses.
“You don’t have to be a college graduate to have a dream,” Demakes said. “This sets up a whole different dialogue in the city. People aren’t accustomed to hearing ‘what’s your dream? what are your plans to get there?”
Parker said he is also looking for people who feel they have been successful in their careers to step up as EforAll mentors.
“This is one of the ways to help the economy in a city like Lynn,” Parker said.
Bridget Turcotte can be reached at [email protected]
