In March 2023, I watched in awe as application after application landed in my inbox. Each one came from a hopeful Jewish nonprofit entrepreneur seeking support to launch their startup. I had been serving as the director of the Orthodox Union’s Impact Accelerator for four months, and it was time to select the nonprofit startups for Cohort 5, the fifth group in Impact Accelerator’s program.
Over six weeks, around 70 applications were submitted, all vying for the six available spots. The selected nonprofit founders would receive education, mentorship, collaboration opportunities and grants to help grow their organizations efficiently and sustainably. Each application highlighted a startup with the potential to bring significant value to the Jewish community. My team, along with a group of OU lay and professional leaders, carefully considered which startups to invest in through a competitive selection process focused on specific criteria that indicated potential for success.
Today, on Startup Day Across America, I want to share reflections on what I believe are the most important things that entrepreneurs should know before launching their startups from what I’ve observed while leading a startup incubator. Founded in 2013, it celebrates the entrepreneurial spirit, serving to celebrate and motivate startup founders. While my experience is in the Jewish nonprofit sector, these insights apply to other types of startups as well.
Understand the community you’re serving
Before launching, entrepreneurs should evaluate where their organization fits within the ecosystem of other organizations serving the same community. What differentiates your startup? Is there a specific challenge you’re addressing? Why is your startup necessary? Ensuring you have clear answers to these questions before launching is crucial for success. Conversely, not knowing these answers can lead to failure.
Know what it takes to run a business
Transforming a concept from a casual discussion with friends to a full-fledged business that impacts the community requires thorough preparation. Entrepreneurs must educate themselves on various business aspects, including legal requirements, fundraising, marketing, financial considerations, leadership, strategy and planning. While this may seem obvious, many overlook these details in their excitement about their idea. At Impact Accelerator, our core values are innovation, excellence and empowerment. Internalizing these values and developing business savvy are essential for nonprofit founders to reach their full potential. If a startup founder has these qualities to some extent before even launching, they will be at a huge advantage. Doing research first can lead to all of these values.
Have a plan for growing your network
Being a founder can feel lonely, as you may work long hours and handle complex issues alone. It’s important to establish a strong support network. The cohort model of Impact Accelerator helps build this network and is arguably one of the most valuable aspects of the experience. Founders should seek to build something similar by attending networking events and workshops and participating in online forums. This involvement can help alleviate feelings of isolation and provide necessary support.
Final thoughts
While sorting through all those applications for Cohort 5, it was gratifying and heartening to see just how many passionate individuals there are who truly care about making our community a better place in new and innovative ways. I have now been in my role for 18 months, and I continue to be inspired by these forward-thinkers. Startup nonprofits and their founders are crucial to finding solutions to community challenges—paving the way for more impactful and sustainable solutions for our community, as well as the greater community at large.
This Startup Day Across America, those who are not founders should commit to continuing to support nonprofits driving change. Those who are startup founders and those thinking of becoming one should take a moment to celebrate themselves and their passion and creativity. That is what the entrepreneurial spirit is all about.
