By EVAN EDMONDS
Waltham Times Contributing Writer
Waltham-based social entrepreneurs can now apply to participate in a grant-funded program that will provide five selected applicants with expert guidance on growing their ideas into social enterprises.
In a partnership with the City of Waltham and a one-year $625,000 U.S. Small Business Administration grant, Bentley University launched its Social Innovation Incubator – a program for small business owners and entrepreneurs who live or work in Waltham.
The incubator is accepting applications through Jan. 10, 2025.
From Feb. 3 to Oct. 31, 2025, it will provide participants a physical workspace at 92 Felton St. and a network of Bentley faculty and social issues experts.
The crux of the incubator is to nurture ideas into not just any business model but a social enterprise, meaning that people, the planet and profit are all made equal as a core principle of the business.
“The idea behind it is to create a space for local social entrepreneurs,” said Jonathan White, executive director of Bentley’s Service-Learning and Civic Engagement Center. “These are folks who start with a social problem and believe that business can play a role in impacting that problem; from that, they can make profit.”
Not only could this program lead to creating jobs and filling storefronts, White suggested, it could establish Waltham as a leader in social entrepreneurship.
Helping social entrepreneurs succeed
The Social Innovation Incubator aims to take each idea and assist the entrepreneur as the entrepreneur develops it into a business plan and eventually a pitch to take to potential investors. To do that, the program will offer workshops, one-on-one mentoring and access to the Bentley University community throughout the eight-month experience.
“Just imagine that you have a great idea, but you don’t know how to create a business plan or make a business viable. Everything from setting up accounting and budgeting to HR, to websites and social media, we have the expertise here at Bentley to work with folks on creating world-class business plans,” White added.
Among a number of endorsements including from Mayor Jeannette McCarthy and Rep. Thomas Stanley, the program has support from the Waltham Chamber of Commerce. Executive Director Molyna Richards said that only good can come from the support these startups will receive, and there lies plenty of potential for economic growth in Waltham as a result.
“I do think this is going to bring more businesses to Waltham. … My hope is that if they get funded and they do well, these businesses would want to headquarter in Waltham, which only improves our local economy, job market and Waltham as a place to do business,” Richards said.
Five potential businesses is a great starting point, and the fact that the business plans are centered around being socially conscious is a bonus, too, she said.
“It’s about time that we started looking for entrepreneurs who believe you can make a profit by doing good things in the world,” Richards said.
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