EDCO Initiatives
EDCO Ventures has initiatives that improve the entrepreneurial infrastructure or benefit people who are under-represented in business ownership.
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Texas Border Initiative
While Texas has one of the largest and strongest growing economies in the United States, she also has some of the poorest counties in the nation. As the figure shows, based on 2006 U.S. Census data, Texas has the largest number of poor counties in the United States. Of the top 100 poorest counties per capita nationwide, 17 are within Texas – and all but one of these lie along or near the Texas-Mexico border.
The median income in the counties along or near the Texas border runs 40-70% of the national average, with poverty rates ranging from 23-41%. This poverty rates compare to the Texas and national averages of 16% and 13% respectively.
The U.S. Economic Development Administration has partnered with EDCO Ventures to address the sub-standard economic conditions of the Texas/Mexico Border. Cameron, Hidalgo, Webb and El Paso counties, with a weighted, per capita income one half of the national average ($11,457), are the focus of this partnership.
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Central Texas Initiative
EDCO Ventures created this program in Jan 2008 to address the income gap and poverty pockets that go unnoticed by the significant wealth found in Central Texas. The top fifth of Texas families make 8.1 times more than the bottom fifth. This is second only to New York state. Travis County holds a 7% lead in the state average of families earning over $100,000 per year. Meanwhile, Travis County poverty rates are higher than the national average and, when cost of living is factored in, are higher than the state average.
Portfolio Companies in this program include: PikLuk and MediaStove
STEP-UP (Supporting Technology Entrepreneurs Program for Under-Represented People)
EDCO Ventures recognizes that most under-represented groups also experience a lack of infrastructure and support in launching high growth enterprises, yet they have great potential for helping their communities prosper. Therefore, EDCO will work outside of our current regional boundaries to partner with entrepreneurs from these groups who meet the other portfolio criteria. The chart at right shows ownership statistics for businesses with paid employees (jobs) as it relates to poverty statistics for under-represented people.
LEAP
(Latino Entrepreneur Advancement Program)
EDCO Ventures is in the early phases of launching a program that brings together our focus on the Texas Border and under-represented groups. A component of LEAP will include a long-term entrepreneur recruitment program that uniquely addresses the issue that the border regions do not have a sufficiently large pool of technology or high-growth industry executives locally resident. The approach is to “recruit” experienced people back to the region. Today, many college-bound individuals, from the border, ultimately leave the region to pursue lucrative jobs with careers in engineering, science or business. It is well known that the Hispanic culture is tightly knit with its family and EDCO believes this provides a ripe opportunity to locate individuals who have moved away from the border and have a desire to return, but face the barrier of no available jobs that match their skills. Many of them may be in a position in their careers to join a start-up that can leverage their knowledge. The recruitment program will cultivate a network of candidates, but it will also provide education and awareness to the candidates of what it takes to be an entrepreneur or work in a start-up, ensuring those who transition from large corporations are adequately prepared. Historically, Latinos have limited exposure to entrepreneurial endeavors and high growth enterprises therefore LEAP also proposes to provide education & increased awareness in these areas through conferences, workshops, & other training opportunities
PeopleFund proudly welcomed over 200 community members, business owners, students and local leaders to the 7th Annual Conference on Economic Opportunity on October 24th, 2009 at ACC’s Eastview Campus. Our largest event to date included an interactive program featuring Suzi Sosa’s Economic Outlook Presentation, twelve breakout sessions led by expert panelists, and a community development survey highlighting participants’ input on the key economic issues in the Central Texas region.
- Sponsor and panelists for Peoplefund’s 7th Annual Conference on Economic Opportunity
UTPA’s Rapid Response Entrepreneurship conference is a one day event that will teach high-tech start-ups, entrepreneurs, investors and venture capitalists how to combine American innovation with Mexican shelter manufacturing to quickly respond to technological advancements and bring them to market quickly. (please note this conference is being re-scheduled for March 2010)
- Sponsor and panelist for University of Texas Pan-American Rapid Response Entrepreneurship Conference
EDCO Ventures is developing a community capital fund that will invest equity in companies with positive social returns via creation of new jobs and high-growth taxable revenues to benefit developing regions, low-income communities, under-served and/or under-represented groups. EDCO’s approach is different than most venture capital firms, utilizing a “patient” capital approach. In other words, while we intend to make money for our investors, we also know that developing regions may need more time and that not all “exit” strategies benefit the local community. EDCO understands that capital limits optimal business growth and quality of life for a community. Through its affiliation with EDCO Ventures, Innovación Investments provides equity to high growth companies that have a long-term commitment to living-wage jobs, competitive benefits, shared prosperity, wealth creation vehicles, and job skills training in their communities.