Year In Review - Entrepreneurs

As we come to the end of another year, a year unlike any other in many ways, we are reflecting on our work and the work of our partners and entrepreneurs. Last week, we talked to three of our fund managers about their year, what they learned, how they were challenged and what they are looking forward to. This week we are asking the same questions of four of our Access Ventures’ portfolio entrepreneurs.

Entrepreneurs are some of the best at creating change and pushing through adversity despite the obstacles that stand in their way.

2020 was a year of change for many. Entrepreneurs are some of the best at creating change and pushing through adversity despite the obstacles that stand in their way. This year provided a few more obstacles than we all were expecting, but we asked a few of our entrepreneurs how they were able to move forward with their mission regardless.

Rachael Chong – Catchafire

How did COVID-19 affect your business? What have you learned from it?
When I first started Catchafire ten years ago, I could have never predicted that our volunteers would play such a crucial role in helping nonprofits survive during a global pandemic. Around the globe, nonprofits are connecting virtually with volunteers at catchafire.org on projects that are critical in helping them stay afloat through these challenging times.

Even during normal times, we’d hear from nonprofits every day who were operating under difficult financial and human capital constraints and were relying on skills-based volunteers to expand their capacity. Back in March, as COVID-19 unfolded in the United States, our nonprofit community let us know that their operations and funding were completely upended and that they needed significant external support to keep their doors open.

With nonprofits facing more constraints than ever, it’s been humbling to see the meaningful connections that our platform has facilitated in helping these organizations continue to carry out their work on the ground. Nonprofits serve the most vulnerable populations in our communities– They provide essential services to children, the elderly, the homeless, victims of violence, and countless others; they bring us joy and truth by enabling artists to break down barriers and build a more loving world; and they employ 10% of the American workforce. We feel tremendous urgency to help the sector thrive even during the most difficult times.

What are you most excited about when you look to next year?
In 2020, we have been able to see the power of our community, ranging from our network of partners, volunteers, volunteer managers and staff. I’m excited to see how we will continue to leverage our unique position sitting at the intersection of all these networks.

What has been one of the biggest “wins” of 2020?
Back in March, when statewide lockdowns were issued, people across the world were eager to use their time in quarantine to make a positive impact and we saw a 145% increase in our volunteer supply. It was beautiful to see our volunteers and volunteer managers rally together to sustain the nonprofit sector in the height of a global pandemic.

How were you able to make a positive social impact through your work this year?
We have seen tremendous growth in our impact this year. We are slated to hit $50M in total dollars saved for our nonprofit partners in 2020, compared to $24M in 2019. Beyond this, we launched a program to gift Catchafire memberships as a way to reach more organizations impacted by COVID-19 and Black-led organizations who historically have been under-resourced and funded. Even once the immediate health crisis passes, nonprofit staff and leaders will continue to utilize our vast network of thousands of professionally-skilled volunteers to help them rebuild and reimagine their work post-pandemic.

Is there a story from within your work that stands out from 2020 that you would like to share?
We currently work with over 10,000 nonprofits spanning 24 cause areas, so there are countless powerful stories of nonprofits doing incredibly important work in their communities. Daily, we see so many continue to innovate and respond to 2020’s unprecedented events.

One example is Mentor2Youth, a Michigan-based nonprofit committed to impacting the futures of disadvantaged youth by supporting them holistically through each phase of their lives. When COVID-19 forced us all to rapidly shift into remote work, Mentor2Youth had to shut down because all of their workshops and tutoring programs were in-person. Catchafire matched Mentor2Youth with a volunteer who was an expert on Google products and helped their organization get Google classrooms set up so that they could reopen. With schools shut down and students forced into distance learning, their tutoring services were more important than ever and it was wonderful to see how Catchafire facilitated this connection that allowed them to continue their critical work. You can hear Darryl Johnson, Executive Director at Mentor2Youth share more here.

Beyond this story, our team has been capturing all of the incredible impact stories here.

Jeff Zhou – Fig Loans

How did COVID-19 affect your business? What have you learned from it?
Covid-19 stepped up the volatility we experienced because we work with partners and clients across the US. Our approach was heavily influenced by the quarantine, stimulus, and staggered reopenings. As a result of many responsive planning sessions, we learned a lot about when it makes sense to dig in and when not to fight the current.

What are you most excited about when you look to next year?
Overall, I’m most excited about how much we will appreciate every hard-fought inch of our return to our pre-Covid-19 lifestyles. I’m also excited for the release of the backlogged blockbuster movies!

What has been one of the biggest “wins” of 2020?
Connected to what I’m excited about, I think one of the biggest “wins” of 2020 is the realization that we are adaptable. Individually we’re learning that we are resilient and can find happiness through new ways. From a business perspective, I think the transition of our non-profit partners to fully remote operations was a massive win because they often don’t have the same economies of scale and tailored service providers that businesses do.

How were you able to make a positive social impact through your work this year?
We’re fortunate because our business model fundamentally aligns with positive social impact. However, one instance that comes to mind is our team making their time, resources, and technical knowledge available to our non-profit partners to help them setup remote operations during the peak months of quarantine. I’ve always been a big fan of unrecognized acts of service and am very proud of our team members who made the time on their own.

Is there a story from within your work that stands out from 2020 that you would like to share?
While potentially not a standout story, I’ll share a brief anecdote that’s been top of mind for me. On Fridays, we have a team “lunch” meeting that is titled “Weekly Wrap up.” We recently had a new member join the team and he asked what the purpose of the meeting was. Despite the title, our wrap up has no concrete agenda and exists solely to create some time to hang out. I think the loss of unstructured free time (i.e., water cooler time) is a sad outcome of the shift to remote work. The fun that comes from spontaneity is definitely something I am hoping to create more of in 2021!

David Taliaferro – Lenderfit

How did COVID-19 affect your business? What have you learned from it?
While tragic, the pandemic served to expose an urgent need for modern application management solutions in the commercial lending arena. Lending institutions made national headlines as technology platforms crashed due to the enormous number of small businesses who are looking for emergency capital to sustain jobs and continue providing value to their community. This is THE problem that Lenderfit was solving even before the pandemic struck. As a result, 2020 has been a year of growth for Lenderfit! We are proud to be part of the solution to overall economic recovery.

What are you most excited about when you look to next year?
We’re most excited about continued growth, and platform optimization! With such a dramatic increase in activity on the Lenderfit platform, we’ve gained insights that might have taken years to acquire regarding the most important features to provide the highest value to our customers. We anticipate that many lenders will be looking for new solutions as they consider what worked, and what didn’t in 2020.

What has been one of the biggest “wins” of 2020?
Our biggest win has been team growth! With a larger team we’re able to serve more clients, and bring more perspectives to the table on how to solve key challenges.

How were you able to make a positive social impact through your work this year?
We’re working with quite a few CDFIs and missional lenders nationwide. CDFIs have played, and will continue to play, a critical role in deploying PPP and other emergency funds to small businesses who are the cusp of folding. They have a tremendous track record with deploying capital to women and minority-owned businesses in particular! Countless jobs have been saved with the capital that lenders were able to approve while working with applicants via the Lenderfit platform.

Is there a story from within your work that stands out from 2020 that you would like to share?
My favorite story is how many times we hear that an emergency capital program would not have been possible without Lenderfit. It’s very encouraging to know that we’ve played a critical role in helping to sustain businesses, and preserve jobs.

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Thank you to all of our amazing entrepreneurs who worked with us this year. You can learn more about the rest of our portfolio here.