Impact Report 2021

COACHING

1o2

entrepreneurs served

96%

were women or entrepreneurs of color

companies participated in The Accelerator at ICA

companies participated in The Lab at ICA

companies supported through topic-specific webinars, workshops, and other alumni-centric curricula

ICA takes a uniquely hands-on approach to providing entrepreneurs with coaching that meets them exactly where they are. The Accelerator at ICA is a 12-week program that gives founders the knowledge, mentorship, and community they need to build the businesses they envision.

In 2021, we expanded our programming with the launch of The Lab at ICA, an accelerator for high-potential, earlier-stage businesses that helps entrepreneurs chart actionable, achievable plans for growth. Too many founders never make it to the growth stage because they lack access to coaching and capital early on. That’s why we’re focused on building a bigger pipeline of women founders and entrepreneurs of color whose bold ideas will help reshape our economy and communities.

Our results show that doing things the ICA way—by listening, learning, and innovating in response to the values and visions of our entrepreneurs—is working.

Keba Konte, founder of portfolio company Red Bay Coffee with Kori Saika Chen, co-founder of Alkali Rye

“The mentorship and weekly Zoom meetings were amazing. I was also able to see that I was not alone. There was a lot of support and a real sense of camaraderie within my group.”

— Tosca Hillman, founder of GlōGirl Cosmetics

GlōGirl designs and manufactures a range of paraben-free makeup products for ethnic skin tones. GlōGirl participated in The Lab at ICA in 2021.

“ICA helped me define my strategic growth and from there, break it down tactically. More importantly, ICA has taught me to believe more in myself. I've been able to dream bigger for my business and to develop strategies to achieve this goal.”

— Charlotte Walker, founder of Charlotte Truffles

Charlotte Truffles is an award-winning chocolate company that makes uniquely flavored sweets that represent its founder’s diverse upbringing.

“I was surprised by how many people in my cohort reached out to me for help or feedback on things I am still figuring out myself. But that heightened my sense of responsibility and made me want to figure things out so I can have the answer for others as well. It’s a challenging but good feeling!”

— Xenia St. Charles, founder of Brash Cosmetics

BRASH is a natural, cruelty-free, affordable skincare line that makes its customers “look, feel and smell as fly as they are”.

Geana Sieburger, founder of GDS Cloth Goods, a Seed Capital recipient.

Capital

$3.88M

in total funding deployed

$5ooK

to 10 early-stage businesses through the new Seed Capital product

increase in the number of businesses in our portfolio

38%

increase in average Growth Capital investment size

85¢

of every dollar deployed by ICA went to women founders or entrepreneurs of color

Access to funding is one of the biggest obstacles for small business owners, and this is especially true for women and people of color.

In 2021, ICA deployed more funding than ever before to small businesses in the Bay Area - including launching Seed Capital, a $50,000 investment in early-stage companies that are graduates of The Lab at ICA, which is designed to fill the “friends and family” equity financing gap many small businesses face.

ICA also created a brand new investment tool in 2021. The ICA Impact Note is designed to help entrepreneurs prioritize the social impacts of their businesses, such as good jobs, workforce diversity, and employee wealth creation. As companies meet the social-impact milestones they set, investors return equity ownership percentages back to them. Pietisserie and ElectroSpit—two high-growth, Black-owned businesses—were the first to implement this new investment structure.

Over the past 12+ months, we have raised $10 million to invest in Bay Area businesses. In 2021, we deployed nearly $4M to high-potential local businesses, and we’re building a strong pipeline of exciting entrepreneurs to invest in for the future.

ElectroSpit

Headquartered in Oakland, CA, ElectroSpit produces the world’s only fully-portable, tubeless talkbox for musicians and is gaining exceptional momentum that will help it create good jobs here in the Bay Area.

“This is an exciting time of growth at ElectroSpit and having ICA alongside us has been huge. The ICA team is a great partner in our growth and has ensured we are ready for scale and capital.”

—Bosko Kante, Co-Founder

Renewal Mill

This female co-founded company is leading the way in the upcycling-food space and is a prime example of ICA’s approach of integrating tailored capital and an intentionally designed system of support.

“ICA has built an incredible ecosystem of impactful entrepreneurship in Oakland, and the support and mentorship we received from them over the years has been invaluable... We’re so lucky to have a resource in our community that supports our mission-driven growth.”

—Caroline Cotto, Co-Founder

Progeny coffee

Since participating in The Accelerator at ICA in 2018, Progeny Coffee has become a stand-out example of how investment can power a top-notch, scalable product that builds wealth in the community, all while maintaining strong ethical standards for its own workers as well as its vendors.

“We built Progeny Coffee to make sure that we were giving back to the farmers and their communities while creating the best specialty coffees possible. We know it is possible to do well by doing good and we are happy to have a great partner like ICA alongside us.”

—Maria Palacio, Co-founder

Bosko Kante, founder of ElectroSpit, Growth Capital investment recipient.

connections

advisors supported 40 high-growth companies

65o

pro-bono hours of expertise provided

new partnerships established between ICA companies and local entrepreneurship organizations

business and community leaders joined our new Community Advisory Board

Cultivating a sense of community within the small-business ecosystem is integral to creating an economy that works for everyone. That’s why we cultivate a network of business advisors, peer investors, mission-aligned funders, community partners, and small business owners to help accelerate small business success.

Our advisors work hand-in-hand with entrepreneurs over weeks or months, offering a wide range of expertise and experience to help businesses grow. These connections extend beyond ICA’s formal programs and continue to make a difference at each stage of a business’s growth.

ICA and our partner organizations—such as The Greenlining Institute’s People Of Color Small Business Network, Runway, Working Solutions, Alliance for Community Development, and Uptima Entrepreneur Cooperative—work together to support businesses at different parts of their journey and help them grow through powerful connections and expert guidance.

Jaynelle St. Jean, founder of Growth Capital recipient Pietisserie

“Our advisors make real connections with the entrepreneurs. They are hands-on and really get to know the businesses they are advising. It’s this deep understanding, patience, and commitment that defines the ICA ecosystem. ICA’s work starts with our entrepreneurs, but our network of committed advisors makes our mission possible.”

—Hannah Shr, Accelerator Manager

Hannah manages the flagship Accelerator at ICA, looking after the recruiting, vetting, and selection of mission-aligned businesses, as well as the delivery of high-quality services to Accelerator participants and alumni.

“It is not often that you are able to directly impact your community in such a tangible way. Assisting local entrepreneurs as they develop and grow their business is extremely fulfilling and has the added benefit of strengthening the community as a whole.”

— Michael Jones, ICA advisor and Relationship Manager at RSF Social Finance

Michael has more than 25 years of experience in financial institutions. A Bay Area native, he helps entrepreneurs seamlessly translate their visions into an actionable financial model. Michael has worked with ICA companies since 2017, most recently with Minnie Bell's, Vegan Mob, Rocky’s Market, and Afikomen Judaica.

“Each start-up has its own unique challenges, but the overarching, consistent theme has been growth…I love being an ICA advisor and helping start-ups find their way towards their North Star.”

— Stephanie Louie, ICA advisor and founder of One10 North

Stephanie is a seasoned brand strategy professional who has a 20-year track record of growing innovative businesses. An ICA supporter since 2019, Stephanie has recently worked with ICA companies such as Down To Cook and Global Grub.