Last week, RBC concluded a year-long collaboration with Hyphen Partnerships as part of the Initiative for Inclusive Entrepreneurship (IIE)—a national effort, now led by the Milken Institute, aimed at expanding access to capital for underserved entrepreneurs. A key goal of IIE is to help socially and economically disadvantaged individuals (SEDI) tap into the U.S. Treasury’s $10 billion State Small Business Credit Initiative (SSBCI).
RBC was commissioned by Hyphen Partnerships to support the initiative’s monitoring and evaluation efforts throughout the 18-month pilot phase, culminating in the development of the final impact evaluation report. During this time, I had the privilege of collaborating with the initiative’s key implementation partners, including Founders First Capital Partners, JumpStart, Mission Driven Finance, Next Street, the Aspen Institute, ScaleLink, and the Nowak Metro Finance Lab at Drexel University. I also had the opportunity to engage with a diverse range of stakeholders across the country, all united in their commitment to building a more just, sustainable, and equitable economy.
Key Learnings and What’s Next for IIE
Reflecting on the pilot phase of the IIE, a few critical lessons stand out:
Flexibility and Adaptability Are Essential: Managing a complex initiative like the IIE required flexibility and adaptability. The program brought together diverse stakeholders, each with unique priorities and expertise. The ability of initiative coordinators to establish a feedback loop and make real-time adjustments was crucial to keeping the evaluation process aligned with the initiative's goals.
Collaboration is Key: This project highlighted the power of true collaboration. Working closely with co-leads and stakeholders, we co-created a reporting framework that genuinely reflected the needs and realities of the initiative. This wasn’t a top-down evaluation—it was a partnership, and that collaborative spirit was instrumental to the success of the pilot phase.
The Human Stories Behind the Data: The stories we heard from entrepreneurs themselves were a powerful reminder of why this work is so important. The IIE is not just about metrics; it's about creating opportunities for people who have historically been excluded from the entrepreneurial ecosystem. It’s about building a more inclusive economy where everyone has a chance to thrive.
As the IIE transitions to the Milken Institute, RBC is excited to see how the program evolves. The insights and lessons from the pilot phase provide a strong foundation for future growth, and we’re confident that the initiative will continue to make a meaningful impact in the years ahead.
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