The U.S. Department of the Treasury announced this week it has selected the Mississippi Development Authority (MDA), in conjunction with the Mississippi Small Business Development Center Network (MSBDCN) and Innovate Mississippi (Innovate MS), to help small Mississippi businesses prepare for growth funding through the ConnectMS Program. The federal government selected the ConnectMS Program through a competitive process. It will build a single-point portal for startup and small business resources and work to address gaps in the state’s entrepreneurial ecosystem.
The project will help “very small businesses” (VSBs) and underserved companies position their startups and existing businesses for financial growth and success. The U.S. Treasury Small Business Opportunity Program provides funding for the multi-year program, which includes $4.8M in federal funding matched by $2.2 million from Innovate Mississippi.
The ConnectMS project will cover all of Mississippi using regional clusters to scale business programming and increase access to capital for startups and VSBs. The project will take a five-step approach, including two existing programs: FoundersPlus and the CoBuilders Accelerator. FoundersPlus offers entrepreneurial education and a weekly webinar series, while the CoBuilders Accelerator provides a multi-week virtual program that will provide access to venture capital for startups.
The program will also establish a Virtual Small Business Incubator, which will help traditional businesses access funding through workshops, one-on-one counseling, pitch events, and tailored technical assistance (TA).
ConnectMS Programs for Entrepreneurs
ConnectMS will revolutionize Mississippi’s startup and small business entrepreneurs by addressing barriers to capital access and providing targeted technical assistance. Founders can look forward to training workshops, one-on-one coaching by service providers, and accelerators, all designed to position their businesses for growth.
Those programs include:
FoundersPlus Program: This initiative, supported by the W.K. Kellogg Foundation, will provide minority and women entrepreneurs with access to high-quality entrepreneurial education, valuable mentor connections, and weekly webinars that prepare them for upcoming pitch events. FoundersPlus is the gateway for entrepreneurs to improve their business strategies. Depending on their type of business, founders can then apply to the CoBuilders Accelerator or the newly established Virtual Small Business Incubator.
CoBuilders Accelerator: For startups ready for rapid growth, the CoBuilders Accelerator offers a 12-week intensive program in which founders gain access to venture capital, intensive mentoring, and hands-on support to scale their businesses. CoBuilders prepares graduates to pitch their ideas to a wide range of investors.
For startups ready for rapid growth, the CoBuilders Accelerator is a 12-week intensive program that’s part of a competitive statewide process. Founders gain access to venture capital, mentoring, and hands-on support to scale their businesses. The program equips graduates to pitch their ideas effectively to a broad range of investors.
Virtual Small Business Incubator: Beginning in Year 2, traditional small businesses will gain access to tailored technical assistance and one-on-one counseling through a 12-week virtual program run by MSBDCN. This incubator will guide businesses in accessing funding, financial analysis, and marketing strategies that align with their growth plans.
Regional Pitch Events: ConnectMS will host multiple regional pitch competitions, allowing entrepreneurs to present their ideas to local investors and win cash prizes. Companies that compete in pitch events may also be considered for acceptance into the CoBuilders Accelerator or the Virtual Small Business Incubator.
Workshops & Ongoing Support: Monthly workshops, hosted in partnership with Innovate MS and the Mississippi SBDC, will cover essential business topics such as legal documentation, financial forecasting, and business management. These workshops, along with ongoing mentoring and networking opportunities, will serve as an entry point into the ConnectMS funnel, ensuring that entrepreneurs receive the guidance they need at every growth stage.
By integrating regional clusters across the state, ConnectMS aims to reach underserved communities and expand access to capital. The project will focus on supporting Socially and Economically Disadvantaged Individuals (SEDI) and VSBs, creating pathways for them to secure both traditional and non-traditional funding sources.
For more information about the ConnectMS project, please visit https://connectms.org/ or to get involved, contact us at Innovate Mississippi at (www.innovate.ms). For press inquiries, contact Amber White at awhite@innovate.ms.
