Small Business Initiative aids businesses in STL ‘Promise Zone’

The St. Louis Economic Development Partnership highlighted the Center for Experiential Learning’s community work in a recent feature on Olin’s Small Business Initiative.

The St. Louis Economic Development Partnership and the Regional Business Council have partnered with the CEL to identify small businesses in the recovery areas—also referred to as the Promise Zone—of Ferguson, Dellwood, and Jennings and assist with business development.

Olin’s Small Business Initiative connects WashU students to small business owners in the St. Louis community. Through a 12-week, team-based management consulting project, students provide actionable recommendations in areas including market research, branding, financial assessment, and operations. The projects help students build their consulting competencies and apply classroom learning to real-world issues facing small businesses.

“We have an immense resource in our students who have passion, raw intelligence, and incredibly quickly developing leadership skills, and the question was, ‘What are the best ways to leverage that for the greater good in the community?’” Program Director Daniel Bentle told the St. Louis Economic Development Partnership. “In the end, this initiative is simply focused on supporting our small business leaders in the local economy, which we have a responsibility to do.”

To date, more than 50 students and 13 small businesses have participated in the program.

Check out the full story on STLPartnership, and learn more about the Small Business Initiative on the CEL’s website.