IN THE NEWS: Newhouse School instrumental in expansion of billion dollar economic and entrepreneurial development initiative

Syracuse University’s #1 ranked S.I. Newhouse School of Public Communications featured SourceFunding.org in its latest article, which highlights the platform’s recent surge in growth.

“Newhouse School instrumental in expansion of multibillion-dollar economic development initiative”

NEW YORK, NEW YORK (September 19, 2018) - Multi-billion dollar economic development initiatives launched in 2014 and 2015 at Syracuse University’s S.I. Newhouse School of Public Communications and with the support of the Public Diplomacy Program in 2016 continue to grow and are now supporting the expansion of over 50,000 startups, small businesses, nonprofits, and community development organizations nationwide by matching them with the best sources of funding for their particular circumstances and stage of growth.

The national economic development initiatives, first recognized in 2014 by Huffington Post (“A New Platform for Social Enterprise Startups in the U.S.”), have evolved into a cloud-based financial and database technology venture known as SourceFunding.org thanks to the early support of over 100 Newhouse students and faculty, both the Maxwell School of Citizenship & Public Affairs and Martin J. Whitman School of Management, Le Moyne College’s Madden School of Business, and numerous other university, foundation, and banking partners nationally.

Founded by technology entrepreneur and Newhouse alumnus W. Michael Short, and with a growing leadership team that includes SU grads Sara Brainard and Brian Cronin, SourceFunding.org was featured as a Forbes Editors’ Pick for leveling the playing field for small businesses, highlighted for economic and community impact at the White House, compared with Amazon as a marketplace for business finance on the floor of the New York Stock Exchange, and noted for socially responsible “FinTech Innovation” in the Business & Management Review.

SourceFunding.org is the only online platform providing a software as a service (SaaS) matching entrepreneurs, startups, businesses, nonprofits and community development organizations with the Responsible Finance Network™, which includes all of the 14,323 community banks, credit unions, non-profit lenders and community development financial institutions in the United States.

Using advanced matchmaking algorithms and artificial intelligence, the platform speeds up the business financing search and application process and provides a trusted and transparent alternative to the growing number of predatory online lenders and brokers that are plaguing the nation's businesses with hidden fees, astronomical rates, misleading information, and hindering broader economic growth, job creation, and business development nationally.

“SourceFunding.org makes economics and finance interesting, fun, and understandable as it offers entrepreneurs an array of funding options so they can avoid online predatory lenders,” said Joe Connolly, host of News Radio WCBS 880 Small Business Spotlight. He then described the platform as “a dating service for entrepreneurs looking for funding” and compared it with popular dating application Tinder, which is operated along with Match.com by $12 billion dollar Match Group, Inc.

One of the many entrepreneurs benefiting from the SourceFunding.org matchmaking platform is Ashley Warmington of Brooklyn, NY, founder of award-winning tech company Cozy Oasis and recent graduate of Medgar Evers College School of Business where SourceFunding.org currently operates a field office.

Using the funding secured with the help of SourceFunding.org, Ashley expanded her company and created jobs in her local community. Ashley’s tech company is now the top ranked AirBnB property management company in New York City.

“Searching for financing to grow my company took a lot of time away from my business and each lender handed me a big stack of application forms,” said Ms. Warmington. “SourceFunding.org matched me with the right funding from the most trusted source on the first attempt, which saved significant time and money.”

This challenge of finding the right lender is experienced by nearly all entrepreneurs, small businesses, and nonprofits in the United States - especially in historically underserved communities. On average, businesses spend over 100 hours completing loan applications without ever knowing if they are applying to a lender that actually matches their particular circumstances. As a result, roughly 8,000 business loan applications are declined in the U.S. every single day, which economists describe as a “massive market failure.”

“Entrepreneurs and small businesses face significant barriers in accessing the financing needed to grow and create jobs especially in underserved communities,” said Dr. Jo-Ann Rolle, dean of the School of Business at Medgar Evers College, City University of New York. “This is a reality we contend with on a daily basis while supporting entrepreneurs both on campus and in the community, and our work with SourceFunding.org is designed to streamline that process in order to level the playing field for all entrepreneurs."

To address this challenge, SourceFunding.org is providing platform access to several thousand chambers of commerce, small business development centers (SBDCs), economic development organizations, and community colleges so that they will be able to help entrepreneurs, businesses, and nonprofits identify funding options on an ongoing basis, with immediate results, through a complimentary account provided by SourceFunding.org.

“The Small Business Development Center at Onondaga Community College in Syracuse, New York, was so crucial in helping me launch and grow several ventures, including SourceFunding.org, and I’m thankful for the support provided over the years by the center and its incredible director Joan Powers,” explained W. Michael Short. “Now we are able to return the favor by providing access to our platform to entrepreneurs, businesses, and nonprofits in order to support communities nationwide.”

This motivation, to support communities and hard-working entrepreneurs throughout the country, is what inspired founder W. Michael Short to build SourceFunding.org.

Using dating technology to hook up entrepreneurs with funding

Tech entrepreneur Ashley Warmington, the first and only female entrepreneur to win the City University of New York’s annual SmartPitch business plan competition, says she wouldn’t have been able to secure her financing from 87 funders at a 0% interest rate without the assistance of SourceFunding.org.

BROOKLYN, NEW YORK (February 8, 2018) - The nation's first and only universal business funding application, SourceFunding.org, announced the successful completion of its national expansion thanks to the support of university and foundation partners.

For the first time, entrepreneurs and small businesses in the U.S. can match with, and apply to, every single low-cost community bank and non-profit lender in the country using a single university and foundation backed platform.

Building on the matching algorithms of a dating software, the proprietary platform provides a unique way to access 14,000 community lending institutions while simplifying the small business loan application process. SourceFunding.org is successfully assisting entrepreneurs in all 50 states by providing a free Funding Profile that helps them match with low-cost financing thanks to the generous support of university and foundation partners.

Brooklyn-based tech entrepreneur Ashley Warmington, founder of MWBE certified AirBnB property management company Cozy Oasis and a recent graduate of the Medgar Evers College (MEC) School of Business, successfully secured funding to grow her business with the help of SourceFunding.org, which she is using to create several jobs in her local community and to expand her business internationally.

“When I lost my home during a difficult time in my life, I was blessed with the opportunity to provide cleaning services in exchange for a place to live,” Ms. Warmington explained. “I humbled myself and gave my all to starting my company focused on property management, which has grown to serve 25 clients, and is now expanding further with the help of SourceFunding.org.”

Although Ms. Warmington is no longer a student, as a Brooklyn resident she receives support from MEC and W. Michael Short, who founded SourceFunding.org, and serves as MEC's Entrepreneur in Residence assisting student-run businesses and managing the International Innovators Initiative (IN2NYC) with the New York City Economic Development Corporation.

“Searching for financing to grow my company took a lot of time away from running my business and each lender handed me a big stack of application forms,” explained Ms. Warmington. “SourceFunding.org on the other hand was able to match me with the right funding from the most trusted source and on the first attempt — saving significant time and money — all with the assistance of a personal Funding Advocate looking out for my best interests and assisting throughout the process and when I ran into issues with the lender.”

Without the assistance of SourceFunding.org, businesses spend 33 hours on average completing each loan application without ever knowing in advance if they are applying to a lender that matches their particular circumstances. As a result, roughly 8,000 business loan applications are declined in the U.S. every single day, which experts view as a “massive market failure.”

“Our mission is to provide a private sector solution for this market failure,” said Sara Brainard, VP at SourceFunding.org formerly of the Weinstein Company. “Although women operate over 40% of U.S. businesses, they only received 4% of the business financing last year, and it’s rewarding to build a company that’s not only working to support women in business but leveling the playing field for ALL entrepreneurs.”

Ms. Warmington, the first and only female entrepreneur to win the City University of New York’s annual SmartPitch business plan competition, says she wouldn’t have been able to secure her financing at a 0% interest rate without the assistance of SourceFunding.org.

The national expansion of SourceFunding.org builds on a successful pilot by founder W. Michael Short’s award-winning consultancy and was planned by the Global Social Enterprise Institute (GSEI) in the Ashoka U Commons accelerator as part of an economic development initiative supporting socially responsible businesses, highlighted in “What’s Working: Small Business” by Huffington Post.

Selected as a 2016 Clinton Foundation sponsored initiative known as a “Commitment to Action,” the platform was featured for socially responsible “FinTech Innovation,” and highlighted at the Obama White House.

First housed by Le Moyne College, with the platform’s founder serving as the College’s inaugural social entrepreneur in residence, SourceFunding.org opened its national headquarters in NYC in 2017 with a field office at MEC School of Business.

"Entrepreneurship is an important career pathway for our students but many face significant challenges when seeking financing to grow their companies and create jobs,” said Dr. JoAnn Rolle, dean of MEC’s School of Business. “Our public/private partnership with SourceFunding.org is strengthening our ability to support our entrepreneurs and the communities that we serve.”

The prestigious Maxwell School of Citizenship & Public Affairs at Syracuse University is also among the institutions involved in the development and implementation of the platform’s social enterprise business model. SU’s #1 ranked S.I. Newhouse School of Public Communications is also playing an “instrumental” role along with the Martin J. Whitman School of Management.

“SourceFunding.org is proving that a low-cost, inclusive, sustainable, transparent, and socially responsible approach to business is more profitable in the long-run and in the best interests of not only our company, but most importantly our business clients, our nation’s community banking system, and our economy as a whole,” said founder W. Michael Short. “This is how you reignite the American Dream.”

SourceFunding.org Featured at #1 Ranked Maxwell School of Citizenship

Photo Credit: Syracuse University

SYRACUSE, NEW YORK (October 13, 2016) - SourceFunding.org Founder W. Michael Short was invited to speak at a Public Diplomacy Symposium hosted by Syracuse University's #1 ranked S.I. Newhouse School of Public Communications and #1 ranked Maxwell School of Citizenship & Public Affairs. Short spoke about the public diplomacy related considerations, challenges, and lessons learned relating to the launch of SourceFunding.org.

Joining Short on the "New Public Diplomacy" panel was Corri Zolli, director of research at the Institute for National Security & Counter Terrorism.

"The prestigious Public Diplomacy Program at Syracuse University is so incredibly impressive and the students and faculty are world class," said Short. "We've had over 250 SU students engaged in our efforts to date and we look forward to building on this strong partnership."

• Click here for a link to the press release from Syracuse University.

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Excerpt from the SU Daily Orange (click here for link to article):

The “New Public Diplomacy” panel features Michael Short, founder of Short Enterprises. The company focuses on utilizing “market based solutions” to solve problems related to a wide range of topics, from green infrastructure to urban revitalization and STEM education, Short said in an email.

Short said each of these initiatives involves creating and sustaining “public-private-nonprofit-foundation partnerships, which are a key aspect of public diplomacy.”

The symposium is being held in both Newhouse and Maxwell over the course of two days. The two schools offer a joint public diplomacy program, in which Short is an alumnus.

Short said he was specifically invited to discuss the public diplomacy related aspects associated with launching their financial technology platform, called SourceFunding.org. The platform works to connect small businesses with $100 million in funding by the end of 2018, according to its website.

“I credit my education at Newhouse and Maxwell with providing me with the skills and experiences necessary to launch and grow my firm and our initiatives,” Short said.

Pilot of World's First Socially Responsible Financing Platform Announced with Partners at #1 Ranked Newhouse School

SYRACUSE, NY (Nov. 5, 2015) - The Global Social Enterprise Institute, an Initiative of international consultancy Short Enterprises with offices at Le Moyne College's Madden School of Business, announced on Tuesday the launch of the world's first socially responsible financing platform at Syracuse University's #1-ranked S.I. Newhouse School of Public Communications. The platform, SourceFunding.org, will streamline the small business loan application process and match entrepreneurs of all backgrounds with the qualified community banks and loan programs that are most likely to provide low-cost financing.

Undergraduate students at Syracuse University's #1-ranked S.I. Newhouse School of Public Communications collaborating with Newhouse alumnus and Global Social Enterprise Institute President W. Michael Short on the launch of Source Funding™ (Photo Credit: Chloe Buccina)

"After 2 years of planning, development, and putting partnerships in place,  we're excited to extend our regional pilot for SourceFunding.org," said Institute President and SourceFunding.org Founder W. Michael Short. "This represents an important milestone in scaling SourceFunding.org into a national and then international platform that will empower entrepreneurs and also the responsible low-cost community banks that support them."

IN THE NEWS: Top Ranked Newhouse School Assisting with Launch of SourceFunding.org

SYRACUSE, NEW YORK (April 29, 2015) - SourceFunding.org is thrilled to announce that the S.I. Newhouse School of Public Communications at Syracuse University is collaborating to develop campaign and engagement strategies for the platform's launch. Established by the Global Social Enterprise Institute, SourceFunding.org is the first socially responsible business financing platform for business owners throughout the United States. 

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Newhouse instrumental in launch of global initiative, institute and cloud-based social enterprise accelerator

Via Press Release from Syracuse University’s #1 Ranked S.I. Newhouse School of Public Communications (APRIL 27, 2015) - Campaign and engagement strategies developed at the Newhouse School are now being implemented as part of the launch of the international Startup Insider Initiative, a Clinton Global Initiative America Commitment to Action, which is working to support the growth of the international social enterprise and impact sector.

The initiative, responding to the soaring interest in social entrepreneurship in recent years, will involve the launch of the Global Social Enterprise Institute, the cloud-based Global Social Enterprise Accelerator, the Community Social Venture Connect Program (CSVC) and a global network of regional and university chapters.

The initiative’s initial phase will deploy $50 million in capital to social entrepreneurs throughout the world and create over 2,000 jobs in the impact sector.

Internationally recognized social entrepreneur and Newhouse alumnus W. Michael Short ’10 will serve as the institute’s president and CEO. Startup Insider was officially announced in October 2014 at the 4th annual Entrepreneurship Bootcamp for Veterans with Disabilities Conference in Atlanta. Since then, the initiative has developed a growing global network of 250 university and institutional collaborators, and nearly 400 undergraduate students from partner institutions have been actively engaged in the initiative’s development.

The Global Social Enterprise Institute is in the process of launching its CSVC program, which is directed towards for-profit, non-profit and hybrid social enterprises and will provide consulting and facilitated workshops in an attempt to empower social enterprises working to strengthen communities throughout the region.

The regional launch of CSVC program in Upstate New York involves a dynamic partnership with the Small Business Development Center (SBDC) at Onondaga Community College, which has had a regional economic impact of $165 million and created 6,920 jobs.

"Social entrepreneurship is a rapidly developing field and SBDC is thrilled to be partnering with the Startup Insider Initiative’s Global Social Enterprise Institute at the Madden School of Business to support social venture creation and growth in Onondaga County," says Joan Powers, SBDC director. "It's a true pleasure to be collaborating and building on our relationship with Le Moyne's Social Entrepreneur in Residence as he develops a world-class social enterprise program at Le Moyne College.”

Catholic Charities of Onondaga County will serve as one of the first participants in the CSVC program offered by the Global Social Enterprise Institute.

Under the leadership of executive director Mike Melara, Catholic Charities is making tremendous progress to date in launching its own social enterprise, Project Joseph, which hires recent refugees and people who are homeless/housing vulnerable and provides them with skills training and entry into the employment market. Named in honor of St. Joseph, the patron saint of workers, Project Joseph has already created 10 full-time jobs.

"Working with this exciting new community resource and Le Moyne's Social Entrepreneur in Residence, we're aiming to double the impact of Project Joseph," says Melara.

A full announcement is expected in the coming weeks regarding the launch of both the regional CSVC program and the first 10 chapter organizations on college campuses throughout the U.S., which will include Stanford University, Le Moyne College and Syracuse University.

“It’s a pleasure to be involved in these exciting endeavors spearheaded by Newhouse alumnus W. Michael Short that are now gaining traction around the world with the help of our students,” says Robert Kucharavy, a professor of practice in public relations at Newhouse. “It’s also inspiring to see the high degree of collaboration that this initiative is inspiring globally, as well as locally, between Syracuse University and Le Moyne College.”

The Startup Insider Initiative is currently housed within the Centers of Excellence at the Madden School of Business at Le Moyne.

“With its focus on helping others in society through sustainable and impactful initiatives, social entrepreneurship fits perfectly with the mission of our institution,” says Le Moyne College President Linda LeMura. “As a Jesuit college, we are committed to identifying and developing opportunities that will foster a more just and equitable society, concepts that are at the very core of social entrepreneurship.”

Work on the Startup Insider Initiative at Newhouse began in August 2014 in Kucharavy’s public relations course. Students spent the fall semester developing comprehensive campaigns focused on engaging the initiative’s core constituencies.

The Newhouse School’s student-run public relations firm, Hill Communications,

is now implementing many of the campaign strategies developed in the fall and

assisting in the launch of the new global brand. Courtney Inbody, a senior in the Newhouse School and the Martin J. Whitman School of Management, is the account supervisor, overseeing a team of seven students collaborating on the Startup Insider launch.

"A major benefit of attending Newhouse is having access to unique hands-on and real-world experiences with high profile initiatives like this one," says Inbody. "As a public relations student, having the opportunity to work with a Newhouse alumnus who successfully launched his own global public relations consultancy focused on positive impact is both inspiring and rewarding."

IN THE NEWS: Newhouse School & Alumnus Develop National Entrepreneurship Initiative

The S.I. Newhouse School of Public Communications at Syracuse University and boutique management consultancy SHORT ENTERPRISES have partnered to establish a network supporting entrepreneurs throughout the U.S. The Initiative's primary focus will be the launch of a new funding platform streamlining access to financing from community lenders. The platform is designed to provide a transparent alternative to expensive predatory online lenders and is focused on financial inclusion and economic empowerment in underserved communities.

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Newhouse partners with alumnus on CGI-sponsored project to support entrepreneurship across the U.S.

Via Newhouse School Press Release (October 22, 2014) - The Newhouse School at Syracuse University has joined forces with entrepreneur and Newhouse alumnus W. Michael Short on his firm’s latest endeavor with the Clinton Global Initiative America (CGI-A).

Short will announce the launch of this new venture, the Startup Insider Initiative, at the 4th Annual Entrepreneurship Bootcamp for Veterans with Disabilities (EVB) Conference at the CNN Center in Atlanta, October 24-26.

The Startup Insider Initiative, a CGI-A Commitment to Action, will involve the launch of a new e-publication and web platform for entrepreneurs and small business technical assistance and resource providers throughout the United States. CGI-A Commitments to Action are projects that aim to address significant global, national or local challenges.

Newhouse students began working with Short Enterprises on the project in early September and the school’s student-run PR firm, Hill Communications, will assist with the implementation of the public relations campaigns during the roll-out of the project.

“Our students are thrilled to take part in this exciting endeavor,” says Robert Kucharavey, a professor of practice in public relations at Newhouse. “The initiative is giving our students an opportunity to showcase their talents on a high-profile project while learning from a phenomenal social enterprises company started by one of our alums.”

The initiative will feature the best and brightest entrepreneurs and businesses from across the U.S and build a network among participants in order to facilitate opportunities for growth, expansion and job creation. In addition to providing a space for entrepreneurs to connect, Startup Insider Initiative will focus on engaging young women in the entrepreneurial process, supporting social and civic entrepreneurs, fostering an online support community and cross-sector global coalitions in support of youth entrepreneurial programming and supporting the economic empowerment of veterans through entrepreneurship.

“We’re very pleased to have the Newhouse School on board,” says Short. “Bob Kucharavey is one of the most talented and knowledgeable professors I have ever had the privilege of working with and his phenomenal students have already begun to identify effective strategies to engage the project’s key constituencies and I’m so very impressed with the work the students have done so far.”

Short Enterprises is also collaborating and partnering with a number of other organizations on the initiative including the New York State Family Business Center at Le Moyne College, New York State Small Business Development Center at Onondaga Community College and the Martin J. Whitman School of Management at Syracuse University.

The launch of Startup Insider was inspired by Short’s participation in the Clinton Global Initiative America Community Investing Working Group, which is focused on developing actionable strategies to broaden the domestic social finance market in order to use private capital in areas of small business lending, affordable housing, health and community and economic development.

The working group includes leaders from the MacArthur Foundation, Bush Foundation, Ford Foundation, Global Sustainable Finance at Morgan Stanley, Urban Investment Group at Goldman Sachs, U.S. Community Reinvestment Fund, Federal Reserve Board and U.S. Treasury Department, among others.

“Startup Insider presents a unique opportunity to support budding entrepreneurs and assist them with gaining traction and exposure, sharing ideas and accessing crucial resources,” says Short. “We’re fortunate to have the support of a number of great organizations and the EVB conference is the perfect venue to announce the launch of our first Clinton Global Initiative Commitment to Action.”