If there’s one thing that tells us we’re heading in the right direction, it’s impact monitoring.
Monitoring the quality and type of impact generated by entrepreneurship programs lies at the core of our work here at Bridge for Billions. Our Impact Team has been gathering and analyzing the most recent data from our programs, and today we’re excited to give you a quick overview of the key insights.
2023 stands out as a remarkable year for Bridge for Billions. We’ve trained 1,467 entrepreneurs and seen 944 ventures successfully graduate. This incredible journey was made possible with the support of 1,895 amazing mentors who devoted a whopping 103,249 hours to training.
This has been possible also through the implementation of new models of partnership with clients and other actors within the ecosystem (Direct programs, Training of Trainers and Ecosystem Builders). Collaboration has proven to be effective in having a broader impact in terms of number of entrepreneurs supported worldwide, if compared to the previous years.
All this happened also thanks to the extremely powerful partnerships we established with 30 organizations in 2023 only, including Coca-Cola, the EU Commission, UNIDO and UNEP, Visa, JP Morgan, Ashoka, the Swiss Development Agency, the Novartis Foundation, and the Inter American Development Bank. Their visions and impact needs were crucial to make everything else possible.
Looking Back
Yet, a yearly review is not enough, especially since our journey spans far beyond just one year.
In this industry, data gains more power when aggregated. We’re happy to report that in 8 years, 4,672 ventures worldwide have gone through one of our incubation program, all summing up 391,340 hours of training delivered. Everything has been enriched by the expertise of 3,808 dedicated mentors.
The world is our playground. A quick look to the geographical areas where we’ve been promoting growth by supporting entrepreneurs:
Focusing on Underserved Communities
Diversity and inclusivity are key elements that drive the implementation of our incubation programs.
It’s always rewarding to report that no significant differences were registered in acceptance or completion rates based on gender, education level, or previous access to support.
- 51% of the entrepreneurs we supported are female
- 48% have a low income (earning less than $10,000 annually)
- 58% have had no prior support.
- 38% of the supported founders come from countries with a low or medium Human Development Index
- 37% have no studies beyond high school.
Why is this important?
As you might know, entrepreneurs who face setbacks in the entrepreneurship ecosystem are often females, low-income individuals, and those with no prior access to support.
And another good news: aggregated data shows how underserved entrepreneurs taking part to an incubation program increase their revenues, funds, and employees proportionately more than their counterparts.
We compared founders’ revenue, funds, and jobs created before and after the programs and found that underserved entrepreneurs:
- Increased the jobs they created by 55% more than their counterparts
- Increased their yearly revenues by 24% more than their counterparts
- Increased the funds they raised by 88% more than their counterparts
Before and After
Bridge for Billions is not just about starting businesses. It’s about ensuring their success and growth.
In the past 8 years, 3,007 alumni have created 8,996 paid jobs, raised USD 62 million in funds and generated USD 34 million in yearly revenue.
Entrepreneurs who graduated have demonstrated interesting post-program results, including doubling their revenue and the jobs they create. Also, they were quintupling the funds they raise up to 2 years after the program.
- 70% of our alumni remained working on their ventures up to 2 years after the program ends.
- 62% of alumni create jobs, boosting employment.
- 43% raise funds, securing vital financial support.
- 79% generate revenue, ensuring business sustainability.
Mentorship and Community
Furthermore, mentors are key in fostering valuable connections, whether with potential investors, clients, or partners.
Once the program ends, 90% decide to continue their mentorships showcasing the effectiveness of the mentor-matching conducted by our program managers.
Finally, the power of the community at Bridge for Billions is evident, as 22% of alumni report they are able to establish connections with potential clients and partners and 10% claim they were connected to potential investors – all through connections made in the program.
If your organization is interested in learning more about social innovation programs centered around entrepreneurship support, feel free to book our CEO for a quick chat.. In an industry where connections and knowledge-sharing are invaluable assets, let’s explore the endless possibilities together.
