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New York Professional Advisors for Community Entrepreneurs (NYPACE) is a non-profit organization that seeks to stimulate job creation and economic development in New York City by offering pro-bono consulting services to local entrepreneurs from under-resourced communities. NYPACE provides a unique opportunity both for entrepreneurs who aspire to realize a strategic vision as well as for volunteers who seek to effect change through a community service context. The NYPACE program strives not only to support the development of community-based entrepreneurs, but also to engender an open dialogue between two disparate communities with the ultimate goal of improving both.
Who We Are
NYPACE is a network of volunteers from leading professional services companies in the areas of finance, strategy consulting, private equity investing, accounting and marketing. NYPACE advisors apply their skills by creating tailored projects for each entrepreneur we assist. The organization was founded in 2001 and partners with micro-lending and community development organizations to develop relationships with entrepreneurs who can utilize our help.
The NYPACE Program
NYPACE advisors work in a variety of professional services fields including private equity, consulting, investment banking, marketing, corporate development, accounting and law. NYPACE tries to match up the specific talents of its advisory teams to the needs of the entrepreneurs. The time commitment is designed to work with the busy schedules of young professionals. Advisors are expected to commit to a four to six month period where they meet with the entrepreneur approximately once a month for one to two hour sessions. Advisors may be required to spend another hour or two in between sessions to do some research or other work required for the next meeting. Meetings typically occur on weekday evenings or on weekends and are scheduled by the project teams. In the first meeting with the entrepreneur, NYPACE simply asks "how can we be helpful?" and the project goals are developed from there.
NYPACE has provided assistance to over 40 entrepreneurs throughout the five boroughs. The organization seeks to assist entrepreneurs who are committed to building their businesses and engaging in an active give and take with our advisors. NYPACE entrepreneurs generally exhibit the following characteristics:
- Committed to growing and improving their business
- Reside in an under-resourced community
- Limited formal business education or training
- Employ a staff of less than 25 people
NYPACE seeks to provide entrepreneurs with knowledge that will help them achieve success in their ventures. NYPACE advisors provide advice and assistance on topics that fall within their respective areas of expertise and help entrepreneurs tackle their most pressing business challenges in a structured manner. NYPACE employs a team-based advisory model, which provides for varied points of view on business issues.
NYPACE has identified several areas in which our advisors will work with entrepreneurs to achieve their goals:
- Market opportunity / business idea assessment
- Market segmentation and customer analysis
- Marketing material design and composition
- Design and composition of business overview materials
- Website layout
- Certification and application processes (e.g. franchise applications, approved supplier lists, etc.)
- Financial projections and other financial analysis
- Cost structure and supply chain analysis
- Development of financial reporting infrastructure
- Human resource planning
- Basic business software instruction
- Identification of new product / market opportunities
How to Get Involved
- Stephanie George-Bombaci
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