Coral's legacy:  Written to the City of Austin about Coral's last IC2 Program...

In 2016, Austin had a vibrant tech startup scene with numerous incubators and accelerators; yet men, particularly white men, predominantly enjoyed the advantages. At the same time, small business owners—especially women and people of color—expressed an urgent need for programs that offer business strategy, mentorship, and growth training – ultimately design a plan to increase revenue.

To address this gap, the City of Austin’s Small Business Division partnered with the IC² Institute at The University of Texas at Austin to launch FASTForward, a small business accelerator for all. Focused on identifying market problems, differentiating solutions, and building sustainable growth strategies, FASTForward graduated two cohorts (2016-17), reflecting Austin’s diversity (55% women and 45% minority-led businesses). Six months after the program, participants reported:

• 2.5 new jobs created per company;

• 70% launched new products;

• 90% expanded customer bases;

• 40% average revenue growth; and

• Over $500,000 annual revenue for six businesses.

Notable alumni include mmmpanadas, Lil’ Mamma’s Kitchen, BassBoss, Crushing Tigers, Art Austin, Austin Language School, and Garbo’s Lobsters, among others. FASTForward alumni have also earned MBAs, Ph.D.s, and other degrees. Mentors and co-instructors have gone on to found Cooks Nook, DivInc., True Wealth Ventures, and Readiness Training for HUBS; each continues to provide essential business support in Central Texas.

Modeling the possible impact of FASTForward graduates from 2018 to 2025 supports the following:

• 53% of FASTForward companies thriving today;

• Generating ~$34M in annual revenue;

• Cumulating an estimated $110-130M in revenue; and

• Returning $370-410 in revenue for every $1 Austin taxpayers invested after 8 years.

Coral organized, empowered, and was the glue for the program. This impact from owners, to employees, to customers, to her city of Austin is Coral's. Thank you!