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From Vision to Impact:
The Story of IFEL

Empowering Entrepreneurs, Building Inclusive Opportunities

Since 2002, the Institute for Entrepreneurial Leadership (IFEL) has been a driving force in fostering economic development through entrepreneurship. As an independent, not-for-profit organization, IFEL is dedicated to creating and implementing impactful small business programs that promote inclusion, supplier diversity, and economic growth.

Our extensive body of work has led to the creation of our agency consulting practice area built from our expertise in creating and implementing small business programming in support of larger economic development objectives. 


Given our strategic priority to support the needs of revenue-generating entrepreneurs who have the potential to grow, scale, and exit, much of our work today is rooted in small business capacity-building. Since access to capital is a complex issue rooted in structural inequities that are not easily overcome, our small business capacity-building work focuses on how we can best leverage the power of social capital.
 

MISSION

We empower entrepreneurs by breaking down barriers that limit access to knowledge, networks, and capital—especially for high-potential minority and women-owned businesses. 

VISION

We envision a future where entrepreneurial ecosystems are inclusive, ensuring that individuals from diverse backgrounds and communities have equitable opportunities to thrive and succeed.

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2002: The Beginning

IFEL was launched in 2002 as an independent not-for-profit organization. With a $25,000 planning grant from the Prudential Foundation and key alliances with NJIT Enterprise Development Center and Rutgers-Newark, IFEL set out to create a replicable support model for small, minority-, and women-owned businesses in Newark. From the outset, our focus was clear: help entrepreneurs grow and overcome systemic challenges.

2003: Official Nonprofit Recognition

In 2003, IFEL achieved 501(c)(3) nonprofit status, cementing its role as a mission-driven organization committed to economic empowerment.

2004: Launching Our First Business Support Program

Backed by The Prudential Foundation, PNC Bank, Wachovia Foundation, and PSEG, IFEL launched its first pilot program in September 2004. The program supported five diverse businesses, ranging from under $10,000 to over $300,000 in annual revenue, laying the foundation for our signature hands-on, one-on-one mentoring approach.

2005-2006: Expanding Our Reach

Following the success of the pilot, IFEL expanded its services, gaining recognition as a trusted resource for small business owners. Economic development professionals and community leaders took note of our practical, results-driven approach.

2006 and Beyond: Strategic Partnerships

IFEL forged collaborations with key agency partners, including:

  • Newark Urban Enterprise Zone (NUEZ)

  • New Jersey Department of Labor and Workforce Development (NJLWD)

  • Somerset and Bergen County Community Action Programs

  • Prudential Foundation

These partnerships combined expert-led group training with personalized business mentorship, creating sustainable pathways to success.

Refocusing on Growth Potential

IFEL transitioned its focus back to revenue-generating businesses with high growth potential, aiming to address challenges related to lack of access to capital and resources. This shift aligned with the organization's mission to foster job creation and wealth within communities of color.

2018: Innovating Small Business Capacity Building

In 2018, IFEL launched an innovative capacity-building model leveraging skills-based volunteerism. By mobilizing human capital, we helped entrepreneurs overcome structural barriers and accelerate their business growth.

2019: The Birth of Women of Color Connecting (WOCCON: Changing the Way We Do Business)

IFEL introduced Women of Color Connecting (WOCCON), a groundbreaking initiative designed to amplify and accelerate the success of Women of Color entrepreneurs. This program led to the development of:

  • Success Circles, a mentorship-driven support system

  • The Making of Black Angels, an initiative encouraging investment in Black-led businesses. This was funded by the JPMorgan Chase Foundation in 2020

 

WOCCON quickly gained national momentum, rallying allies, investors, and industry leaders to build a more inclusive entrepreneurial landscape.

2020: Launching of the Small Business Needs Us

This initiative aims to support small businesses impacted by the COVID-19 pandemic. In July 2021, we received a grant from the Verizon Foundation to expand our capacity to help thousands of business owners nationwide. Our collaboration with Verizon has enabled us to expand our capacity to serve 2800+ businesses annually.

2022: The Community Project Award from the Office of Congressman Donald Payne Jr.

In 2022, IFEL received a Community Project Award from the Office of Congressman Donald Payne Jr. The grant for this award came through the Small Business Administration and was used to launch the New Jersey Small Business Initiative. During the grant period, we received 540 applications, with 404 businesses receiving services.

2023: Relationship Capital Work Takes Flight

As a continuation of our commitment, the WOCCON Annual Summit has become a flagship event that brings together entrepreneurs, investors, and thought leaders to discuss scaling, investment, and strategic growth for women of color in business.

 

In 2023, we hosted a 10-city Creating Conscious Collisions Road Show tour that introduced 400+ investors, allies, and champions to 50 women of color entrepreneurs, creating over 2,000 connections. 

On June 30, 2023, IFEL announced the acquisition of Pipeline Angels, a leading national angel investor training program committed to changing the face of angel investing. 

In 2024, the Creating Conscious Collisions National Road Show spotlighted nearly 70 entrepreneurs and founders, and sparked more than 

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