Overview
What is 757 Accelerate Inc?
757 Accelerate Inc is a nonprofit organization situated in Norfolk, Virginia. Their primary mission is to support and nurture startups, providing them with the necessary resources and capital for growth. They achieve this by offering a customized accelerator and incubator program, which includes mentorship, investment opportunities, support services, working space, and a lean startup education. The organization values entrepreneurs first, encourages giving before receiving, and commits to helping startups achieve growth efficiently. In the past, they have received 157 applications for 7 spots, with a majority of the selected companies having minority or female founders. Their efforts have resulted in the creation of 464 jobs, generation of $27 million in lifetime revenue, and attracting $69 million in investment capital, among other accomplishments. During 2022, they established a partnership with Hampton Roads Biomedical Research Collaborative and Rise Coast Resilience to offer pre-acceleration services and portfolio analysis. The organization currently employs 4 individuals.
Official website here: www.757accelerate.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: 59%, One-Star out of Four Star Rating
757 Accelerate Inc has received a low rating of 59%, indicating concerns in its accountability and financial practices. While the organization boasts a strong independent board, with 81% of its members being independent, it lacks essential financial transparency, such as available financial statements and critical policies like conflict of interest and whistleblower protections.
The organization has shown a positive aspect with a low liabilities to assets ratio of 9.53%, reflecting financial stability. However, the absence of key financial documents on its website and the missing policies contribute to its overall poor score. Furthermore, while its program expense ratio of 62.33% suggests that a significant portion of its expenses goes towards its programs, the lack of transparency may raise questions among potential donors.
This AI summary has been generated from information found on Charity Navigator.
Is 757 Accelerate Inc legitimate?
757 Accelerate Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. 757 Accelerate Inc submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $225,000
Professional Fundraising Fees: $0
Other Salaries and Wages: $348,525
For more financial information, click here
Official website here: www.757accelerate.org
What is the mission statement of 757 Accelerate Inc?
757 Accelerate Inc is a non-profit organization dedicated to supporting startups. Their mission is to provide customized resources and capital necessary for startup growth. They achieve this by boosting promising startups towards customer traction and revenue, utilizing their own network of mentors, investors, support services, working space, and a lean startup education. The values that drive their mission include prioritizing entrepreneurs, giving before receiving, and maintaining a long-term commitment to helping startups succeed faster.
Official website here: www.757accelerate.org
Who is the CEO of 757 Accelerate Inc?
Evans Mcmillion is the Principal Officer of 757 Accelerate Inc.
Official website here: www.757accelerate.org
What is the revenue of 757 Accelerate Inc?
757 Accelerate Inc's revenue in 2022 was $1,564,123.
Official website here: www.757accelerate.org
Who are the executives of 757 Accelerate Inc and what are their salaries?
The average compensation at 757 Accelerate Inc during 2022 was $143,381. There are 4 employees and 250 volunteers at 757 Accelerate Inc.
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- Compensation: $225,000
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Official website here: www.757accelerate.org
Where can I find the form 990 for 757 Accelerate Inc?
757 Accelerate Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.757accelerate.org
Learn more at the official website: www.757accelerate.org
Mission Statement of 757 Accelerate Inc
757 Accelerate Inc, a non-profit organization, is committed to fostering the growth of startups. Their mission is to supply these fledgling businesses with tailored resources and financial support, thereby propelling them towards customer traction and revenue. They achieve this by leveraging their extensive network of mentors, investors, and support services. This includes providing working space and implementing a lean startup education. Their core values are centered around prioritizing entrepreneurs, offering assistance before expecting anything in return, and maintaining a long-term dedication to facilitating the success of startups, enabling them to achieve their goals more efficiently.
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Impact
July, 2024
757 Accelerate Inc has had a significant impact on the startup ecosystem by providing customized resources and capital to help startups grow. Their accelerator program has supported a diverse group of entrepreneurs, with 6 out of 7 companies having a minority founder and 3 having a female founder on the C-Suite team. Through engaging over 100 mentors who spent over 500 hours with the founders, they have created a strong support network for these startups.
The impact of 757 Accelerate can be seen in the success of their alumni companies, which have collectively created 464 jobs, generated $27 million in lifetime revenue, raised $69 million in investment capital, and received over $14 million in grants, loans, SBIR or STTR funding. This demonstrates the significant financial and employment impact that the organization has had on the local community and economy.
Additionally, 757 Accelerate's partnerships with organizations like the Hampton Roads Biomedical Research Collaborative ("HRBRC") and Rise Coast Resilience show their commitment to expanding their reach and providing valuable pre-acceleration services to a wider range of startups. Through their values of putting entrepreneurs first and giving before they get, 757 Accelerate is making a long-term commitment to helping startups achieve success and make a positive impact on their communities.
This information is meant to be a general summary of 757 Accelerate Inc. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Investment Income: $24
- Gross Receipts: $1,564,123
Assets and Liabilities:
- Total Assets: $821,015
- Total Liabilities: $78,396
- Net Assets: $742,619
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Organization Details
Founding Year
2017
Phone
(757) 513-1343Principal Officer
Evans Mcmillion
Main Address
400 GRANBY ST SUITE 115, NORFOLK, VA, 23510
Website
www.757accelerate.orgNTEE Category
Code: S30 - Community improvement
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