Rock It Lab
Central Arkansas Library System
Innovation Synopsis
Rock It! Lab, a partnership between Central Arkansas Library System and Advancing Black Entrepreneurship, provides an equitable ecosystem for under-resourced entrepreneurs where race, gender and socioeconomics no longer limit access to knowledge, resources, capital and opportunity to achieve the dream of business ownership.
Challenge/Opportunity
The current entrepreneurial ecosystem heavily favors those with resources, wealth and connections. Those with only an idea and the drive to succeed meet barriers at every turn. Just as libraries democratize access to information, we can also democratize access to the knowledge, resources and capital needed to start and grow a business. Opening the door to business ownership transforms both individual lives and the entire community by increasing economic opportunities.
Key Elements of Innovation
RIL democratizes entrepreneurship by removing barriers that under-resourced entrepreneurs, including African-Americans, Latinx people, women and veterans face when seeking resources and support. RIL offers:
- Access to knowledge, capital and mentorship
- Retail, coworking and makerspaces
- Educational programs
CALS and ABE jointly administer RIL and contribute resources. A network of mentors and partners (e.g. ASBTDC, FORGE Community Loan Fund) let us offer expertise, services and startup capital.
Achieved Outcomes
We use a variety of metrics including annual surveys to track outcomes: businesses started/expanded, funding received, jobs created. Public use of physical Lab began May 1. Year-to-date, we have 115 entrepreneur consultations, 300 program participants, 15 vendors in River Shop, 14 makerspace users, >120 applicants for new Incubator program with 31 selected and 12 new Business Academy students. We recently partnered with UALR to secure a major SBA grant to fund this program through 2023. We have received enthusiastic feedback.
