The Latino Economic Development Council (LEDC) opened to considerable fanfare last month. And with good reason.
It wasn’t just the new digs in the old Massachusetts Lottery facility on Fort Street that has people excited. It’s the broad and laudable mission, as well as the unique model, that is turning heads, while also providing promise for changing the local business landscape — in all kinds of ways.
The mission — the unofficial mission, anyway — as stated by several of the speakers in attendance at the grand opening, is to transform employees into employers, consumers of products into producers of products, people who work for others into people who work for themselves.
And the model for doing that is indeed quite unique. The agency, which will award microgrants and provides space for meetings and co-working, has, at its core, a team of more two coaches that will provide a wide range of counseling and training that holds the promise of helping people grow their businesses and take them to the next level.
These coaches offer expertise in subjects ranging from finance to human resources; marketing to mental wellness; personal finance to accounting. It is this expertise that can help fledgling businesses create opportunities and avoid some of the problems that turn business ventures into casualties.
As we said, the model is unique. Many of the agencies within the region’s large and growing entrepreneurship ecosystem, such as Valley Venture Mentors and EforAll, provide mentoring and education in specific subjects. But there isn’t a deep bench of people who are in business and can pass on what they know to small-business owners who can benefit from their knowledge and experience.
One of the coaches, Giulberto Amador, president of the Mass 2 Miami Consultant Group and professional-development coach for the LEDC, perfectly summed up the work of the LEDC and why he became a coach when he told BusinessWest, “I want to be able to give back when it comes to development of business and entrepreneurship, teaching those basics, and helping people fine-tune their plans and the steps they need to take to become viable businesses in the community.”
Giving back is a critical component of the entrepreneurship ecosystem, and it’s one of the principles that has enabled this region to make great strides when it comes to encouraging entrepreneurship, getting new businesses off the ground, and, as Amador said, enabling them to remain viable.
While helping individual businesses is the stated goal of the LEDC, its broader ambition, as many speakers stated at the grand opening, is to change the landscape, both figuratively and also quite literally, when it comes to new businesses on Main Street and many other streets in cities and towns across the region, especially new Latino businesses.
After all, this is the fastest-growing segment of the region’s business community, and it possesses enormous growth potential for the years and decades to come, said Andrew Melendez, director of Operations for the agency, noting that what many in that community need is a “leg up,” which can come in many different forms, from capital to that expertise provided by the coaches.
Speaking for just about everyone in the room that night, and everyone involved with the LEDC, Amador told BusinessWest, “if there’s a McDonald’s in the North End of Springfield, I want to see a Latino owner of that McDonald’s. I don’t want to hear people say, ‘let’s go to McDonald’s’ — I want to hear them say, ‘I want to own a McDonald’s.’”
This ambitious agency and its unique model of doing business holds great promise for making those sentiments become reality.