BY MELANIE ULLE
BEN Colorado is not your typical nonprofit organization. I think most folks think “nonprofit” then they think “charity” then they think “direct service organization” like a food pantry or a shelter. That is not BEN. The group is singularly focused on supporting Colorado’s entrepreneurs. They tend to the dreamers, risk-takers and empire-builders.
In the nonprofit industry, which is focused largely on the underserved, one might ask, why do these folks even need support and what’s the actual net benefit to society when we help business leaders? And I would argue that the net benefit is so profound that we can hardly get our dang heads around it.
One of the things I love most about this state is our relentless passion for innovation. We are the wildcatters, biotech pioneers, space explorers, beer makers and ag providers. Our state birthed Kong and Crocs. Chipotle and Otterbox. Pretty much the entire cable industry and online greeting cards, (Thanks, Guv!). We’ve practically done it all. But there is darkness in the entrepreneurial journey.
Kate Spade, Tony Hsieh of Zappos, and Buster Corley of Dave and Buster’s are just a few notable entrepreneurs who left us too soon, but there have been thousands of others. We have several local stories and sadly many of us know those tales intimately because they were entrepreneurs we knew and loved. The darkness got the best of them.
According to a study by Dr. Michael Freeman, a clinical professor at UCSF, 30% of all entrepreneurs experience depression. For the general public, that number is 7%. That’s a large gap which screams loudly, “support our builders.” Not just at work but at home and BEN Colorado is doing that work quietly, under the radar.
Entrepreneurship is critical to economic growth and job creation. Entrepreneurs start businesses, and new businesses create jobs, increase market competition and spur productivity. More importantly, they directly affect the economy through growth, capital and innovation while transforming the economy by enhancing civic and social participation, creating large-scale employment and improving a community’s standard of living.
BEN Colorado was created by Amy Stursberg (Founding Chairwoman, Blackstone Charitable Foundation), Senator Michael Bennet, Attorney General Phil Weiser and philanthropist Brad Feld to focus efforts on strengthening the Colorado entrepreneurial ecosystem through job creation, increased access to resources and capital and to fill a void in support for early-stage and scaleup-stage entrepreneurs.
BEN identifies Colorado companies with potential in 5 industries (tech, aerospace, energy, healthcare and consumer goods) to assist these companies as they scale. BEN Colorado creates a collaborative advisory group of experienced business leaders who have “been there and done that” and are prepared to give back, share their expertise, and open their networks to ensure that the next generation of entrepreneurs can flourish and spur significant growth in the Colorado economy.
BEN’s approach enables entrepreneurs to work closely with advisors who have faced the same day-to-day challenges and know from experience how to tackle these issues and find success. The model works and the numbers prove it.
Since BEN’s founding in 2014, the 144 growth-stage BEN companies employ over 19,453 people, generate $6.7B in revenue, and raised $8.7B in capital. These statistics reveal the true net benefit to Colorado when we invest in entrepreneurs.
BEN does this work on a shoestring budget under the leadership of Kay Henze, who before taking the top job, volunteered for the organization as a growth advisor and quickly became engaged with several interesting entrepreneurs who were facing the challenges of scaling their businesses.
In Kay’s words, “I found that the other advisors who were supporting these entrepreneurs were incredible business leaders themselves who were willing to donate their time, share their expertise and open up their network to elevate the BEN entrepreneurs and their companies. Having lived and worked across a multitude of business communities, this approach was unlike any other that I had been a part of, and I found energy and a sense of purpose beyond the bottom line in the BEN community.”
Kay never envisioned herself leading a nonprofit, but when the opportunity arose to lead the next phase of expansion for BEN, she jumped at the chance to be immersed in this community that is full of change-makers, industry-leaders and risk-takers, all of whom are shaping the future of Colorado.
Entrepreneurship is not for the faint of heart. It’s a hero’s journey with a million ups and downs which requires a steady hand and partner. BEN Colorado is that partner – that hand to hold through all the unexpected trials, the sneak attacks, the loneliness of being at the top and the need to shield the team from the hard truths that lurk beneath the surface. BEN gives that high five when a funding round is complete or when a patent is granted.
BEN Colorado’s DEN SUN program is a partnership with the City of Denver that focuses on the early-stage entrepreneur who will eventually (if ready to scale), graduate to become an official BEN company. The BEN entrepreneur is scaling which means they are entering the proverbial valley of death, the phase when leaders need the most support and eventually sink or swim. This is when real job creation happens and BEN is there for this moment of reckoning.
If I were to help BEN with their branding, it would just be a sign that says. “You’re welcome, Colorado.” But their team is humble and lovely so I suspect their message will remain the same: BEN serves Colorado scale-up entrepreneurs so they can grow their companies, elevate their communities, and be a force for good.
BEN is here to serve, humbly, quietly and without bravado. We could all learn a thing or two from BEN.
Not many philanthropists consider investing in the job-creators, but they should. BEN Colorado is not only a place where I give my personal dollars, but also a place where I believe we can double-down on our home team of entrepreneurs and see an outsized economic impact. Please consider learning more.
Check out the great work of BEN Colorado at www.bencolorado.org.