Funding Boost for Business Education
FAYETTEVILLE, N.C. – Fayetteville State University’s Broadwell College of Business and Economics has been awarded over $2.7 million by the U.S. Department of Commerce to enhance business education and development initiatives aimed at small business owners in Cumberland County and rural areas of Eastern North Carolina.
The funding comes in the form of two grants from the Minority Business Development Agency, designed to support FSU’s Entrepreneur Launch & Accelerator Program and to establish the FSU Entrepreneurship Historically Underutilized Business (HUB) MBDA Rural Business Center. Both grants were announced on September 14.
Scott Krawczyk, Ph.D., provost and vice chancellor for academic affairs, emphasized the potential impact of these funds. “These awards position Fayetteville State to help turn our academic goals into businesses that create jobs and contribute to the economic strength of our region,” he said. The initiative aims to connect entrepreneurs with crucial resources and expertise to foster business growth in their local communities.
Entrepreneur Launch & Accelerator Program
The university has received $1,990,990 to establish the Entrepreneur Launch & Accelerator Program, which will be led by principal investigator Meysam Manesh, Ph.D., and project director Assad Tavakoli, Ph.D. This two-year program is designed to assist innovators in transitioning from validating their ideas to launching and expanding their ventures.
The program will consist of four cohorts over ten weeks and will utilize FSU’s Real Venture Studio, AI Entrepreneurship Academy, Venture Launch Portfolio, and Entrepreneur Success Network. Its focus is on enhancing business formation, readiness for commercialization, technology adoption, and the ability of entrepreneurs to seek funding and contracting opportunities.
The program targets a diverse audience, including student entrepreneurs, veterans, military spouses, aspiring founders, and early-stage business owners in Cumberland County, particularly in Fayetteville and the Fort Bragg area. Manesh stated, “We want entrepreneurs in the FSU Entrepreneur Launch & Accelerator Program to leave with the knowledge and confidence they need to build sustainable, scalable businesses.”
Rural Business Center for Eastern North Carolina
Additionally, Tamara C. Colvin, DBA, the executive director of the Fayetteville-Cumberland Regional Entrepreneur and Business HUB, has secured a separate $740,000 grant to set up the FSU Entrepreneurship HUB MBDA Rural Business Center. This center will extend FSU’s business development services to rural enterprises across 23 counties in Eastern North Carolina.
The Rural Business Center will aim to improve access to capital, enhance digital and e-commerce capabilities, facilitate government procurement, and promote advanced manufacturing techniques. Intensive monthly programming will be provided to counties such as Robeson, Scotland, Richmond, Bladen, and Columbus, while the remaining counties will receive support through virtual and hybrid formats.
This initiative builds upon the existing achievements of the FSU HUB, which has assisted over 8,270 clients, aided in the launch of 246 businesses, and contributed to the creation of more than 1,000 jobs since 2022. It has also facilitated approximately $150 million in contracts and $34 million in capital formation.
Colvin remarked, “Eastern North Carolina is full of entrepreneurs with the talent and vision to build thriving businesses. This Rural Business Center connects them to capital, small business development training, and hands-on support they need to start, scale, and succeed.”
The FSU HUB will be the sole MBDA-designated resource catering to rural areas in Eastern North Carolina. This three-year grant will continue through August 31, 2029.
Broader Implications for Economic Development
According to Ulysses Taylor, Dean of the Broadwell College of Business and Economics, these awards signify a remarkable achievement for both the college and Fayetteville State University. “Together, these awards represent an extraordinary period of success for the Broadwell College of Business and Economics and Fayetteville State University,” he stated. The funding is expected to bolster efforts in entrepreneurship, innovation, commercialization, and economic development, while broadening the impact of these initiatives across the region.
Source: Fayetteville State University. Photo: Fayetteville State University.
