...Fueling the Entrepreneurial Flame
Based upon our interactions with formerly incarcerated individuals, almost all people genuinely want a normal lifestyle, but few believe that it is attainable without civilian skills, or the conviction label.
For the formerly incarcerated, labeled as societal discards that are out of sight – out of mind, formerly incarcerated individuals are people who have dreams, visions, aspirations and emotions that are no different than any other person. They laugh, they cry, they feel compassion for others, they want to achieve, and they dream. Given an opportunity, direction, guidance, and the belief that they can achieve, the potential for success and legitimacy for formerly incarcerated individuals is not dissimilar than for anyone else.
There are many individuals who have recidivated numerous times, which supports the assertion that government, by itself cannot effectively address the core problem.
The correctional facilities of many states offer education and vocational certification programs. These vocational programs provide Self Reinvention with a dynamic pool of candidates who have marketable skills that could be developed into an entrepreneurial enterprise. Many of the career areas taught, e.g. welding, plumbing, carpentry, HVAC, etc., could be transformed into profitable businesses.
Two of the greatest challenges to community reentry are the economic component and simply believing that a normal and healthy life is attainable after serving time in prison.
© 2005 - 2018 - Self Reinvention Div., Imaculence, Inc.
Self Reinvention's deployment of business incubators are intended to host entrepreneurial businesses, which are operated by qualifying formerly incarcerated individuals. In turn, these businesses create good paying jobs for other persons from these demographics.
Every sponsored entrepreneur and every employee of a sponsored company is obligated to mentor a youth who is in the juvenile justice system. Formerly incarcerated individuals are uniquely qualified to mentor juveniles who are on the wrong track, as they can clearly relate to these young individuals where their path will lead.
We can only conquer the systemic problems surrounding crime, civilian society reentry anxiety and recidivism by reaching out to the next generation. Our sponsored entrepreneurs and employees are also required to participate in a program of continuous literacy enhancement.
Self Reinvention provides every business incubator and every sponsored business with all of its administrative support. By centralizing accounting, legal, compliance, marketing, advertising, personnel, etc., the organization enjoys extraordinary economies of scale.
The income to sustain Self Reinvention is based primarily upon five percent of the gross revenue of each incubated business.
In exchange for this percentage of revenue, Self Reinvention is providing each business with all of the administrative services and support that all businesses require, thereby lowering the overhead of each business and allowing each entrepreneur and staff to focus on core competencies and revenue generation.
The cost scales as revenues increase. Based upon projections, the first month fee to a new business is $83.00. As revenues scale, the first year fee is estimated at only $6,500. The total annual fee for a nine year old business is only $102,000 – still less than the cost of a single executive compensation package to operate one department such as accounting, not counting the additional support personnel that would be required.
Every entrepreneur has the opportunity to exercise an earn-out of up to 90% of the stock in the enterprise that they operate. Ten percent is retained by Self Reinvention to continue building the endowment that provides the capital to fund new, and expand existing enterprises. Self Reinvention is the very essence of the people with the problem becoming their own solution and the new dimension in reducing reentry anxiety, crime and recidivism.
We have no delusions about the demographic we are dealing with and that there are some individuals whom cannot be reached. Our selection process for entrepreneurial sponsorship is not dissimilar to the process of any conventional venture capital firm. Our evaluation process must also consider the education, training and experience of the individual for each opening.
Every entrepreneur has a vested interest in the success of every other entrepreneur and employee within the family of organizations. Additionally, peer review is a central and essential component of the program’s success.
As mentioned previously, a portion of the total overhead to operate Self Reinvention and each of the business incubators is shared equally among the population of enterprise businesses. This strategy accomplishes six major objectives:
1. It holds Self Reinvention accountable to its entire constituency.
2. It cultivates team effort and peer accountability among all enterprise businesses to practice spending discipline and use resources prudently.
3. The cost to each enterprise decreases as the population of enterprise businesses grows.
4. It creates a financial incentive to carefully review and approve the sponsorship of all incubator businesses.
5. It creates the synergy whereby all CEO’s have a vested interest the success of one another.
6. The entire organization is self policing.
Empowering the people with the problem to become their own solution.