Kidbacker Foundation for Entrepreneurship Inc
2510 Waterview Court
Sarasota FL 34231
Mission
Together with our donors, we empower tomorrow's business leaders today by activating and investing in bold, young entrepreneurs, ages 10-23.
Leadership
CEO/Executive Director No Executive Director
Board Chair Mrs. Heather Holst-Knudsen
Board Chair Affiliation KidBacker Foundation for Entrepreneurship
General Info
Tax Exempt Status Public Supported Charity
Incorporation Year 2015
State Charitable Solicitations Permit Yes Feb 2018
State Registration Yes Apr 2017
Financial Summary
 
 
IRS Letter of Determination
Name
IRS Letter of DeterminationView
Impact Statement

2015 was a year of growth for KidBacker Foundation for Entrepreneurship. The brainchild of Heather Holst-Knudsen was officially launched in October 2015 with the determination of an impactful name and equally purposeful mission and vision statement for the organization. Shortly thereafter our national board of directors began to take shape and along with it our organizational bylaws.

In December of 2015, we finalized out first organizational budget and began the IRS nonprofit determination process. In addition, we launched our website, www.kidbackerfoundation.org and began creating marketing materials to spread the word. 

The spring of 2016 was filled with fundraising, storytelling, and introductions throughout the entrepreneurial community locally and nationwide. We have already offered 12 small grants to young entrepreneurs to attend a conference in New York City, called Next Gen Summit including young entrepreneurs from Southwest, FL, New York, New Jersey, Texas, California, Costa Rica, and Switzerland.

Our next endeavor is to support 88 students through a mix of academic scholarships and business grants by the end of 2016. We will reach these students through our sister for-profit organization, HatchPad (www.hatchpad.co). HatchPad is a virtual idea incubator for student entrepreneurs and will be partnering with organizations focused on developing entrepreneurial skills and mindset among our youth.

Needs Statement

We are in need of funding to support the following between 2016-2017:

1. GRANTS: 
$537,476 to support 200 student entrepreneur teams with business grants ranging from $500 to $50,000 based on where they are in their business lifecycle.
 2. SCHOLARSHIPS: 
$ 190,000 to support 100 students with academic scholarships ranging from $500 to $10,000 per academic year. Academic scholarships include after school programs, summer camp, business skills development seminars and conferences, and college tuition. 
 
3. ADMINISTRATIVE: 
$179,000
To hire a project manager, pay for marketing, website and provide administrative support to the organization.
 
 
 
Background Statement

Students who are engaged in entrepreneurship, whether as an academic interest or an actual startup endeavor, face huge financial barriers. Those barriers include:

  • Business financing is complex, expensive and age prohibitive
  • Tuition for after school programs, summer camp, skills enrichment programs and college cost-prohibitive for many

By awarding business grants and academic scholarships to deserving students who are interested in or actively engaged in entrepreneurship, we will enable the next generation to be career ready whether as a founder or an employee. In doing so, we will create new jobs, economic wealth and benefit the community at large.

Our mission is to break down financial barriers students face when learning about how to start, run, fund and grow a business. We will do this by offering academic scholarships and business grants for students ages 10 to 23 years old who demonstrate passion and commitment to developing an entrepreneurial mindset. We are a global non-profit and our plans include helping young people all over the world.

Why is this important to us, our children and our community?

Cultivating an entrepreneurial mindset is a new critical mandate that we ALL must embrace to prepare our students to adapt in an economy where, more likely than not, they'll be fending for themselves and creating their own opportunities.

Jobs that exist today will be eradicated tomorrow and gone are the days of a linear career path. The "gig" economy is growing rapidly and innovation and adaptability are touted as crucial qualities.
 
More importantly, demonstrating an entrepreneurial mindset offers huge competitive advantage and is a career game changer in today's global marketplace. 

To secure their future, we need our children to be either highly coveted as an employee or someone who can create wealth and jobs for themselves and others. Unfortunately, many schools do not teach entrepreneurship at the secondary school or college levels and outside school programs are cost prohibitive for the majority of young people.


In addition, many students who are passionate about launching their own business all too often have a prohibitively difficult time finding the money to jumpstart their ideas. This needs to change if we seek to prepare our children for the future and create a successful economic environment for our communities. KidBacker Foundation for Entrepreneurship was formed to be part of the solution.
Areas Served
Areas Served
Area
National
FL- Sarasota
FL- Charlotte
FL- DeSoto
FL- Hardee
FL- Hillsborough
FL- Lee
FL- Manatee
FL-Pinellas
FL- Sarasota
Areas Served Comments We are a nationwide organization located in Sarasota County, FL.
Service Categories
Primary Org Type Education
Secondary Org Type Philanthropy,Voluntarism & Grantmaking Foundations
Tertiary Org Type Youth Development
Statement from the Board Chair/Board President

KidBacker Foundation for Entrepreneurship aims to break down the financial barriers that young people face when trying to learn how to turn a passion into a commercial endeavor. This is a fundamental skill all young people deserve to have so they can lead enriching lives, contribute to their societies, create jobs and economic wealth and chart their own professional journey. This idea came to me after speaking to many of the middle, high school and college students I work with through my business, HatchPad, a collaboration and social learning network for young entrepreneurs. Many of them have amazing business ideas, some of which could drive innovation at established companies or stand on their own, yet they are unable to fund the business or pay to attend entrepreneurial focused educational programs so the ideas stop dead in their tracks. It's an incredible waste of talent and future economic value creation. As someone who was a young entrepreneur as a kid, what I would have given to have someone back me as a mentor and help me launch my business ideas with financial support. I truly believe we can change the quality of life for people all over the world by empowering more young people to become successful job creators through entrepreneurship.

Programs
Description

We offer two levels of seed grants ranging from $500 to $50,000 to help qualified student entrepreneurs ages 13 to 23 validate concepts, engage in customer discovery and development, and build prototypes.

  1. Seed Fund 1: $500 to $1,500 to validate, test and refine business concepts and ideas.
  2. Seed Fund 2: $5,000-$50,000 to build prototypes and minimal viable products and conduct experiments to test hypothesis and assumptions.

In order to apply for grants, students are required to:

  • Have a mentor and agree to an assigned advisor from KFE
  • Be prepared to pitch to our grant committee which will be comprised of our individual and corporate donors
  • Submit an executive summary, investor deck, and financial model
Budget $537,476
Category Philanthropy, Voluntarism & Grantmaking, General/Other Comprehensive Grantmaking
Program Linked to Organizational Strategy Yes
Population Served Other Named Groups US
Short Term Success

According to Gallop-Hope Poll on Education and Youth, 72% of students between the ages of 10 and 18 indicate that they want to invent something to change the world or launch their own business. With the help of our business funding grants and the mentors we offer, the doors are open to hundreds of students to pursue their dreams. Through their entrepreneurship activities, students receive the critical-thinking, communication and collaboration skills that will help them invent their own careers.

Long Term Success

Small business is the number one creator of jobs in the US. Entrepreneurship fuels small business creation. Entrepreneurship also fuels technological innovation and creates competitive advantage for our communities and our country. Entrepreneurship education and applied learning benefits students from all socioeconomic backgrounds because it teaches kids to think outside the box and nurtures unconventional talents and skills. Furthermore, it creates opportunity, ensures social justice, instills confidence and stimulates the economy.

Program Success Monitoring

https://app.nimble.com/api/v1/messages/tracking/open/53e68ed1fe2b3c237db9866d/546d0ec1faed291f8a83952a/5765f2082007d075c150df69/Our organization tracks growth entrepreneurs who win our grants in the following ways:

1. Each entrepreneur who wins a grant is assigned at least one mentor. 

2. The mentor and mentee/entrepreneur agrees on specific KPIs and timelines 

3. Quarterly updates are provided to us to keep us abreast of the entrepreneur's progress

4. We conduct quarterly coaching sessions with the entrepreneur 

5. We track progress against KPI's on a quarterly and annual basis

Program Success Examples
Our first two business grants are being awarded on September 5th. The first grant is in the amount of $1,000. The 2nd grant will be in the amount of $500. Our judging panel is currently submitting their scores so we are unable to announce who the winners are. Our finalists include 7 high school and college level startups spanning career search for college developers;  crowdsourced sneaker shopping for high school students; an academic research database for high school and college students; a golfer's course guide for newbies; an online greeting card app.
Description

We offer academic scholarships to students who are business enthusiasts and/or active entrepreneurs. Scholarships can be used for after school programs, summer camps, skills development conferences, hackathons, seminars, and college tuition. Scholarships are based on both merit and financial need.

Academic Scholarship levels include:

Summer Camp: up to $5,000 per summer

After School and Skills Enrichment Programs: up to $400 per academic year

College Tuition: up to $10,000 per academic year.

All applicants are required to submit/provide:

  • Application
  • Academic and/or professional references
  • Academic report cards
  • Financial documents

College tuition applicants are required to also:

  • Demonstrate at least 1 internship at a bona fide business
  • All recipients of the scholarship awards are required to submit an essay (written or video) at the conclusion of their program to demonstrate what they learned and what value they both received and can now give back.
Budget $189,999
Category Education, General/Other Student Financial Aid
Program Linked to Organizational Strategy Yes
Population Served US K-12 (5-19 years) Adolescents Only (13-19 years)
Short Term Success

Scholarships can be used for entrepreneurship after school programs, summer camps, boot camps, enrichment programs and college tuition.

Students who participate in our academic scholarship program gain access to peers, educators and education that they would not otherwise have access to. Program participants improve their skills and reduce their learning curve and give them self-confidence in the area of business and entrepreneurship. These skills can be applied to a future business venture, used to achieve academic excellence in business and entrepreneurship courses in school, and to gain a competitive edge when applying for college and internships.
Long Term Success By supporting a student's passion to pursue education in entrepreneurship and business, we create a new generation of highly skilled, 21st century employees and employers. Today's global information economy demands an entrepreneurial mindset from all our workers in order for our nation to maintain and grow competitive advantage. By supporting all young people's efforts to gain these skills, we empower them to own their own professional destiny as well as  create more value, jobs and opportunity for the community at large.
Program Success Monitoring

Our organization tracks growth entrepreneurs who win our scholarships in the following ways:

1. Follow up interviews and/or surveys after the summer camp, after school program, or college semester
 
2. Review transcripts of college students after the completion of the semester.
 
3. Ongoing personal follow to see how they are doing on their journeys. 
Program Success Examples

We have dispersed a total 10 academic scholarships to date. Those scholarships enable 12 student entrepreneurs to attend a conference in New York City called Next Gen Summit. Grants ranged from $ 179 to $700 dollars and covered attendee fees and in some cases, travel expenses. Grant winners forged new peer partnerships, engaged with mentors, and learned new leadership and business skills over the course of the 2 day event.

Here are a few quotes from one of our scholarship award winners:               
The KFE team has been a key component of my journey through this quest that I have called my life. They have accompanied me through two of the most rewarding and life-changing experiences of my life, The Diamond Challenge and The Next Gen Summit, and have provided me with the necessary skills I need for the development of my entrepreneurial ventures.  
Comments
Program Comments by Organization
 
CEO/Executive Director
CEO/Executive Director No Executive Director
CEO Term Start 0
CEO/Executive Director Email N/A
Experience


Former CEOs/Executive Directors
NameTerm
Senior Staff
NameTitle
Staff & Volunteer Statistics
Full Time Staff 0
Part Time Staff 0
Staff Retention Rate % N/A
Professional Development No
Contractors 0
Volunteers 5
Management Reports to Board N/A
CEO/Executive Director Formal Evaluation N/A
Senior Management Formal Evaluation N/A
Non-Management Formal Evaluation No
Collaborations
 Not applicable at this time.
External Assessments and Accreditations
Assessment/AccreditationYear
Risk Management Provisions
Government Licenses
Organization Licensed by the Government No
Plans
Fundraising Plan Yes
Communication Plan Under Development
Strategic Plan Under Development
Strategic Plan Years
Strategic Plan Adopted 0
Management Succession Plan Under Development
Continuity of Operations Plan Under Development
Policies
Nondiscrimination Policy Yes
Whistle Blower Policy No
Document Destruction Policy No
Directors and Officers Insurance Policy No
Policies and Procedures Yes
Comments
Management Comments by Organization At present, KidBacker Foundation is an all volunteer organization started in October 2015.  Our founder Heather Holst-Knudsen is operating as a non paid volunteer driving our organization into the future.  Being such a new organization we have yet to hire staff, formalize collaborations, receive awards, recognition, or accreditations.
Planning & Policies Comments by Organization We will be developing a management succession plan, continuity of operations plan, a whistleblower policy and document destruction policy over the next 30 days.
Other Documents
Other Document 2
Gift Acceptance Policy
Board Chair
Board Chair Mrs. Heather Holst-Knudsen
Company Affiliation KidBacker Foundation for Entrepreneurship
Board Term Oct 2015 to Oct 2018
Board Chair Email heather@kidbackerfoundation.org
Board Members
Board Members
NameAffiliation
Mrs. Renee Farmer Evoquate
Mrs. Heather Holst-Knudsen KidBacker Entreprises LLC.
Ms. Danielle Strachmann 1517 Fund
Constituency Includes Client Representation No
Board Ethnicity
African American/Black 0
Asian American/Pacific Islander 0
Caucasian 3
Hispanic/Latino 0
Native American/American Indian 0
Other 0 0
Board Gender
Male 0
Female 3
Unspecified 0
Governance
Board Term Lengths 3
Board Term Limits 3
Board Orientation Yes
Number of Full Board Meetings Annually 4
Board Meeting Attendance % 94
Board Self-Evaluation Yes
Written Board Selection Criteria Under Development
Board Conflict of Interest Policy Yes
% of Board Making Monetary Contributions 100
% of Board Making In-Kind Contributions 100
Standing Committees
Board Governance
Development / Fund Development / Fund Raising / Grant Writing / Major Gifts
Comments
Governance Comments by Organization

At present, KidBacker Foundation for Entrepreneurship has 3 board members, many with a national and international presence in the entrepreneurial community. As with any nonprofit, a challenge we face is finding qualified, committed potential board members that meet our organizational needs. We are currently looking for individuals with a proven background in business and entrepreneurship at the CEO level who are willing to share their time, skills and talents with KidBacker Foundation.

Fiscal Year Projections
Fiscal Year Start Month Jan
Fiscal Year Start Day 01
Fiscal Year Begins 2016
Fiscal Year End Month Dec
Fiscal Year End Day 31
Fiscal Year Ends 2016
Projected Revenue $1,003,309.00
Projected Expenses $1,003,313.00
Total Projected Revenue includes "in-kind" contributions/ donations No
Organization has Endowment No
Capital Campaign
Currently In a Capital Campaign No
Campaign Purpose
Campaign Goal
Campaign Dates 0 to 0
Amount Raised To Date 0 as of 0
Audit/Financial Documents
Historical Financial Review
CEO/Executive Director Compensation
Tax Credits No
Financials Comments
Financial Comments by Organization Our organization received it official 501(c)(3) status in April 2016.  As such we have not filed at 990.
Financial Comments by Foundation Organization received it's 501(c)3 status in April 2016 and as of August 2016 does not yet have any financials.
Nonprofit Kidbacker Foundation for Entrepreneurship Inc
Address 2510 Waterview Court
Sarasota, FL 34231
Phone 646 271-5516

THE COMMUNITY FOUNDATION OF SARASOTA COUNTY, INC. IS A REGISTERED 501(C)(3) NON-PROFIT CORPORATION. A COPY OF THE OFFICIAL REGISTRATION AND FINANCIAL INFORMATION MAY BE OBTAINED FROM THE DIVISION OF CONSUMER SERVICES BY CALLING TOLL-FREE WITHIN THE STATE (1-800-HELP-FLA) OR FROM THE WEBSITE: WWW.FRESHFROMFLORIDA.COM. REGISTRATION DOES NOT IMPLY ENDORSEMENT, APPROVAL, OR RECOMMENDATION BY THE STATE. ONE HUNDRED PERCENT (100%) OF EACH CONTRIBUTION IS RECEIVED BY THE COMMUNITY FOUNDATION OF SARASOTA COUNTY. REGISTRATION #SC-02471.