WASHINGTON, DC (October 12, 2010) – What do used coffee grounds, blighted lands, multi-ethnic breads, and agricultural waste have in common? For The Hitachi Foundation’s inaugural class of Yoshiyama Young Entrepreneurs, these are not only business opportunities but means to address economic inequality in America. Nine young entrepreneurs representing six enterprises have been named The Hitachi Foundation’s first Yoshiyama Young Entrepreneurs, a distinction earned through a highly competitive national selection process.
The Yoshiyama Young Entrepreneurs, all of whom started their businesses before they turned 30, demonstrated viable business models that help create greater economic opportunity for low-wealth individuals in America.
“Like entrepreneurs everywhere, these nine young men and women are risk takers who believe they have a marketable idea. What distinguishes them is that their marketable ideas are about advancing the wellbeing of people on the outskirts of the economic mainstream,” said Barbara Dyer, president and CEO of The Hitachi Foundation.
To be considered for The Hitachi Foundation’s Yoshiyama Young Entrepreneurs Program, entrepreneurs must have been 18 to 29-year olds when they started their enterprise, and operating viable businesses that create jobs, supply goods or services, or use internal management practices that offer low-wealth individuals in America a leg up.
The Hitachi Foundation’s 2010 Yoshiyama Young Entrepreneurs are:
Alex Velez and Nikhil Arora, BTTR Ventures (Back To The Roots), Berkeley, CA
ALEX VELEZ (23) AND NIKHIL ARORA (23) are converting waste into quality crops and agricultural jobs. While undergraduates, the pair founded BTTR Ventures — a 100% sustainable, for-profit urban gourmet mushroom farm. Alex and Nikhil have created a closed loop, zero-waste system that turns one of America’s largest waste streams — used coffee grounds — into a highly-demanded, nutritious and valuable food product. While diverting more than 7,000 pounds of coffee ground waste from landfills every week, their production process also creates a nutrient-rich soil amendment that is used as a plant bloomer for both fruits and vegetables. BTTR Ventures’ oyster mushrooms, grow-at-home kits, and premium soil amendment are currently sold on their website and in the Northern California, Rocky Mountain, and South regions of a global natural food supermarket chain. The organization creates high-paying, urban jobs and participates in an employment program that focuses on employing low-wealth individuals.
Andrew Butcher, GTECH, Pittsburgh, PA
ANDREW BUTCHER (30) co-founded Growth Through Energy + Community Health (GTECH) in 2007 as a nonprofit social enterprise dedicated to revitalizing communities by cultivating a green economy. GTECH works with land owners (community development corporations, public agencies, and private developers) to repurpose neglected land, cultivating alternative energy crops to improve contaminated soil — thereby addressing a significant health concern — and producing oilseed for biofuel feedstock. GTECH generates revenue by providing services to landowners, offsetting the cost of vacant land management by cultivating oilseeds and creating platforms for education, training, and employment. GTECH’s programming helps build the capacity of and access to opportunity for low-wealth individuals. Since 2007, GTECH has reclaimed more than 75 vacant parcels of land in urban Pittsburgh, piloted reclamation projects in New Orleans, developed a model for green jobs impacting 500 youth per year, and leveraged more than $2 million in sustainable community development funds.
Jessamyn Waldman, Hot Bread Kitchen, Brooklyn, NY
JESSAMYN WALDMAN (34) founded New York City-based Hot Bread Kitchen (HBK) in 2005. An artisanal bakery, HBK uses traditional recipes and techniques as well as organic and local ingredients to produce and sell a diverse line of multi-ethnic breads that are sold to pay for training and generate wealth for low-income immigrant women. As a nonprofit workforce and microenterprise development organization, HBK fights poverty by providing fair-wage paid training and individually tailored classes to the lowest paid workers in the U.S. workforce: foreign-born and minority women. The training encompasses all components necessary for success in the growing food manufacturing industry. After HBK training, bakers are placed in management-track jobs in a sector historically dominated by men. For those with an entrepreneurial spirit and a sound business concept, HBK provides coaching and resources to help launch independent food businesses. HBK sells breads to nearly 30 stores and restaurants in three East Coast states.
Rohan Mathew and Joseph Shure, The Intersect Fund, New Brunswick, NJ
ROHAN MATHEW (24) and JOSEPH SHURE (23) founded the Intersect Fund while undergraduates. This urban-based nonprofit enterprise empowers aspiring low-wealth entrepreneurs to start businesses, build assets, and generate income. Fee-based services include business development strategies, credit-builder loans, and tax preparation assistance. The Fund’s core product is an eight-week business-training course that teaches clients how to write a business plan, market products, register a business, and manage cash flow. The Fund also offers graphic and web design services, strategy consulting, and microloans. The Intersect Fund empowers low-wealth individuals to beat debt, get out of poverty, and achieve independence in an uncertain economy. They bridge the gap between the mainstream financial system and those whom it has alienated, particularly people of color and the working poor. The Intersect Fund has served more than 100 clients with an average income of $25,000 and enjoys a 100% repayment rate.Caleb Zigas and Leticia Landa, La Cocina, Inc., San Francisco, CA
CALEB ZIGAS (30) and LETICIA LANDA (26) have been integral in building La Cocina, Inc., a nonprofit, full-service, shared-use commercial kitchen and microenterprise incubator with a mission to help low-income food entrepreneurs formalize and grow their business. La Cocina provides subsidized commercial kitchen space, professional food industry technical assistance, and facilitated access to market opportunities. La Cocina primarily focuses on women of color and immigrant communities, generally low to very-low income micro-entrepreneurs with less than $35,000 in assets and fewer than six employees. La Cocina earns revenue by renting kitchen space to commercial users at the going market rate; hosting special events; collecting membership dues and program fees; offering cooking classes and corporate team-building events; and through retail sales. The program model includes a six-month pre-incubation stage to prepare entrepreneurs for incubation and is designed to support businesses from one to four years.Jason Aramburu, re:char, Austin, TX
JASON ARAMBURU’s (25) goal is to enhance economic and energy security for low-wealth individuals in rural American communities. In 2007 he launched re:char, a cleantech company that designs and builds low-cost, biochar plants for low-income agricultural or forestry communities across the United States. The patent-pending technology converts waste biomass (agricultural waste, wood waste, and animal waste) into energy and biochar without the use of subsidies. Biochar is a carbon-negative soil amendment that can be tilled into agricultural or forest soils, improving crop yield by as much as 200%. On a large enough scale, biochar also acts as a long-term carbon storage mechanism, generating carbon credits and potentially fighting the effects of global climate change. re:char’s primary customers are farmers, foresters, and agricultural communities. The mobile units are assembled locally, creating skilled labor prospects as well as promoting jobs and broader economic development opportunities.Each individual or enterprise team will receive a cash prize of $50,000 over two years, and technical resources to strengthen their business.
They will benefit from a partnership with Investors’ Circle--a nonprofit membership organization whose mission is to catalyze the flow of investment to support entrepreneurs that address major social and environmental issues. Investors’ Circle staff will custom match an IC member mentor with each of the Yoshiyama Young Entrepreneurs, creating relationships based on entrepreneur needs and mentor expertise.
The Yoshiyama Young Entrepreneurs will be honored at a gala event in Washington, D.C. on November 9, 2010.
The Hitachi Foundation was established as an independent nonprofit philanthropic organization by Hitachi, Ltd. in 1985. Governed by a Board of Directors composed of highly accomplished Americans, the Foundation seeks to discover and expand business practices that create tangible and enduring economic opportunities for low-wealth Americans, their families, and the communities in which they reside.
