Rapid City, S.D. (KELO) — Some startups in Rapid City have a new home, thanks to a grant and Rapid City Elevate.
Five new businesses from STEM Industries, which is Science, Technology, Engineering and Math, have joined Elevate in the David Lust Accelerator Building.
“They also provide mentorship and opportunities to existing tenants so that’s a lot of what we were looking for was trying to get a mix of experienced business owners, along with start-ups and new business owners,” Senior Economic Development Director Lori Frederick said.
Having new businesses from the STEM Industries works well for both higher education universities in Rapid City.
“One of Elevate’s roles is to facilitate those connections with the area resources. Whether that be higher education or even at a local level for the small business development centers, any of those. That’s what we are here to do is to help and facilitate that growth,” Frederick said.
Elevate Rapid City has now been selected for the Built to Scale Grant, where they’re going to be able to implement a new program here. Where they’ll be able to mentor start-ups and entrepreneurs here in Rapid City starting in 2024.
“But we have received lots of interest from several members of the community who have had successful businesses of their own, or simply have a wide variety of skills that they can offer to young entrepreneurs.” Innovation and Entrepreneurship Manager Dillon Matuska Said
Elevate knows the importance of mentorship, and this grant will help provide that.
“Big benefit of getting a mentor as a young entrepreneur is you get to suffer kind of the pains and mistakes that they’ve made in the past and they can make you aware of those mistakes or road blocks you might face,” Matuska said.
This mentorship program is expected to have up to 30 entrepreneurs next year.
You can learn more about Elevate Rapid City here.