Hartford Business Journal

HARTFORDBUSINESS.COM | DECEMBER 5, 2022 27 FOCUS: PHILANTHROPY hfpg.org/yourfund Turn your PASSION for our community into LASTING IMPACT The Hartford Foundation for Public Giving makes it easy to support the causes that matter most to you and provides opportunities to learn about our region's greatest needs. Last year, six nonprofits, including Hartford Food, were chosen to participate in the accelerator program's second cohort. In March, they presented their business plans in a virtual fast- pitch session to donors inter- ested in providing startup capital. They collectively raised about $234,000 prior to a June deadline, making them eligible for more than $115,000 in matching grants from the Hartford Foundation, Shulman said. One program participant, the YWCA Hartford Region, just opened its venture called Persimmon Petals Boutique, an online flower and gift shop that it's running out of its Broad Street headquarters in Hartford. The organization raised $130,000 in startup capital from donors and the matching grant to build the business from scratch, including hiring two experienced employees, devel- oping an online portal, renovating floor space and other costs, said Adrienne Cochrane, CEO of the YWCA Hartford Region. Entering the online floral business makes sense for the nonprofit in several ways, she said. Research indicated that online floral shops are a growing market and within the immediate Hartford area, Persimmon Petals doesn't face a lot of competition. There is also evidence that businesses and individual consumers want to use their purchasing power for social impact and community reinvest- ment, Cochrane said. "We can uniquely brand this," she said. And the larger goal is not only to create a new revenue stream that can be both reinvested in the business and also allocated to the YWCA, but also to provide on-site training to women inter- ested in learning new business and entrepreneurial skills. The YWCA reported $6.6 million in revenue in fiscal 2021, according to its annual report. Four other nonprofits participating in the foundation's second, three- year accelerator program include the CT Data Collaborative, Health Equity Solutions, Noah Webster House & West Hartford Historical Society, and End Hunger CT! Michael Oxman, co-founder and managing partner of No Margin, No Mission, said "there's a lot of creativity in terms of the way that nonprofits in the Hartford region think about earned income and social enterprise for their organizations that Kirstin Havelevitch is the manager of Persimmon Petals, a new revenue-generating venture formed by the YWCA Hartford Region. PHOTO | CONTRIBUTED Adrienne Cochrane we don't always see in other parts of the country." He noted that the smaller number of nonprofits selected for the accel- erator's second round isn't due to a lack of local enthusiasm but reflects ongoing economic uncertainty that prevents participation. "A lot of nonprofits are still trying to figure out how to manage and survive due to issues stemming from the pandemic," Oxman said.

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