Nussbaum Center for Entrepreneurship Inc

Business is built here.

Greensboro, NC   |  https://www.nussbaumcfe.com

Mission

Turning entrepreneurs into business owners.

Ruling year info

1988

Principal Officer

Sam Funchess

Main address

1451 S Elm Eugene St

Greensboro, NC 27406 USA

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EIN

56-1577495

NTEE code info

Management Services for Small Business/Entrepreneurs (S43)

IRS filing requirement

This organization is required to file an IRS Form 990 or 990-EZ.

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Communication

Programs and results

What we aim to solve

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Our programs

SOURCE: Self-reported by organization

What are the organization's current programs, how do they measure success, and who do the programs serve?

EASE Program

EASE is our incubator without walls program. Designed to assist early stage entrepreneurs who are working from home or in the idea stage. Typically these participants are pre-revenue or they have specialty space needs that require more than a desk and a chair.

Population(s) Served

The Nussbaum Center for Entrepreneurship(NCFE) is the largest small-business incubator in North Carolina, with a 35-year history of helping area entrepreneurs and small business owners develop their business concepts into successful and sustainable companies. Since 1987 we have helped entrepreneurs become business owners by providing affordable scalable office space, training and the support services necessary for their businesses to scale.

Population(s) Served

Where we work

Our results

SOURCE: Self-reported by organization

How does this organization measure their results? It's a hard question but an important one.

Number of jobs created and maintained

This metric is no longer tracked.
Totals By Year
Type of Metric

Outcome - describing the effects on people or issues

Direction of Success

Holding steady

Context Notes

Nussbaum Center Associates self report number of full and part time employees quarterly.

Additional revenue and wages generated attributable to the organization's efforts

This metric is no longer tracked.
Totals By Year
Related Program

Small Business Incubator

Type of Metric

Outcome - describing the effects on people or issues

Direction of Success

Increasing

Context Notes

Nussbaum Associates self report quarterly revenue. Since 2012, our Associates have generated over $100M in revenue.

Average wage of clients served (in dollars)

This metric is no longer tracked.
Totals By Year
Related Program

Small Business Incubator

Type of Metric

Outcome - describing the effects on people or issues

Direction of Success

Increasing

Context Notes

Nussbaum Associates self report quarterly payroll. Nussbaum Associates self report quarterly revenue. Average household income in our census tract is $25,000. Average household income in City of Green

Our Sustainable Development Goals

SOURCE: Self-reported by organization

Learn more about Sustainable Development Goals.

Goals & Strategy

SOURCE: Self-reported by organization

Learn about the organization's key goals, strategies, capabilities, and progress.

Charting impact

Four powerful questions that require reflection about what really matters - results.

We aim to make entrepreneurship the key economic growth driver in Greensboro. This is achieved by reducing small business failures. 98% of businesses in Guilford County are classified as a small business by the SBA.

The Nussbaum Center will hire an Entrepreneur Manager who will act as a case manager for entrepreneurs by conducting interviews and intake assessments, making referrals to appropriate ESOs, tracking and evaluating data collection efforts and helping navigate the entrepreneurs through the ecosystem as they learn to take their ideas to market.

The pandemic forced the world to pivot from in person to technology based learning. This pivot highlighted the inequities that exist in our society from the lack of broadband services to the absence of the necessary electronics needed to learn remotely. Many entrepreneur support organizations believe that an app or an online search engine is the best way to support the entrepreneur community. And while that may be true for those entrepreneurs with access to high speed internet, smartphones and tablets or computers, for those entrepreneurs without the necessary tools, this becomes a barrier to their ability to create wealth for themselves and their families. This perpetuates the cycle of generational poverty.

The Entrepreneur Manager will provide individualized high touch counseling to these underserved at risk entrepreneurs. Entrepreneurs are expected to carry the whole load. The Entrepreneur Manager will walk alongside the entrepreneur to ensure that their needs are met throughout the life cycle of their business. Needs that differ with every entrepreneur. Additional partnerships with higher educational programs and other SDOH will help make certain we maintain what is needed versus what is thought “should be done for those people”.

NCFE’s mission is to turn “Entrepreneurs into Business Owners”. NCFE creates wealth by teaching key business skills to new and seasoned business owners to prevent smallbusiness failure. NCFE is the largest small-business incubator in North Carolina, with a 35-year history of helping area entrepreneurs and small business owners develop their business concepts into successful and sustainable companies.

Since 1987, NCFE has taught entrepreneurs to become business owners by providing affordable and scalable office space, as well as the training and support services necessary for their businesses to grow.

Since 2012 Q4, NCFE Associates and Graduates have generated $100M in revenues for their products and services and paid $50M in salaries. These statistics speak to the vast economic impact that NCFE has on local entrepreneurs.

Despite COVID-19, in 2020, NCFE Associates created/retained 198FTE jobs, paid average salaries of $69,000, and generated $23M in revenue; a10% growth over past year. $3.9M of that revenue was generated by MWBE (Minority and Women Business Enterprise) businesses which account for 74% of our Associate base. 79% of Nussbaum Graduates are still in operation after 5 years.

In 2023, The Nussbaum Center for Entrepreneurship (NCFE) will re-develop an under-utilized building at 1431 South Elm Eugene Street known as “The Steelhouse” which will create a placemaking project inspiring people to collectively reimagine and reinvent TheSteelhouse as the heart of the East Greensboro community.

This type of transformative investment will be a community catalyst for additional foot traffic, businesses, eateries, and retail shops. The main focus of the redeveloped space will be to provide scalable Manufacturing and Entrepreneur Space in an Opportunity Zone and a Qualified Census Tract.

Financials

Nussbaum Center for Entrepreneurship Inc
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Operations

The people, governance practices, and partners that make the organization tick.

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Connect with nonprofit leaders

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  • Analyze a variety of pre-calculated financial metrics
  • Access beautifully interactive analysis and comparison tools
  • Compare nonprofit financials to similar organizations

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Nussbaum Center for Entrepreneurship Inc

Board of directors
as of 07/14/2022
SOURCE: Self-reported by organization
Board chair

Barry Frank

Stanley and Dorothy Frank Family Foundation

Term: 2021 - 2022

George Lothian

Goodwill Industries of Central Carolina

Laura Collins

NCAT University

Zac Engle

Kontoor Brands

Ben Brown

Retired

Charlie Younce

Attorney

Charlie Melvin

Retired

Scott Leighty

Elon University

Jacqueline MacCracken

Ready for School, Ready for Life

Matt Moon

O'Neal Manufacturing Services

Wilson Lester

Partners in Equity

Johnny Wood

Aprio

Barry Church

Qorvo

Andy Scott

Consultant

Organizational demographics

SOURCE: Self-reported; last updated 7/13/2022

Who works and leads organizations that serve our diverse communities? GuideStar partnered on this section with CHANGE Philanthropy and Equity in the Center.

Leadership

The organization's leader identifies as:

Race & ethnicity
White/Caucasian/European
Gender identity
Male, Not transgender (cisgender)
Sexual orientation
Heterosexual or Straight
Disability status
Person without a disability

Race & ethnicity

No data

Gender identity

No data

 

No data

Sexual orientation

No data

Disability

No data