CASE STUDY
Filling the mentorship gap
Sky’s the Limit supports underrepresented entrepreneurs
2-MINUTE READ
Launching business dreams
Every entrepreneur starts their journey with a dream. Imagine a young person who wants to be the next great tech founder, restaurateur, or fashion designer. They have a vision and the beginnings of a business plan, but perhaps no sense of the road ahead.
For too many entrepreneurs, the story stops here. It’s difficult to find the proper guidance on starting your first business. 20% of new small businesses fail[1], according to the Bureau of Labor Statistics. This is especially true in historically underrepresented communities. For example, 80% of Black-owned businesses fail in the first 18 months[2], and 55% of Black business owners want to receive more mentorship, according to a study by Intuit[3].
Sky’s the Limit is a nonprofit organization that helps entrepreneurs unlock the full power of social capital, skilled mentoring and business funding to fuel their business dreams. They turned to Accenture to help them scale their support for the communities and aspiring business owners who can’t readily access business mentorship.
Accenture helped Sky’s the Limit build a digital platform that allows entrepreneurs to promote their business ideas, find mentorship, and potentially secure funding. Accenture also tapped into its 750,000 people globally to recruit mentors, and now over 3,200 Accenture employees volunteer their time and support for business owners through Sky’s the Limit to support racial equality and opportunity for entrepreneurs from underprivileged backgrounds.
Lasting mentorship
Sky’s the Limit partnered with Accenture to expand its support for communities and entrepreneurs across North America. To achieve its ambitions for growth, Sky’s the Limit built a new platform that would extend its offering to new audiences.
The heart of the platform is the mentor-matching feature. Mentors and mentees can search through their prospective partners and contact those who best match their needs, expertise and interests. A budding sports entrepreneur, for example, can reach out to someone who works with corresponding experience at Accenture. Entrepreneurs form lasting relationships with their mentors throughout their business journey, from their first idea to their first hire and beyond.
The partnership has led to successful growth. Sky’s the Limit has expanded to Canada and the UK and has seen organic growth in the Caribbean, South Africa, and India. Today, Sky’s the Limit serves over 70,000 entrepreneurs. Prospective users typically encounter the program through a digital ad, then simply sign up and create a profile. Once they’re approved on the platform, entrepreneurs can access a wide range of resources to help them structure their business plans, including the opportunity to apply and compete for $2,500 start-up grants toward their business.
Impact where it counts
I am eternally thankful for how easy Sky’s the Limit makes it to find mentors. They speak to you like you are a serious business person. I did not know how much I was lacking that sense of legitimacy until I found it here.
Keiarra Ortiz-Cedeno / founder of Ever Arable and a former Sky’s the Limit mentee
Ortiz-Cedeno’s experience is just one example of the entrepreneurial dreams made possible by Sky’s the Limit. In collaboration with Accenture, the program has extended access and opportunity to over 70,000 aspiring business owners.
That rapid growth isn’t the only fact worth celebrating.
Of all entrepreneurs on the platform:
70%
identify as women
60%
identify as Black
90%
report low income
80%
identify as people of color
No matter their vision, our partnership is committed to offering the platform and mentorship to the extraordinary, undiscovered business leaders who wouldn’t otherwise get a chance. True to its name, Sky’s the Limit is elevating the next generation of entrepreneurs to reach their fullest potential, fostering equitable economic opportunity and helping people realize their dreams.
Accenture is committed to driving social impact in our communities.
1 Source: Georgia McIntyre , “What Percentage of Small Businesses Fail? (And Other Need-to-Know Stats),” Fundera, November 20, 2020
2 Source: Dymond Green, “Why Black-owned businesses are struggling to stay afloat,” CNBC, February 3, 2021
3 Source: Jamerlyn Brown, “Black History Month survey: Legacy and community prevail against social and economic inequalities,” Inuit Quickbooks, February 1, 2023