OMAHA, Neb. (KMTV) — New Omaha coworking space helps underrepresented entrepreneurs access funding and mentorship as job growth slows nationwide.
- New federal data shows only 22,000 jobs were added last month, falling well short of the 80,000 economists expected.
- The Commonwealth aims to help "underdog" business owners overcome common startup challenges.
- The Commonwealth will officially open its doors Friday with a grand opening celebration.
BROADCAST TRANSCRIPT:
New federal data shows only 22,000 jobs were added last month, falling well short of the 80,000 economists expected. But a new coworking space in northwest Omaha is encouraging people to create their own opportunities through entrepreneurship.
The Commonwealth, a 50,000-square-foot coworking community near 103rd and Fort, aims to help "underdog" business owners overcome common startup challenges, particularly access to funding.
Galen Anding, owner of The Kings Clothes, knows those challenges firsthand. When he started his business, traditional funding sources weren't available.
"Well, there wasn't a lot of opportunity in the city to start on the level that I needed to start on. I didn't have any funding that type of thing," Anding said.
That's when he turned to The Commonwealth for support.
National studies show less than 6% of all capital funding goes to women, people of color, people with disabilities, veterans and Native Americans. The Commonwealth specifically targets these underrepresented entrepreneurs.
Nicole Ryan, owner of Laana Solutions, has experienced the benefits firsthand as a single mother running a business.
"Especially as a single mother trying to run a business, and the Commonwealth has put Laana Solutions in a position to be more connected with the people who do know people who can help upscale our business," Ryan said.
Co-founder Jenna Smith said the hub provides access to capital, mentorship and growth opportunities by bringing diverse perspectives together.
"We see that when we have diversity of thought and background in the room that we're getting great ideas that can actually have some really great traction," Smith said.
The timing comes as the Department of Labor's latest jobs report shows economic uncertainty. But The Commonwealth's founders see this as an opportunity for people to bet on themselves.
Jermaine Ballard, owner of Level Event Center, emphasized the importance of self-belief in entrepreneurship.
"First, understand that it is a risk, but you have to believe if, if you do not believe in yourself and your abilities to make it work, it's not going to work," Ballard said.
Smith acknowledged the challenges of starting a business during uncertain economic times but encouraged people to be brave.
"In times when we see a recession or we see uncertainty in the market, I think that you really have to be brave to go ahead and take that leap," Smith said.
The Commonwealth will officially open its doors Friday with a grand opening celebration.
