Black Innovation’s Frontline: ConnectUP! Institute, Providing Capital and Capacity Building

Y. Elaine Rasmussen is at the helm of ConnectUP! Institute, a Minnesota-based organization that powers connections and investments for underserved entrepreneurs.

The social finance and enterprise development studio provides education, consulting, and collaboration on innovative social finance as well as enterprise development for entrepreneurs from underestimated communities.

UrbanGeekz caught up with founder Rasmussen to find out more about her mission and the support she’s received from the Black Innovation Alliance.

UrbanGeekz: Describe ConnectUP! Institute and your current role?

Y. Elaine Rasmussen: ConnectUP! Institute (CI) is a social finance and enterprise development studio. We provide culturally responsive community, capital, and resources for second-stage BIPOC and rural-based businesses. We develop innovative finance and ecosystem solutions; and host our annual signature sell-out event, ConnectUP! Summit to close the 180 degrees of separation between underestimated founders, investors, and the ecosystem through intentional relationship building, education, resource-sharing; and Minnesota’s first Integrated Capital Fund (ICF) which provides much-needed ‘second base capital’ and fractional executive services.

ICF fills the Missing Middle Capital gap in the capital ecosystem. Recently, CI acquired Lunar Startups, a startup accelerator in addition to its Capital Readiness Accelerator. CI is on the path to making more Black/Brown Millionaires. CI was founded by Y. Elaine Rasmussen, a social finance relationship architect who’s consulted over 400 businesses including Fortune 500’s like Allianz Life. Rasmussen serves as executive director and chief visionary officer.

UrbanGeekz: What is your company’s unique value proposition that makes it stand out from the competition?

Y. Elaine Rasmussen: CI elevates and activates the success of Black/Brown/Queer entrepreneurs.

To use a baseball analogy, the entrepreneur ecosystem is great for founders heading to first base or who are already on third base, but everything in the middle is missing. By focusing on founders getting from first base to third base, CI provides community, capacity, and capital that is a net for the entrepreneur cliff.

CI bridges the gap between traditional finance and underestimated entrepreneurs by raising their business acumen, providing expert capacity over advice, access to patient hybrid capital, and more to position businesses to stay in and grow their business. We’re committed to helping entrepreneurs build generational wealth for their families. Additionally, our exclusive network of mentors and advisors offers support along the journey. Together, these initiatives promote economic empowerment and wealth-building opportunities for underestimated entrepreneurs and communities of color.

UrbanGeekz: How has BIack Innovation Alliance supported you on a personal and or professional level?

Y. Elaine Rasmussen: Black Innovation Alliance has been an incredible source of support for me, offering both professional and personal support in various ways. One of the ways they have demonstrated their commitment is through the development of a platform of Black-led founder support organizations that share my values.

UrbanGeekz: What inspired you to start your business?

Y. Elaine Rasmussen: I launched ConnectUP! Institute as a direct result of not being able to find the resources, capital, and community that I needed to grow my for-profit impact investing and social finance advisory firm. There were no resources for advanced existing business. All of the support was remedial at best.

UrbanGeekz: Are there any milestones you have achieved that you would like to share?

Y. Elaine Rasmussen: Sure, we have had a 6x return on investment, $294M in economic impact, 1000+ businesses served, and 150+ new jobs.

UrbanGeekkz: Provide your company website and applicable social handles.

Y. Elaine Rasmussen: @connectupmn

*UrbanGeekz and CultureBanx’s “Black Innovation’s’ Frontline” is an exciting first-of-its-kind editorial series showcasing Black Innovation Alliance member organizations. The Q&A series will highlight the founder’s impact across the entrepreneurial landscape in the United States through a unique culturally attuned lens.