100 Urban Entrepreneurs is a young, nonprofit organization devoted to fostering entrepreneurship among minority and low income communities in America’s largest cities. Taking off in 2010, the foundation hosts events where entrepreneurs can pitch startup ideas to judges, mingle with other aspiring entrepreneurs, confer with mentors and apply for startup funding. 100 Urban Entrepreneurs has currently allocated nearly $1 million dollars to 48 startups with the goal of eventually supporting 100 startups. However, the money is not necessarily the most important part of the organization. Most participants believe that the ability to share their ideas and receive feedback has been a priceless contribution from the foundation. An article from Inc. follows up on the foundation and its purpose:

"We want to change the collective mindset," says Carriere, who donated $1 million to get the foundation off the ground. "Entrepreneurship is the only way to get the U.S. economy back on track, and it won't happen in two months. So I knew creating a community to keep building on was important for the long-term."

To participate, aspiring entrepreneurs submit online applications with details about their business ideas including the target customer, and a personal statement that lists qualifications. The three founders assess each proposal and select 10 to 20 per city to be presented at pitch events in ten U.S. cities including Atlanta, New York, New Orleans, Philadelphia, Boston, Washington, and Akron, Ohio. Greaves says they typically receive about 200 submissions per city.

Read the article in its entirety here.