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THE SOMO PROJECT
NEW YORK, NY · EIN 464140758 · Form 990 · FY2024 · NTEE Q33 · International Affairs · Medium ($1M-$10M)
revenue
$1.1M
expenses
$902K
net assets
$1.3M
employees
0
volunteers
7
program ratio
90%
mission · from form 990

REGISTERED 501(C)(3) THAT PROVIDES TRAINING, MENTORSHIP, AND CAPITAL TO ENTREPRENEURS BUILDING BUSINESSES OUT OF LOW INCOME URBAN.

profile · synthesized from sources

The Somo Project is a New York-based nonprofit that supports entrepreneurs from low-income urban communities by providing training, mentorship, and access to capital. Its programs focus on building business skills, financial literacy, and market access, with an emphasis on helping participants launch and grow small enterprises. The organization operates primarily through direct programming and a shared production facility for participant-designed products.

irs program accomplishments · form 990 part iii · fy2022

What they reported doing

  1. #1 primary $231K
    OUTREACH AND TRAINING: BUSINESS TRAINING THAT TEACHES BUSINESS SKILLS, STORYTELLING, AND FINANCIAL LITERACY. THE TRAINING IS TAILORED TO THE NEEDS OF EACH ENTREPRENEUR AND DRIVEN BY THE MARKET RESEARCH THEY CONDUCT WITH OUR ASSISTANCE. TRAINING STARTS WITH PROBLEM-SOLVING AND IDEATION, ENCOMPASSES MARKET RESEARCH, BUSINESS PLANNING, FINANCIAL MODELING AND DIGITAL LITERACY, AND FINISHES WITH CAPITALIZING A BUSINESS AND A PRESENTATION TO VOLUNTEER JUDGES BY EACH ENTREPRENEUR.
  2. #2 $147K
    TENGENEZA: AS PART OF THE MARKET ACCESS PROGRAM, SOMO PRODUCTS ARE SOLD THROUGH BOTH SOMO'S AND THIRD PARTY'S ONLINE AND PHYSICAL CHANNELS. SOMO ALSO HAS A SHARED PRODUCTION FACILITY THAT PROVIDES ENTREPRENEURS WITH ACCESS TO EQUIPMENT, PRINT SERVICES AND STANDARDIZED PROCESSES
named programs · 4 · from sources

What they call their work

Buruka
3-month training program teaching business skills, storytelling, and financial literacy; includes problem-solving, market research, business planning, financial modeling, and digital literacy, culminating in business capitalization and presentations to volunteer judges
Chanuka
Accelerator program offering 1:1 coaching from Somo staff and volunteer advisors, monthly startup series events, and direct mentorship to help grow participant businesses
Outreach and Training
Business training program tailored to individual entrepreneurs, incorporating market research, business planning, financial modeling, and digital literacy, ending with capitalization support and presentations to volunteer judges
Tengeza
Market access program enabling entrepreneurs to sell products through SOMO’s and third-party online and physical channels, supported by a shared production facility with equipment, print services, and standardized processes
activities · 2 groups

What they do

  • Startup Acceleration & Business Growth Support 2 activities
    • Deliver 3-month Buruka business training program for entrepreneurs
      Operates Buruka, a 3-month business training program that equips entrepreneurs with skills in problem-solving, ideation, market research, business planning, financial modeling, digital literacy, and preparation for business capitalization, culminating in a presentation to volunteer judges.
    • Provide 1:1 coaching and mentorship through Accelerator Program
      Offers personalized coaching and mentorship to entrepreneurs via the Accelerator Program, delivered by Somo staff and volunteer advisors, including monthly startup series events and advisory support through office hours or direct engagement.
  • Shared Kitchen Incubator for Food Entrepreneurs 1 activity
    • Operate market access and shared production facility for entrepreneurs
      Runs a market access program that sells entrepreneur-produced goods through Somo's own and third-party online and physical retail channels, and maintains a shared production facility that provides entrepreneurs with access to equipment, print services, and standardized production processes.
financials · form 990 · fy2024
revenue
Total revenue$1.07M
Contributions & grants$1.05M98%
Program service revenue$3K0%
Investment income$19K2%
Other revenue$0
expenses
Total expenses$902K
Program expenses90%
Admin / overhead7%
Fundraising4%
Salaries & benefits$0
Grants paid out$0
Largest expense lineProfessional Fees
balance sheet
Total assets$1.42M
Cash$998K
Investments$273K
Liabilities$79K
Net assets$1.34M
Liquid reserves16.9 mo
5 years on record · 2020–2024 · YoY revenue +0.6%
leadership · form 990 part vii · fy2024

Who runs it

board members · 8
  • AMELIA HOPKINS PHILLIPS — CEO
  • BRITTANY RYDEN — SECRETARY
  • CHARLES WARRIA — BOARD MEMBER
  • EDEL WERE — BOARD CHAIR
  • ESKOR JOHN — BOARD MEMBER
  • FIONA KIRUBI — BOARD MEMBER
  • KAGURE WAMUNYU — BOARD MEMBER
  • TOM PHILLIPS — TREASURER
relationships · 1

Who they work with

  • Somo advisors Partner — Volunteer advisors who provide 1:1 coaching, mentorship, and expertise through monthly startup series events and office hours to support entrepreneurs in the Accelerator Program.
strategies · 2

How they approach the work

Named approaches extracted from this org’s sources. Where others share an approach, follow it to see the full set of orgs running it.

  • Structured Pathway to Capitalization
    methodology: structured-pathway-to-capitalization
    By guiding entrepreneurs through a sequenced progression—from ideation to financial modeling to pitch readiness—Somo increases the likelihood of successful business capitalization, because it builds foundational skills before advancing to complex tasks like investor engagement.
  • Tailored Training with Market Research
    methodology: tailored-training-with-market-research
    By delivering customized business training informed by market research, Somo increases the relevance and effectiveness of entrepreneur support, because it aligns skill development with real-world market opportunities and individual business needs.