Indiana pays Notre Dame for AI coaching for low-income entrepreneurs
The University of Notre Dame is launching a new artificial intelligence tool to assist low-income entrepreneurs. With a grant of nearly $40,000 from the State of Indiana, the university is developing the AI Pocket Mentor to support participants of its Urban Poverty and Business Initiative.
The initiative provides a structured program that guides participants through 80 specific steps to reach financial stability. Since its start, the program has grown to include 60 cities worldwide, with over 11,000 entrepreneurs completing the curriculum. These participants have launched more than 4,000 businesses and created 4,500 jobs across various regions.
Michael Morris, who founded the initiative, noted that the AI tool will offer 24/7 support to complement existing in-person instruction. The software will provide advice on financial literacy, bookkeeping, and progress tracking, with the ability to tailor information based on the specific location and needs of the user. This ensures that guidance on tasks like opening business accounts remains relevant regardless of local regulations.
The South Bend branch of the program serves 70 entrepreneurs annually and maintains a waiting list, showing high demand for the resources provided. The project is one of 22 initiatives funded by the Indiana Community Collaboration Fund to boost small business growth. As the program continues to expand, this digital component aims to increase accessibility for those working toward sustainable business operations.