Businesses Supporting Businesses: Meet Stuart Lott, founder of Backbone

Stuart Lott, a native Memphian, saw a critical gap in the small business sector: the overwhelming hours owners spend on managing business finances. To help solve this problem, he founded Backbone, an all-in-one financial management platform tailored specifically for businesses that have fewer than five employees, called microbusinesses.

Recognizing Memphis’s rich landscape of microbusinesses, Stuart saw his hometown as the perfect launchpad for Backbone. Our city’s diverse business environment provides a fertile ground for testing, refining, and expanding Backbone’s services.

Stuart credits Backbone’s progress to the support and opportunities provided by Epicenter. Working in the Innovation Center, participating in the CO.STARTERS program, and engaging in various workshops and seminars have been invaluable to Backbone’s development. Stuart was also one of three founders selected to be an inaugural 901 Entrepreneurs Fellow. 

The 901 Entrepreneurs Fellowships, which include a $65,000 stipend, enable early-stage, underrepresented founders to focus on scaling their business full-time or, for example, to help acquire a piece of equipment or additional staff to accomplish business growth milestones. In addition, fellows receive wraparound services through Epicenter, such as access to subject matter experts and coworking space.

Stuart’s goal is to simplify financial management for entrepreneurs without accounting knowledge, allowing them to reclaim time and focus more on revenue-generating activities. The community at Epicenter, including other entrepreneurs and support organizations, has been instrumental in refining this strategy and vision.

Launching in early 2024, Backbone is poised to change financial management for microbusinesses. Looking ahead, Stuart aims to grow Backbone into a global ecosystem of financial solutions, making it easier for entrepreneurs worldwide to start, run, and grow their businesses effectively.

The 901 Entrepreneurs Program includes business planning, programming, and growth resources to support small businesses and entrepreneurs who have the potential to strengthen the Memphis economy. Funding for the 901 Entrepreneurs Program was secured by Congressman Cohen as part of the final 2023 federal appropriations government funding package and is included in Community Project Funding for projects in Tennessee’s 9th District.