Audible’s Newark Initiative Champions Minority Entrepreneurs With $250K Grants – peopleofcolorintech

Audible has recently welcomed four new minority-owned businesses into its Newark, NJ-based Business Attraction Program. 

The initiative, launched in August 2023, aims to bolster the local economy by supporting startups through financial backing and expert mentorship. 

Empowering Diverse Founders

The focus on minority-owned companies, especially those led by Black women, comes at an important time. 

Nationally, Black-owned businesses receive one percent of venture funding. 

Audible’s program seeks to change this disparity by offering each company substantial non-dilutive grants of $250,000. 

These funds are allocated for office space, relocation, and local living and shopping stipends for employees, fostering a vibrant community-centric business environment.

Participants like Equal Space, a 50,000-square-foot office and event space, exemplify the program’s success. 

“After over 10 years building momentum and a powerful entrepreneur community in Newark, we recognize the opportune moment we’re in and the need for entrepreneurs to have a nurturing place to flourish and connect with other like-minded, emerging business leaders,” said Equal Space founder Citi Medina.

A Model for Urban Innovation

According to Aisha Glover, Audible’s global head of urban innovation, the Business Attraction Program is a scalable model that other companies can adopt to contribute to economic growth in their cities. 

“Our startup support efforts are leading the way in the city’s revitalization by thoughtfully and equitably growing the tech ecosystem, elevating diverse founders, and supporting the local economy,” said Glover in a press release.

The program also supports a mix of tech-based and entertainment companies, such as Pockstock, ABF Creative, and the Newark Culture Club, further diversifying the local business landscape.