Business

$40,000 grant earmarked for local minority entrepeneur

A national nonprofit group that mentors minority tech workers plans to give $40,000 in seed capital to a local minority entrepreneur as part of a pilot Entrepreneur-in-Residence program.

The nonprofit, CODE2040, has received funding from Google for the program and is working with American Underground, a business incubator with locations in Durham and Raleigh, as well as with organizations in Austin, Tex., and Chicago. American Undeground also is part of Google’s entrepreneurial support program.

In addition to the $40,000 in funding – which will essentially be a grant, not an investment in exchange for an ownership stake – the local Entrepreneur-in-Residence will receive: office space in the American Undeground; a trip to Google headquarters for training and networking; and mentoring from experienced entrepreneurs.

The Entrepreneur-in-Residence also will be expected to work with CODE2040 to benefit the community “through diversity, inclusion and community building events throughout the year,” according to the nonprofit.

“As we grow in size, we are...keenly interested in expanding the opportunity to start a business and maybe even change the world,” Adam Klein, chief strategist at American Undeground, said in a prepared statment. “Working with CODE2040 gives us the resources and structure to do that in a game-changing way.”

To be eligible for the program, applicants must “self-identify as a black or Latino/a” and be a founder of an early-stage tech venture. They also must either reside in the city where they will be an Entrepreneur-in-Residence or be a former resident willing to relocate.

Applications are being accepted from Feb. 2 to Feb. 17 at http://www.code2040.org/entrepreneurs. If you have questions about the program, you can email residency@code2040.org.

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