Google Gives $775K to Create Minority Entrepreneurs in Residence at 1871

reprinted Jim Dallke - ChicagoInno Staff Writer
Published: February 6, 2015

A minority entrepreneur will get one year at 1871 and $40,000 of seed capital thanks to a donation by Google to Code2040, a non-profit aimed at helping monitories who want to enter the tech field.

Google donated $775,000 to Code2040 Monday to help launch entrepreneur in residence programs at Chicago's 1871, as well as American Underground in Durham, North Carolina and Capital Factory in Austin, Texas. The program will allow one black or Latino startup founder to work for one year at the tech hub and receive $40,000 (with no equity taken), a trip to the Googleplex in Silicon Valley for training and networking, mentoring by Google for Entrepreneurs and CODE2040, and other resources.

The grant will also give free training programs to more than 5,000 black and Latino college engineering students over the next two years, according to the Wall Street Journal.

“We're really excited to be partnering with the Google for Entrepreneurs NextWave Campaign to support the development of diverse entrepreneurial ecosystems nationwide,” Jason Towns, Director, CODE2040 Residency said in a news release. “Each EIR will get the resources needed to grow her/his venture as well as the support needed to help boost the pipeline of minority entrepreneurial talent in their community.”

The EIR program will help minority tech founders get their ideas off the ground. To apply, applicants must self-Identify as black or Latino/a, reside in Austin, Chicago, or Durham, be a founder of an early stage tech venture, and be committed to impacting the racial, ethnic, and gender makeup of their local tech sector, the release said.

"The Entrepreneur-in-Residence program provides another important resource at 1871 to support underserved communities across Chicago," added 1871 CEO Howard A. Tullman. "CODE2040 and Google for Entrepreneurs have been incredible partners, and we look forward to growing our relationship as we work together to foster opportunities for underrepresented groups in the entrepreneurial and technology communities."

Keywords: City of Chicago, entrepreneur, Google, minority entrepreneur, small businesses