May 9th 2024.
Recently, Audible announced exciting news for the city of Newark, NJ by adding four new companies to their Business Attraction Program. This program, established in August of 2023, is a key part of Audible's commitment to boosting the local economy, attracting more visitors, and creating job opportunities in the area.
One of the main goals of this program is to provide support and opportunities to business owners who may not have easy access to financial resources and mentorship. Sadly, statistics show that Black-owned companies only receive one percent of venture funding nationwide. In light of this, Audible is specifically encouraging Black women entrepreneurs to apply for the program.
Aisha Glover, global head of urban innovation at Audible, expressed her enthusiasm for the Business Attraction Program in a press release, stating, "Our model for driving economic growth is scalable and can be adopted by other companies looking to make a tangible difference in their communities. By thoughtfully and equitably growing the tech ecosystem, elevating diverse founders, and supporting the local economy, we are leading the way in the city's revitalization effort."
Under this program, each selected company will receive $250,000 in non-dilutive grants, which can be used for office space, relocation assistance, and even stipends for employees to support local businesses. In addition to financial aid, business owners will also have the opportunity to receive mentorship from Audible experts. Moreover, Audible is facilitating leasing opportunities in buildings near Newark's Harriet Tubman Square, including 33 Washington Street, 550 Broad Street, 494 Broad Street, 540 Broad Street, and 536 Broad Street.
One of the program's newest participants, Equal Space, is a 50,000-square-foot shared office and event space that offers flexible workspaces, daily passes, dedicated desks, and various amenities. Citi Medina, founder of Equal Space, shared his excitement, stating, "After more than a decade of building a strong community of entrepreneurs in Newark, we recognize the perfect timing for this program and the need for a supportive environment for entrepreneurs to thrive and connect with other like-minded emerging business leaders."
The Business Attraction Program also includes several tech-based companies such as pockstock, ABF Creative, Gymble, and Fitnescity. Food and entertainment companies, including BLVD Bistro, a spin-off of the well-known Harlem-based soul food restaurant, and Newark Culture Club, a trendy cocktail bar and entertainment venue, are among the program's members.
Overall, Audible's Business Attraction Program is making a significant impact in Newark by supporting small businesses, fostering community growth, and bringing new opportunities to the city. As other companies take notes and follow suit, the future looks bright for Newark's economy and its diverse community of entrepreneurs.
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