$75,000 New Sun Rising: Cooperatively Structured Business Incubator
PROGRAM: 2016 Catalytic
GRANTEE: New Sun Rising
This grant award to New Sun Rising will seed the first investment fund of the Cooperatively-Structured Business Incubator (CSBI) at Work Hard Pittsburgh. It will allow for a meaningful conversation with the regional investment community and increase the likelihood of additional monies from institutional and private investors. The CSBI seeks to service more and different kinds of entrepreneurs, not just high-growth startups. This creates opportunity for growth that fills vacant storefronts and stabilizes the business districts of under-served neighborhoods. By creating investment structures that provide pathways to slow methodical growth, entrepreneurs have the opportunity to hire and build regional capacity. This framework will be deployed in conjunction with New Sun Rising’s Launch Hilltop incubator class which includes Epicast, Meta Mesh, Folia Water, Leon’s Carribean, McKoy Creative Games, InvolveMINT, Deco Resources, the South Hilltop Men’s Group, Storyburgh and may include other companies located in Work Hard Pittsburgh’s physical space. Access to funds and awards will be governed by an agreed upon process and company performance metrics developed by stakeholders and investors. This deployment will serve as an alpha and proof of concept for additional cohorts of entrepreneurs.