American Underground, which formally opened its latest expansion in office space on Monday, will host one of three $40,000 fellowships as offered by CODE2040, an organization whose goal is to expand the number of minority entrepreneurs and high-tech employees.
Noted Adam Klein, chief strategist at the recently expanded American Underground, “Opportunity always will be the core of what the American Underground is all about. As we grow in size, we are also keenly interested in expanding the opportunity to start a business and maybe even change the world. Working with CODE2040 gives us the resources and structure to do that in a game changing way. We’re thrilled to representing the East Coast in this important national effort.”
CODE2040 bases its name on the fact that projections say the U.S. population will be “minority majority” by the year 2040.
However, the number of black and Hispanic tech workers as well as entrepreneurs remains a very low percentage as recent internal surveys by Apple, Google and other companies has clearly shown.
The American Underground, which operates in Durham and Raleigh, is one of only three sites selected for the fellowship program.
CODE2040 backers include Google, Google for Entrepreneurs, and the Knight Foundation.
The Underground is also a partner in the Google for Entrepreneurs program.
Here are the details as well as application information as provided by CODE2040 (http:www.code2040.org):
CODE2040 and Google for Entrepreneurs Partner to Launch Entrepreneur-in-Residence Program
As a part of our longstanding commitment to creating access, awareness and opportunities for top minority talent, CODE2040 is launching the CODE2040 Residency, powered by Google for Entrepreneurs. This is an exciting new initiative focused on boosting the pipeline of Black and Latino/a entrepreneurial talent and creating diverse tech ecosystems in select locations around the country.
As part of our pilot, we’ll be selecting and supporting an Entrepreneur-in-Residence in three cities around the country, partnering with local tech entrepreneurship hubs to bring our vision to life. We’re excited to launch the CODE2040 Residency at American Underground in Durham, North Carolina,Capital Factory in Austin, Texas, and 1871 in Chicago, Illinois. The EIR will receive a year of support through CODE2040 and Google for Entrepreneurs’ NextWave campaign. Our aim is to help the selected EIR grow a sustainable business that will impact the local economy while also assisting him or her to create programming designed to build a stronger and more diverse local entrepreneurial ecosystem.
Each Entrepreneur-in-Residence (EIR) will receive:
$40,000 in seed capital to help grow their business (no equity will be taken)
work space in the partner Tech Hub in their location (Austin, Chicago, or Durham)
a trip to the Googleplex in Silicon Valley for Google- and CODE2040-led training and networking
mentoring by experienced entrepreneurs in the Google for Entrepreneurs and CODE2040 networks
support from CODE2040 on the creation of community impact through diversity, inclusion, and community building events throughout the year
The EIR in each Tech Hub will play a critical role as CODE2040 looks to support minority entrepreneurial talent around the country.
“We’re really excited to be partnering with the Google for Entrepreneurs NextWave Campaign to support the development of diverse entrepreneurial ecosystems nationwide,” said Jason Towns, Director, CODE2040 Residency. “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.”
Added Adam Klein, chief strategist at the recently expanded American Underground, “Opportunity always will be the core of what the American Underground is all about. As we grow in size, we are also keenly interested in expanding the opportunity to start a business and maybe even change the world. Working with CODE2040 gives us the resources and structure to do that in a game changing way. We’re thrilled to representing the East Coast in this important national effort.”
In order to be eligible for The CODE2040 Residency, applicants must:
Self-Identify as a Black or Latino/a
Be a current resident of the city in which they will be an EIR or a previous resident with an intent to relocate
Be a founder of an early stage tech venture
Be committed to impacting the racial, ethnic, and gender makeup of their local tech sector
We are currently seeking applications for the CODE2040 Residency in Austin, Chicago and Durham. Applications will be open from February 2 to February 17, 2015. To apply, visitwww.code2040.org/entrepreneurs. If you have any questions about the CODE2040 Residency, please email residency@code2040.org.
