When Atlanta nonprofit Goodie Nation launched its Intentionally Good program with a $100,000 grant, it had a cohort of 10 diverse Atlanta-based founders.
Fast forward three years, and the program has supported 350 primarily Black founders in over 30 U.S. states and nine countries, said founder and CEO Joey Womack. The post-accelerator helps founders build relationships with investors and offers professional coaching. It has also put over $35 million into their startups directly and indirectly, according to the nonprofit.
Now, Goodie Nation is expanding its partnership with Google for Startups, a program that helps early-stage founders, for the inaugural Latino Founders Fund. Google's first cohort features 50 startups from over 20 cities. Founders will get entry into the Intentionally Good community.
Goodie Nation will distribute $5 million from Google for Startups to allocate $100,000 grants to each startup.
Goodie Nation's partnership with Google for Startups started in 2020. The two entities partnered for the Black Founders Fund, when the nonprofit distributed $5 million to Black entrepreneurs around the nation. That year, Atlanta had more recipients of that program than any other U.S. city. That put a lot of emphasis and shined a spotlight on the Atlanta startup ecosystem, said Womack.
“When you see a large concentration from one city like that and to see the success they've had, it only makes everything better and it provides a lot more opportunities for all the other startups here in the city,” said Womack.
The launch of the new fund comes as investors are pulling back from technology, focusing on profitability rather than growth as the market prepares for a possible recession. Womack says the program will be excellent for startup founders to understand how to navigate that climate.
“I’m not sure what will happen with the economy moving forward, but I do think that we'll see a lot of amazing exits from these companies,” said Womack.
For the Latino Founders Fund, one Atlanta startup is in the first cohort: iAccess Life, a mobile app allows people who are mobility impaired to rate and review establishments based on their accessibility.
“We know in many cases once a startup gets an investment, they refer other startup founders to that same fund,” said Womack. “I can foresee a situation where a company will be based out of New York with a Swedish investor, and we can make referrals for Atlanta-based founders in the Goodie Nation program.”
Atlanta-based firms Tech Square Ventures and Engage VC are also involved. The program is currently looking for more Atlanta entrepreneurs, Womack said. Participating startups get a dedicated coach to set priorities and goals. Those coaches will host sessions where the founders pitch to investors who score the startups based on strengths and weaknesses.
Goodie Nation was founded in 2014. It helps underrepresented entrepreneurs grow startups through funding, mentorship and relationship building. It has over 1,200 experts in its network and some of its sponsors and funders include Verizon, Deloitte and the Metro Atlanta Chamber, according to its website.
