Organizations that support women, people of color, veterans and immigrants in Chicago tech are getting a $3.4 million boost.
Mayor Rahm Emanuel, the Blackstone Charitable Foundation and World Business Chicago announced a new program that will award $3.4 million in grants to organizations that recruit and support diverse entrepreneurs. Called the "Blackstone Inclusive Entrepreneurship Challenge," the three-year pilot program will be funded through Blackstone Charitable Foundation, the philanthropic arm of the New York-based investment group.
Chicago was the first city chosen by Blackstone for the pilot program.
"We hope that this program will serve as a model for other cities seeking to increase support and opportunities for entrepreneurs from all communities," Jon Gray, global head of real estate at Blackstone, said in a statement.
Organizations that apply are encouraged to "focus on recruiting, supporting and scaling" diverse entrepreneurs. The program will select up to six organizations and deploy up to $1 million in grants in year one, and will select up to three organizations from the original cohort to receive the remaining funding in the following two years.
“Chicago’s culture of innovation and diversity give us an unparalleled and thriving entrepreneurship community,” Chicago Mayor Rahm Emanuel added in the statement. "This initiative will further strengthen that culture and empower entrepreneurs and startups in neighborhoods throughout Chicago.”
