Beta Boom, a Chicago-based venture academy aiming to support entrepreneurship among underrepresented founders, is launching a new local grant program for female, minority and first-generation immigrant entrepreneurs in Chicago.
Founded in 2017 by Kimmy and Sergio Paluch, Beta Boom offers virtual six-month accelerator programs for startups in a range of industries. Participating companies receive around $20,000 in capital.
But to help grow early-stage startups, Beta Boom is launching a new program. Called New Pattern Chicago, the program will provide up to $10,000 to startup founders accepted, as well as mentorship and coaching resources.
“I started looking at the venture space and realizing the disparities in terms of where capital goes and who gets funding,” said Paluch, Beta Boom’s managing partner.
Applications for the first cohort open in November and only Chicago-based startups will be considered. The first cohort will begin in January, Paluch said.
Beta Boom initially announced the New Pattern program at its virtual Female Founders Summit in September.
Besides Chicago, Beta Boom also offers accelerator programs in Salt Lake City, and eventually wants to launch in other cities around the U.S. Beta Boom portfolio companies include Milwaukee-based Fiveable, which makes an interactive student tutoring platform, and Seattle-based WishYourPrice, which lets shoppers say how much they are willing to pay for an item.
In the New Pattern program, founders will receive mentorship in product, sales marketing and fundraising. Beta Boom said it is looking for tech leaders to participate in the program as mentors.
“The goal is to not only provide capital but to provide somewhat of an apprenticeship model,” Paluch said.
