EDA Build to Scale Grant of $750K for CBE LIFT
Launch Date: November 1, 2023
Overview: EDA investment to support the Center for Black Entrepreneurship's (CBE) Launch Incubator for Traction (CBE LIFT)
This EDA investment will support the Center for Black Entrepreneurship’s (CBE) new Launch Incubator For Traction (CBE LIFT) targeting early to mid-stage Black STEM entrepreneurs from the Atlanta metropolitan area with a competency based program to increase investor readiness. Target applicants are starting STEM-based companies (e.g., biotechnology, artificial intelligence, etc.). The program will focus on advanced degree holders. The LIFT program will bring together key ecosystem resources and assets including the CBE, Daraja Collective, Georgia Tech, TiE Atlanta, Invest Atlanta, and the Atlanta’s Office of the Mayor. Sixteen early-stage companies will be selected for the program each year (48 over three years) to build capacity using the successful I-Corps framework for technology startups contextualized to address the Black entrepreneurial experience, coach facilitated small groups (PODS), and network building leveraging CBE relationships in the Black entrepreneurial ecosystem. The anticipated outcomes include higher numbers of Black startups pitching to capital providers, more capital raised, and improved performance of those startups. The program aligns with the City of Atlanta’s drive to move into the top five metro areas for venture investment. The city has identified increased participation of universities and colleges in startup support and additional support for Black entrepreneurs as key strategic pillars to move the City’s rankings. Additionally, LIFT is aligned with a state initiative to create prosperity planning districts around Historically Black Universities and Colleges in Georgia.
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