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Issue: 1128 Date: 4/5/2012
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Arch Grants attracts diverse applicants
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| Jerry Schlichter and Joe Schlafly, co-founders of Arch Grants (Photo by Wiley Price) |
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In its first year, more than 400 entrepreneurs applied for the $50,000 startup funding through Arch Grants, a global startup completion designed to attract more businesses to St. Louis.
A majority of the 420 applicants are from St. Louis/Missouri (75 percent), another 92 applicants represent the United States, and 11 come from abroad. Arch Grants recently narrowed down the number to 66 semi-finalists.
Arch Grants provides venture capital with no equity taken. The winners will have access to business networking and mentoring, free legal and accounting services, collaboration with local universities, discounts on housing and affordable office space.
The program aims to attract a diverse group of entrepreneurs, said Sarah Spear, executive director of Arch Grants.
"Entrepreneurs never are - and never were - one skin color or representing one economic background," Spear said.
The group called all of the Historically Black Colleges and Universities in the country to spread the word about the competition, she said. Among the applicants, 83 percent were male and 17 percent women. Sixty-seven percent were white and 19 percent African American, with 14 percent of applicants representing multiple races. The numbers are based off a survey that Arch Grants sent to the applicants, and 36 percent of them responded.
Spear said the number of total applicants exceeded their expectations.
"That sets us up to have a really strong program," she said. "We demonstrated that we can attract a diverse audience to apply. All of these things help us to get to the end goal of building a strong economy and building on what St. Louis has already begun."
The applicants represent a range of industries, including:
* 21 percent business and financial services* 17 percent IT* 15 percent from technology* 11 percent entertainment and leisure* 8 percent energy and biotech.
Finalists will be notified on April 13 and invited to St. Louis to present their pitches to a group of professional judges on April 28. The group will select 12 to 15 grant winners, who will be announced on May 7.
This week, Advantage Capital Partners, a leading venture capital and small business finance firm, committed $300,000 over the next three years to Arch Grants.
"We can't think of a more meaningful way to honor our firm's 20th anniversary than by fostering entrepreneurs, helping to create a more robust startup culture and infrastructure, and participating in the regional effort to increase jobs and business growth," said Advantage Capital senior managing director Scott Zajac.
Advantage Capital joins a number of other local funders, including Peabody Energy, Emerson Electric and other corporate and individual donors, who are supporting this effort with donations of time, money and strategic assistance.
For more information, visit www.archgrants.org.
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