Augustans without millions to throw behind startups like Kevin O’Leary can take part in the everyday man’s version of Shark Tank at a local event this Wednesday that only requires a $15 investment.
The city’s startup incubator theClubhou.se is hosting a Crowdfunding Demo Day where seven local startups will pitch their new businesses to a live audience.
Attendees pay $15, which will be split into three $5 “Startup Funding Bucks” to put behind their favorite pitches, with additional funding bucks available for purchase. At the end, each startup will receive a check reflecting the total amount of funding bucks they received.
The event will take place on Wednesday, May 10, from 6 p.m. to 8 p.m. on the rooftop terrace of theClubhou.se at 100 Grace Hopper Lane. Food and drinks are included.
“We need more businesses because they impact the community in so many positive ways, especially with providing jobs at a local level that aren’t going to move and transition elsewhere” said Michael Newton Jr., director of impact at theClubhou.se.
The companies include a cybersecurity firm, a youth development nonprofit, a mobile events company, a first responders assistance nonprofit, a full-service marketing firm, a homeownership coaching company and an indoor farm community enterprise.
The entrepreneurs behind the businesses cover a wide range of ages, with some in their 20s and others in their 60s, said Newton.
Each of the startups has recently graduated from the organization’s 12-week Make Startups entrepreneurial certificate program. So far, about 20 startups have graduated from the program that covers sales, culture, leadership, finances and other related topics, according to Newton.
In spite of inflationary pressures, in a post-COVID-19-pandemic world, more and more young people are starting their own businesses instead of going through the traditional college experience, said Newton. In 2019, about 3.5 million businesses were started in the U.S., compared to more than 5 million in 2022, according to data from the U.S. Census Bureau.
Newton said he also sees a lot of entrepreneurs born out of transition phases, such as coming out of the military or leaving their first career, he said.
“A good business can thrive in any economy,” he said. “A lot of the greatest businesses started in a recessionary atmosphere.”
