New ‘Shark Tank’-like initiative seeks applications from entrepreneurs of color in the Bronx, Uptown
BronxTimes
Oyate Group, a nonprofit organization, is launching a startup funding competition aimed at providing support to aspiring entrepreneurs of color in the Bronx, Washington Heights, and Harlem. Taking inspiration from the popular television show “Shark Tank,” the competition seeks to assist individuals with great ideas but limited resources in turning their visions into reality.
The initiative aims to cater to two groups of entrepreneurs: those who have already started their own companies and need assistance in scaling up, and those who possess innovative ideas but have faced challenges in getting their ventures off the ground. Often, individuals in underserved communities, including formerly incarcerated individuals and those without access to higher education, encounter financial barriers and lack the support networks typically available to entrepreneurs.
In the competition, the first-place winner will receive $50,000, the runner-up will receive $25,000, and the third-place winner will receive $10,000. Additionally, the selected entrepreneurs will undergo a 10-week training program and gain access to Oyate Group’s resources, including accounting, legal, and digital media support. In return for this support, Oyate Group will take a percentage of equity in the winning projects, with a benchmark of 7%. The profits generated will be reinvested into Oyate Group’s programs to benefit future entrepreneurs.
The application process for the competition is now open, with a deadline of June 1. Interested individuals can apply by submitting an online application. A panel of judges, including successful entrepreneur Junior Martinez, will evaluate the applications and select candidates for in-person interviews. Oyate Group’s goal extends beyond the 10-week program, as they plan to provide ongoing support tailored to the specific needs of each business. The organization aims to foster long-term sustainability and success for the selected entrepreneurs.
Oyate Group’s initiative seeks motivated individuals who possess a clear vision and strong commitment to their ideas. The organization believes that the dedication and investment of the entrepreneurs themselves play a crucial role in the success of their ventures. By offering financial assistance, training, and ongoing support, Oyate Group aims to empower entrepreneurs of color and contribute to their long-term prosperity.
Recent Articles
Local Bronx Nonprofit Distributed Two Thousand Turkeys From Harlem To The Heights For Thanksgiving
Harlem World Magazine The Bronx-based nonprofit organization, Oyate Group, conducted its fourth annual turkey drive, distributing 2,000 turkeys to undernourished households in The Bronx, ...
MUAP – EP 28 w/ Guest Aicha & Alexander Reyes from the Oyate Group
In this week's episode, we speak with Aicha & Alexander Reyes from the Oyate Group out of New York City. Aicha & Alexander were both participants in the Beyond Rising program. Alexander now works for the Oyate Group helping students from the freshman high school level to freshman in college, like Aicha who is dealing with an undocumented status, to find resources, job skills, and opportunities. We hear from Aicha about how the program helped her find a summer job and resources for attending college to be a lawyer. As well as Alexander's experience when he went through the program and how Oyate Group wants to help even more students!
Guyanese author Rajiv Mohabir reads newest book for first time in NYC
Caribbean Life On October 13, Oyate Group, an anti-poverty nonprofit, hosted the launch of Rajiv Mohabir's new poetry book, "Whale Aria." This collection delves ...