Audible Helps Attract More Businesses To Newark With Grant Program
NEWARK, NJ — Last year, Audiobook and podcast company Audible announced that it was putting nearly $1 million into a new program in an attempt to attract other businesses to its home city of Newark, offering them incentives such as grants, stipends for employees and mentorship opportunities.It’s been paying off … big time, the company says.Audible recently announced the latest cohort of businesses that have moved to Newark as part of the company’s Business Attraction Program. Launched in August 2023, the initiative provides up to $250,000 in non-dilutive grants per company toward office space, relocation assistance, and stipends for employees to “live and shop locally.” Read More: Audible Tries To Lure More Companies To Newark With $1M ProgramTen companies have already joined the program since 2023, and it continues to grow, Audible spokespeople say.The latest startups include Equal Space, a 50,000 square-foot, multi-floor shared space; AlphaROC, a provider of AI-based data insights and analytics; and Pocstock, a diversity content company focused on positive images featuring people of color. These companies join ABF Creative, Gymble, co:census and Fitnescity, which entered the program in 2023, as the latest group of diverse entrepreneurs and startups building their businesses in downtown Newark’s emerging tech and creative hub. The program has also attracted retail and entertainment businesses like Sweet Jeans Macaron and Coffee Bar, which will offer coffee, pastries, and community events; along with BLVD Bistro, the second location of the esteemed Harlem-based comfort food destination; and Newark Culture Club, a cocktail bar, comedy, and entertainment venue.As part of the program, Audible is facilitating leasing opportunities at buildings around Newark’s Harriet Tubman Square, including 33 Washington Street, 550 Broad Street, 494 Broad Street, 540 Broad Street and 536 Broad Street.“By leveraging Newark’s unmatched data infrastructure, boosting local spending to preserve and create jobs, and addressing high retail and commercial vacancy rates, Audible’s Business Attraction Program seeks to create a multiplier effect of job creation and innovation throughout the city,” the company said.Here’s what else to know about the program, Audible said:“The Business Attraction Program supports innovative companies in expanding or relocating to Newark, and founders of color and female founders are particularly encouraged to apply. With Black-founded companies typically receiving only 1% of venture funding nationally (and female founders receiving 1.9%), the program aims to increase opportunities for founders who might not otherwise access critical resources like financial support and executive mentorship. This initiative and other impact-focused efforts are led by Audible’s Global Center for Urban Innovation, which spearheads the company’s work to advance racial justice, equity and economic empowerment.”Hopefully, other large companies will notice what Audible is doing and take some inspiration, spokespeople said.“Our Business Attraction Program is a scalable model to drive economic growth and can be adopted by other companies seeking to make a tangible impact in the cities they call home,” said Aisha Glover, global head of urban innovation at Audible.Send local news tips and correction requests to [email protected]. Learn more about advertising on Patch here. Find out how to post announcements or events to your local Patch site. Don’t forget to visit the Patch Newark Facebook page.The article Audible Helps Attract More Businesses To Newark With Grant Program appeared first on Newark, NJ Patch.
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