Global Support Fund Launched to Help Startup Founders Amidst COVID-19
DENVER: GAN — a highly curated community of independent startup accelerators, studios, and investors — announced the creation of the Founder Support Fund, alongside GSSN and GAN's accelerator and corporate partners. The fund is designed to support the mental and emotional wellness of founders affected by the COVID-19 pandemic through a series of microgrants.
There have been many new vehicles to support small businesses, but it's important to support the people behind the business—founders. Founders (entrepreneurs who start businesses) will be selected by the fund's committee and may use grant monies to focus on their, and their team's, health or other immediate needs. Grants are distributed with no expected payback or equity stake taken in companies.
"We're on this earth to ensure startup founders have access to the human and financial capital they need to build powerful businesses and make a meaningful impact, wherever they call home," said GAN CEO Patrick Riley. "Right now, we feel one of the best ways we can fulfill that mission is to work through the GAN and GSSN Communities in the form of this fund. The fund provides an opportunity to put the weight of our community of top accelerators, studios, and Fortune 500 partners behind the founders who need it most."
The fund's announcement comes with an open call for contributions to the fund and nominations for founders who need support. The fund is calling on individuals, accelerators, studios, and corporations enjoying relative degrees of financial security to help meet the needs of founders who are currently in crisis mode.
Founders can apply from anywhere in the world. Selected founders will receive a grant between $250 and $2,500, alongside services donated by the fund's corporate partners. The fund and its partners will commit at least $12,500between now and June 15th, 2020. Funds may be used for a fun family activity, counseling or coaching, buying dinner for the team, or any kind of self-care for founders and teams. Nominations will be accepted through June 15, 2020, or until the fund is depleted.
"Having lived the co-founder experience, I know the first to go would have been the little things like a fun dinner out with family," said Nate Nasralla, GAN's Director of Global Partnerships. "We really hope founders will use the funds to create memories with their families and team. And we believe it'll actually come around to support their businesses. Healthy startups need healthy founders."
The startup community is invited to nominate any startup founder for a grant using a simple, online application, and all nominees will be reviewed by the committee based on the founder's impact, resilience, and capital needs during this time. In addition to a cash grant, founders will receive access to confidential counseling, essential business services, and fast-tracked review for venture funding.
