Announcing the Nitro Fund
The Boost Pad is proud to announce the launch of the Nitro Fund – a new program to boost the success of underrepresented entrepreneurs.
Nationally, funding for minority and female founders remains at abysmal levels. Last year, only 2.6% of venture capital investments went to minorities, and 2.2% went to women.* The Nitro Fund is a venture philanthropy fund that aims to fill the gaps in traditional financing for underrepresented founders in the Charlotte area.
From day one, The Boost Pad understood that our ability to impact economic mobility in Charlotte depended on getting resources into the hands of underrepresented entrepreneurs. We were inspired by the venture philanthropy work done by The Rockefeller Foundation and went to work adapting their model to fit our program.
The Nitro Fund will provide grants, make equity investments, or provide loans to businesses that have demonstrated market traction and a path to profitability. Funding will be made available to graduates of the Boost Pad’s business training program.
Co-Executive Director Steven Lewis explained, “As we looked at the work done by the entrepreneurs in the first three cohorts, one person really stood out. Eric DeWalt participated in all the meetings, completed all the deliverables, and was focused on growing his business. We saw Eric take his idea and turn it into a business with help from The Boost Pad. Eric exemplifies an individual that benefited from the three Cs that the Boost Pad delivers. The ability to deliver startup currency to our entrepreneurs had always been aspirational, and due to the Nitro Fund, it is now a reality.”
The Nitro Fund was launched with a $45,000 sponsorship grant from TheStartup.com and will grow its assets through donations and investment returns from the businesses. Boost Pad donors will have the option to designate all or a portion of their tax-deductible donations to the Nitro Fund.
The Boost Pad believes that everyone should have the opportunity to pursue their dreams. By continuing to find innovative ways to promote economic mobility, we are boosting a new generation of female and BIPOC entrepreneurs and encouraging the emergence of a more dynamic, more equitable Charlotte.
