Close Menu
TechBrunchTechBrunch
  • Home
  • AI
  • Apps
  • Crypto
  • Security
  • Startups
  • TechCrunch
  • Venture

Subscribe to Updates

Subscribe to our newsletter and never miss our latest news

Subscribe my Newsletter for New Posts & tips Let's stay updated!

What's Hot

Trump says he found a buyer for Tiktok

June 29, 2025

Vitalik Buterin reserves for Sam Altman's global project

June 28, 2025

FBI, cybersecurity firms say prolific hacking crews are currently targeting airlines and transportation sectors

June 28, 2025
Facebook X (Twitter) Instagram
TechBrunchTechBrunch
  • Home
  • AI

    OpenAI seeks to extend human lifespans with the help of longevity startups

    January 17, 2025

    Farewell to the $200 million woolly mammoth and TikTok

    January 17, 2025

    Nord Security founder launches Nexos.ai to help enterprises move AI projects from pilot to production

    January 17, 2025

    Data proves it remains difficult for startups to raise capital, even though VCs invested $75 billion in the fourth quarter

    January 16, 2025

    Apple suspends AI notification summaries for news after generating false alerts

    January 16, 2025
  • Apps

    Trump says he found a buyer for Tiktok

    June 29, 2025

    YouTube mobile video editor is coming to iOS

    June 27, 2025

    Tiktok is testing its own version of Instagram's “broadcast channel”

    June 27, 2025

    Google launches DOPPL. This launches a new app that lets you visualize how your outfit looks to you

    June 26, 2025

    Apple updates rules for the EU App Store by adding more complicated pricing

    June 26, 2025
  • Crypto

    Vitalik Buterin reserves for Sam Altman's global project

    June 28, 2025

    Calci will close a $185 million round as rival Polymeruk reportedly seeks $200 million

    June 25, 2025

    Stablecoin Evangelist: Katie Haun's Battle of Digital Dollars

    June 22, 2025

    Hackers steal and destroy millions of Iran's biggest crypto exchanges

    June 18, 2025

    Unique, a new social media app

    June 17, 2025
  • Security

    FBI, cybersecurity firms say prolific hacking crews are currently targeting airlines and transportation sectors

    June 28, 2025

    Prolific cybercrime gangs currently targeting the airline and transportation sector

    June 27, 2025

    US and French authorities confirm arrest of a violation form hacker

    June 26, 2025

    Homeland Security warns about Iran-backed cyberattacks targeting US networks

    June 26, 2025

    Ring cameras and doorbells now use AI to provide specific descriptions of motion activities

    June 25, 2025
  • Startups

    7 days left: Founders and VCs save over $300 on all stage passes

    March 24, 2025

    AI chip startup Furiosaai reportedly rejecting $800 million acquisition offer from Meta

    March 24, 2025

    20 Hottest Open Source Startups of 2024

    March 22, 2025

    Andrill may build a weapons factory in the UK

    March 21, 2025

    Startup Weekly: Wiz bets paid off at M&A Rich Week

    March 21, 2025
  • TechCrunch

    OpenSea takes a long-term view with a focus on UX despite NFT sales remaining low

    February 8, 2024

    AI will save software companies' growth dreams

    February 8, 2024

    B2B and B2C are not about who buys, but how you sell

    February 5, 2024

    It's time for venture capital to break away from fast fashion

    February 3, 2024

    a16z's Chris Dixon believes it's time to focus on blockchain use cases rather than speculation

    February 2, 2024
  • Venture

    Jesse Draper's Halogen Ventures closes $30 million Fund III to focus on the “future of a family”

    June 27, 2025

    Only 2 Exhibitor Tables to get grabs at TC at all stages – billed by June 29th

    June 27, 2025

    Founders of 01A share their playbook in 2025

    June 27, 2025

    TC All Stage regains early release prices for limited time

    June 27, 2025

    This AI-powered startup studio is planning to launch 100,000 companies a year – truly

    June 27, 2025
TechBrunchTechBrunch

Plug In South LA helps build diverse startups in traditionally underserved areas

TechBrunchBy TechBrunchMarch 3, 20245 Mins Read
Facebook Twitter Pinterest Telegram LinkedIn Tumblr WhatsApp Email
Share
Facebook Twitter LinkedIn Pinterest Telegram Email


Derek Smith, founder of Plug In South LA, grew up in South Los Angeles and saw firsthand the frustration that comes from a lack of economic development. That's why, after spending the first half of his career in New York, he decided to return to his hometown in 2015 and start his startup incubator in his old neighborhood.

He wants to help aspiring entrepreneurs learn the tricks of growing a startup, and in the process learn that building these businesses can bring good-paying jobs to the region. I was expecting it.

Smith already knew that founders of historically underrepresented groups faced greater challenges when it came to raising capital. Funding for Black founders has declined for the third year in a row, hitting a historic low in 2023, but the funding was pretty meager to begin with. Black founders accounted for just 0.48% of total venture funding last year, or just $661 million of the $136 billion allocated, according to data from Crunchbase.

That's a big institutional hurdle. That's why Smith's ultimate goal with his Plug In South L.A. is to smooth the path for Black and Brown entrepreneurs who are building tech startups and need support and guidance. is. In doing so, they may not only succeed in business, but also become wealth builders and job creators in areas that are often left out of the startup ecosystem.

“We really want to support founders and entrepreneurs who can build businesses that can scale broadly,” Smith told TechCrunch.

Like many startup incubators, people who join through Plug In participate in a 12-week program. The program involves approximately five hours per week in addition to your day job of running your company. The program includes weekly workshops, as well as advice from more industry-specific groups and those in the technology community who work with each group on pitch deck critiques, the importance of storytelling, financial planning, and more. It is. The program concludes with a demo day for investors.

Smith believes there is a lot of underutilized talent in areas like South L.A. He is committed to helping develop these companies as they scale and become successful, creating jobs and supporting talent in underserved and overlooked communities. He hopes businesses can share his broader vision of making a contribution. For him, the philosophy behind his company comes down to economic development and building entrepreneurial networks rather than relying on outside forces.

“Politicians don't want to do their jobs.'' [big tech] Companies don't want to do that work. Entrepreneurs have to do that. That's why we have to find entrepreneurs who align with this broader vision,” he said.

Vaughn Blake, a partner at Blue Bear Ventures, said he met Smith shortly after launching Plug In South LA and was asked to participate in a panel discussion at one of the early demo days. “Once I understood what Derek was trying to do and recognized the need for that kind of organization and leadership here in Los Angeles, I was happy to join,” Blake told TechCrunch.

Smith took some time to get his organization off the ground. For the first few years prior to the first official Plug In South LA cohort in 2020, he ran monthly and quarterly programs focused on supporting diverse founders in the early stages of building their startups. did. Those programs eventually evolved into the more formal accelerator programs that exist today, Smith said. He is currently recruiting for the fifth batch of incubators, which he plans to hold later this year with 12 to 15 participants, depending on the number of companies selected.

One of the most successful companies to emerge from the incubator so far is ChargerHelp, a platform aimed at helping field technicians troubleshoot and repair broken EV charging stations. The founders enrolled in Smith's accelerator program shortly after launching the company in 2020.

ChargerHelp co-founder and CEO Kameer Terry said the experience was invaluable and helped him in tangible ways, like refining his pitch. She credits her $17.5 million Series A, at least in part, to her time in the incubator. The company has raised more than $20 million to date, according to Crunchbase data.

As part of its broader goal of creating jobs in the community, ChargerHelp has also succeeded in that goal, growing from about 12 employees when it joined the program to nearly 45 today.

Terry said one of the benefits of the program is that there is a network of people of color, all facing the same challenges, that continues to grow and support participants even after they leave the program. I say that it means being there. “This program is interesting because you can find other people who have similar life experiences and you can ask for help and offer help. It's really great to be a part of that.” she said.

In addition to ChargerHelp, other companies emerging from the program include SwayBrands, a platform aimed at connecting diverse creators with agencies and brands. The startup has raised about $2 million, Smith said. Another is ThriveLink, where he has developed a product that uses AI to help underserved patients find and apply for the social services they need. Smith said the company has started pilots with several major health insurance companies.

Until recently, Smith had not invested directly in companies that participated through the program due to a lack of funding, but that is changing with prospective investors as the company moves from a pro bono model to an equity-based model. .

“We are looking at capital solutions with neighboring funds that will invest in our group in the future, and we intend to take a 5% stake in that company and make additional investments on top of that,” said Smith. said.



Source link

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

7 days left: Founders and VCs save over $300 on all stage passes

March 24, 2025

AI chip startup Furiosaai reportedly rejecting $800 million acquisition offer from Meta

March 24, 2025

20 Hottest Open Source Startups of 2024

March 22, 2025

Andrill may build a weapons factory in the UK

March 21, 2025

Startup Weekly: Wiz bets paid off at M&A Rich Week

March 21, 2025

Wayve CEO shares his key elements for scaling autonomous driving technology

March 21, 2025

Leave A Reply Cancel Reply

Top Reviews
Editors Picks

7 days left: Founders and VCs save over $300 on all stage passes

March 24, 2025

AI chip startup Furiosaai reportedly rejecting $800 million acquisition offer from Meta

March 24, 2025

20 Hottest Open Source Startups of 2024

March 22, 2025

Andrill may build a weapons factory in the UK

March 21, 2025
About Us
About Us

Welcome to Tech Brunch, your go-to destination for cutting-edge insights, news, and analysis in the fields of Artificial Intelligence (AI), Cryptocurrency, Technology, and Startups. At Tech Brunch, we are passionate about exploring the latest trends, innovations, and developments shaping the future of these dynamic industries.

Our Picks

Trump says he found a buyer for Tiktok

June 29, 2025

Vitalik Buterin reserves for Sam Altman's global project

June 28, 2025

FBI, cybersecurity firms say prolific hacking crews are currently targeting airlines and transportation sectors

June 28, 2025

Subscribe to Updates

Subscribe to our newsletter and never miss our latest news

Subscribe my Newsletter for New Posts & tips Let's stay updated!

© 2025 TechBrunch. Designed by TechBrunch.
  • Home
  • About Tech Brunch
  • Advertise with Tech Brunch
  • Contact us
  • DMCA Notice
  • Privacy Policy
  • Terms of Use

Type above and press Enter to search. Press Esc to cancel.