The New Braunfels Economic Development Corp., or NBEDC, is hoping to invest in local entrepreneurs through an entrepreneurship incubator project.
About the program
The NBEDC is looking to invest $1.2 million in Gener8tor, an entrepreneurial accelerator program that works to support startup businesses. Gener8tor, which was founded in 2012, has supported more than 2,100 startups, raised over $2.9 billion and created more than 14,000 jobs, according to agenda documents.
The potential partnership would implement a nondilutive program called gBETA, which is a free, seven-week workshop that assists small businesses in acquiring external funding, without requiring owners to give up capital, according to previous reporting by Community Impact.
The New Braunfels Gener8tor program would offer two cohorts annually for three years. This includes training, community building, networking opportunities, mentor connections, investment accelerators and presentation pitches, according to agenda documents.
The New Braunfels Gener8tor program would also include one full-time employee in the city to facilitate the program and occupy office space within the city limits to ensure the program is operating within the community, agenda documents state.
The project is identified in the NBEDC Strategic Plan, which is to focus on keeping local talent in the community rather than moving, according to agenda documents.
More details
During a June 18 NBEDC meeting, NBEDC board member Atanacio Campos said Gener8tor seemed like it would be a good program to help develop good jobs in New Braunfels.
NBEDC board member Cory Elrod said the SPARK Small Business Center is good at the initial stage, but they have a lot of entrepreneurs that have grown past that.
New Braunfels resident Julie King spoke in opposition to the program. She said she does not believe it is going to be successful. She also questioned what the program says about the confidence in the city’s chamber of commerce.
“If this curriculum is so incredibly vital, put it on the chamber’s to-do list. They should develop the program, identify the local investors and assign an employee to run it,” King said.
What’s next
The item will be considered by New Braunfels City Council in July or August, according to agenda documents.
