In addition to extolling Geekdom’s effect on local small business startups, officials and supporters of Geekdom also recently launched a fund to boost entrepreneurs across the region.
The background
Special guests gathered March 28 at Briscoe Western Art Museum to celebrate the release of Geekdom’s 2022-23 impact report, which stated that Geekdom’s various programs extended more than $250,000 into local startup businesses in that time frame.
Additionally, business owners receiving help or accessing resources at Geekdom raised $71.6 million in capital for their commercial ventures during the same period, the report states.
According to the impact report, Geekdom now accommodates more than 1,000 individuals in their coworking and collaborative spaces. Geekdom also offers more than 50,000 square feet of coworking and office space at their downtown building.
Geekdom officials also pointed to successes in their individual programs, such as Incubator, which helps first-time company founders and early-stage entrepreneurs to refine their startup ideas. The impact report states that Geekdom Incubator, since its inception in 2020, has supported 46 companies that have collectively received $275,000 in investments.
Dig deeper
Officials from Geekdom and the San Antonio Area Foundation used Geekdom's impact report release to unveil a new joint initative, the Accelerate South Texas Fund, which they said will support the creation and growth of small businesses and nonprofit organizations around South Texas.
According to a news release, Accelerate South Texas is funded with an initial $500,000 donation from San Antonio entrepreneur and philanthropist Graham Weston. Ben Jones, founder of Jockey Ventures and Skipcart, pledged $100,000 to Accelerate South Texas Fund, designating it for Geekdom’s preaccelerator program, which readies local startups for accelerator programs, initial investments or rapid revenue growth.
The news release states that the area foundation will oversee periodic distribution of the fund’s net income and principal toward shoring up regional programs that are designed to support entrepreneurship and small-business growth.
Geekdom CEO Charles Woodin said Geekdom has backed area startups and entrepreneurs for 13 years.
“In that time, we’ve seen proof that the best way to impact our entrepreneurial ecosystem is through programs that provide resources and support for founders,” Woodin said of the new fund in a statement.
