Starting a new business is never easy, but it’s even more challenging for those who are members of historically marginalized groups. A new program from InTandem, in partnership with Google, aims to help level the playing field.
InTandem, in partnership with Google, is launching a new mentoring program aimed at helping startups owned by members of historically marginalized groups to thrive. The program will extend for three months and is designed to help selected participants develop the skills that they will need to push their startups past Series A funding – a crucial step for any fledgling business. Additional partners include Creatd, Hunt Club, Valence and Myosin.
Launching a small business is challenging enough, but keeping it afloat can be even more difficult. According to data from the Bureau of Labor Statistics (BLS), roughly 20% of new businesses fail within the first two years, while close to half (45%) fail before the five-year mark. But those challenges are compounded for businesses owned by members of historically marginalized groups, who have to overcome the usual challenges of getting a business off the ground while simultaneously swimming against the powerful tide of discrimination, both implicit and explicit. One illustrative statistic shows that 80% of Black-owned businesses fail within the first 18 months.
InTandem may not be able to eradicate the discrimination that female, Black and Latinx business owners face on the long road to success. But they may be able to leverage technology and education to empower those individuals and increase the chances of securing vital funding in the early stages of their business ventures.
“With InTandem, we have created a program and proprietary curriculum to provide high-level support to these startups as they close their Series A funding and embark on a critical moment in time – the race to scale their business,” said InTandem co-founder Alex Tepper. “Through strategic partnerships, we are able to lend technology-based growth marketing expertise and mentorship to help level the playing field for this important community.”
As InTandem makes clear on its website, it is not launching this new program to simply provide all of the answers to the startups it will be working with – just like no good tutor would cheat by taking a pupil’s test on their behalf. Instead, InTandem will work with its mentees to develop their growth marketing strategies while simultaneously providing “hands-on advice.” Participating startups will be able to learn first-hand from a number of industry experts.
The program is completely free for selected participants; all efforts will be funded through sponsors who share InTandem’s goal of providing practical, results-driven support to businesses owned by members of historically marginalized groups.