Five Austin companies joined Google's second Startups Black Founders Fund on Wednesday, earning $100,000 each as part of the $10 million initiative geared toward giving Black entrepreneurs access to funding for their startups.
The fund gave $100,000 to 50 founders nationwide, including Austin companies CustomerX.i, Journey Foods, Sandbox Commerce, The Mentor Method and Tadeblock.
The founders will receive the funding without giving up any ownership of their startups and will gain access to Google technical support including up to $120,000 in donated search Ads from Google.org and up to $100,000 in Google Cloud credits. The Austin companies will also join a select few—the fund is only two years old and last year rewarded 76 Black-led startups with up to $100,000 as well.
Google's Startup funds can be used to boost Black founders' companies into success—last year, founders raised up to $50 million in capital after recieving the funds, and 80% of the companies used their funds to create jobs.
Founders from last year's batch then paid it forward by nominating new companies and announcing the winners via Zoom.
Here's a look at those 5 founders in Austin:
Hakeem James- Customer X.I
Customer X.I founder Hakeem James wants to help small restaurants thrive.
Customer X.I founder Hakeem James wants to keep mom-and-pop shops alive. That's why he started his company to bridge "the gap between online and offline" and give restaurants and small businesses a centralized location to analyze their data against competitors.
"The question we ask internally: is it simple enough for my grandmother to use? For the record, my grandmother sometimes picks up the phone upside down," James told Microsoft.
The company's data can help businesses small and large better understand their customers—from their names to their drink choices—to build better relationships and customer loyalty.
But it hasn't been easy, especially as labor shortages and COVID safety policies affect restaurants during the pandemic. James said he heard about Google for Startups at Austin's entrepreneur hub, Capital Factory. He and the team will use the funding to create "freemium" plans as they seek to keep restaurants open.
"It has also allowed us to offer our products to restaurants that need it most on a freemium basis to keep their doors open and accelerate their growth when it has never been harder to do so," James said. "Being recognized and backed by Google is monumental for us; it is a signal to our partners of our growing success in the market and the expanded capacity we now have to serve our clients."
Riana Lynn- Journey Foods
Lynn said the startup fund will help level the playing field for Black entrepreneurs that may not get the funding they need.
"The Google for Startups Black Founders Fund is a strong step in increasing the significant discrepancies in funding to many groups of founders, especially founders of color," Lynn said. "The funds will be used to add more science and engineering talent to our team and improve our impact in supply chains."
The company takes a step further back in the food industry process by merging research and development for food companies. Through comprehensive food data, Journey Foods helps provide insights on ingredients, pricing, manufacturing, and supply chain information to companies across the food industry.
From suppliers to packaging companies, Journey Foods hopes to reduce waste and costs by streamlining the food creation process.
Sterling Smith- Sandbox Commerce
Sandbox Commerce CEO Sterling Smith wasn't given a heads-up when he earned a spot in the Black Startups Fund- instead, he thought he was in his final interview.
Smith, who founded the app company in 2018, expressed his gratitude for the funding.
"Everyone involved, I really appreciate you guys betting on Sandbox," Smith said. "I can tell my mom now, right?"
Sandbox Commerce looks to create simple apps for companies without any technical or coding skills needed. The company looks to especially help the underdogs, including small businesses or underrepresented companies, in bridging the gap between computer skills and entrepreneurs.
Janice Omadeke- The Mentor Method
The Mentor Method is a consulting firm that helps companies recruit and retain employees through mentorship. (The Mentor Method/Facebook)
The Mentor Method, founded by Janice Omadeke, has been featured by Forbes and the Bill and Melinda Gates Foundation for its multi-step method of promoting employee retention and fulfillment. Omadeke has also won Capital Factory's $100k Female Founder competition award.
The company focuses on inclusivity, closing opportunity gaps and building talent through its mentorship method, which involves a matching algorithm that brings employees and mentors quickly together. The Mentor Method has been used by high-profile programs including the Department of Education and Glassdoor.
Omadeke said the startup will use its fund to create jobs, including a Product Coordinator, and boost an employee benefits package.
"The Google for Startups Black Founders Fund will help us scale faster and address the core needs of companies seeking to retain their employees," Omadeke said.
Mbiyimoh Ghogomu- Tradeblock
Now a company used by tens of thousands, Tradeblock had humble beginnings—it was once just an Instagram page for sneakerheads.
Founder Mbiyimoh Ghogomu teamed up with childhood friends Tony Malveaux and Darren Smith to transform the page throughout the pandemic and create a network for sneaker lovers to enjoy. With their motto "Kicks as Currency," sneakerheads can trade sneakers without ever touching their piggy bank.
For Ghogomu, the company and Black Starters fund are both about one thing-fostering community.
"Getting recognized by Google as part of the Black Founders Fund is a game-changer for us," Ghogomu said. "My co-founders and team have been working really hard to disrupt the sneaker x tech space and inspire community building. The funds, relationships and overall support that Tradeblock is gaining will take us to the next level."
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The Food and Drug Administration will consider Pfizer's COVID-19 vaccine application for emergency use authorization in 5-to-11-year-olds on Tuesday. The vaccine will likely be available to kids starting next week.
With 2.9 million Texas children in this age group, state health officials say this is a "big factor" in reducing the virality of COVID. At a Monday press conference, the Texas Department of State Health Services released info on the rollout efforts of the vaccine for children.
Here are some of the answers to your questions.
When and where will it be available?St. David's Healthcare staff unpack the first few shipments of its initial supply of the COVID-19 vaccine on Thursday.(St. David's Healthcare)
Assuming the FDA approves this version of the Pfizer vaccine this week, vaccines will start shipping out almost immediately with the first vaccines for children likely available next week.
DSHS has already put in an order of vaccines under the federal government's "pre-order prior to launch" program.
COVID vaccine providers will begin receiving those first shipments 1-5 days after the approval. After Monday night, DSHS will have put in three different orders for vaccines. The second shipment will arrive 3-7 days after approval and the third shipment will take place 5-9 days after the approval.
The Center for Disease Control and Prevention will meet on Nov. 2 and Nov. 3 to discuss best practices for administration, allowing for the first shots to be administered after.
The state will be allocated 1.3 million doses across 814 providers in 120 counties. Individual county allocations have not been released but each county got to send a request for how many doses they may need. Federal retail pharmacies, such as H-E-B and Walgreens, are getting their own shipments.
The health department advises using its vaccine finder tool to find the nearest vaccine provider near you.
How is this version of the vaccine different than the first one?Abbott says COVID vaccine to be available to other groups by end of March
The COVID vaccine for 5-11-year-olds is one-third of the dosage of the current vaccine available to those 12 years of age and older.
It is being identified as the orange cap vaccine, unlike the current purple cap. The purple cap vaccine cannot be administered to younger kids, according to the state health department.
And like the current vaccine, it is 95% effective. The first and second doses are the same and will be advised to be taken 21 days apart.
What are the side effects for children?
During clinical trials, it was reported that some kids in this age group felt pain at the injection site, fatigue and headaches.
The data submitted to the FDA shows no serious complications, such as cases of myocarditis inflammation of the heart muscle, or pericarditis, inflammation of the outer lining of the heart—rare complications that have been reported among young boys and men receiving the vaccine in other trials.
How will this affect herd immunity?
With so many children across the state, DSHS said "we need to have as many people vaccinated as possible."
State health officials said the herd immunity threshold is still being looked into, but with 3 million children soon to be able to get the vaccine, it will be a big factor in reducing the viral load in the state.
"Until we're able to add all the children, we'll see a bigger wave in stamping down the pandemic," DSHS' Imelda Garcia said during the conference.
Of those 12 and older, 72% are fully vaccinated in Travis County as of Monday.
I'm not sure if my child needs this vaccine. Why should I have them get it?
DSHS says this vaccine is important for young kids because it will protect the older population and others around them as well as themselves. The department says to ask experts and doctors questions if you are hesitant so you can be confident with your decision.
Tesla is officially in with the big guns.
After Hertz Global Holdings Inc. placed an order of 100,000 Teslas—the biggest single electric car purchase ever—Tesla officially hit the $1 trillion market cap for the first time.
The trillion-dollar club has some big names, including Apple, Facebook and Amazon. With the purchase, Tesla's stock shot up to more than $1,045 a share by midday Monday, a new record after topping $900 a share just a day earlier.
The $4.2 billion deal is the biggest purchase of electric vehicles to date. Hertz said it will use the Teslas to round out their fleet of electric rental cars by 2022 just months after filing for bankruptcy protection.
The news came just days after Tesla followed its leader, CEO Elon Musk, and relocated its headquarters to Austin. Austin's Giga Texas plant, which is currently finishing construction, is set to begin producing Cybertruck models at the end of 2022 and will begin "volume production" by 2023, Musk said in the meeting.
Musk celebrated the stock market victory on Twitter.
— Elon Musk (@elonmusk) October 25, 2021
Shortly after moving to Austin, Tesla saw its best quarter yet with Q3 revenue coming in at $13.76 billion—up from $8.77 billion this time last year. It was the electric car companies' ninth straight profitable quarter.
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They say imitation is the sincerest form of flattery, right?
While Northwest Arkansas isn't exactly looking to be a breakfast taco-loving, live music-having tech hub, it is branding itself as the Austin of yesteryear. And who better to come to the quickly-growing paradise than Austinites themselves?
OZ Brands is the latest NW Arkansas organization to entice Austin residents to pack up and make the move. The company, which is named after the area's Ozark Mountains, promotes travel, trails and art within the region and is owned by Runway, a NW Arkansas business investment group. Runway is headed by Walmart founder Sam Walton's grandsons, Steuart and Tom Walton.
Oz is targeting Austinites with the "One Way Out" giveaway, a program that will give at least 10 Austinites a one-way Allegiant ticket from Austin to the Northwest Arkansas National Airport.
"Fall is the perfect time to visit and explore the natural beauty of the Ozarks," the program's website reads. "Why just one way, because once you're here, you won't want to leave!"
Why swap cosmopolitan Austin for NW Arkansas' forest-filled hideaway? Just like other local programs including the Greater Bentonville Chamber of Commerce and the NW Arkansas Council, OZ Brands is looking to capitalize on priced-out Austinites who may not be pleased with the region's unprecedented growth.
"It's okay, Austin, we get it. You're tired of the tourists, the traffic, the hassle," the website says, escalating to an all-caps message reading, "YOU NEED A BREAK, AND WE ARE HERE TO GIVE IT TO YOU."
OZ is far from the first program to offer financial incentives to move to the area. Ads for Greater Bentonville began cropping up on the feeds of Austinites weeks ago as they promoted their annual tech summit, while the NW Arkansas Council rolled out similar ads. Instead of "Austin City Limits," the organizations promised "Bentonville City Limitless." If you "wish you'd bought in Austin 10 years ago," the Council promises that the area is perfect for you.
The Greater Bentonville Chamber of Commerce and NW Arkansas Council have both made moves to bring Austinites to the region. (Greater Bentonville)
Like similar programs in the past, One Way Out "is an opportunity for Austinites who no longer feel at home in their own city to see for themselves the value and qualities of Northwest Arkansas ... It's for those living in the Texas city who feel the growing pains of Austin expanding beyond its limits," the company said in a press release.
The region has recently experienced substantial growth, moving to fourth on the U.S. News and World Report's list of 150 Best Places to Live in the U.S. in 2021-2022 and enjoying an influx of businesses, tech workers and startups tired of the West Coast's crowds and priciness. And with a great arts and culture scene, a lower cost of living and even a financial incentive to move to the area, talents like film producer Kristin Mann decided it was time to swap Austin for sunnier skies in Arkansas.
"I love (Austin) how it is now, don't get me wrong, but I've always fantasized about what it might have been like before it really exploded," Mann said. "And I feel like that's similar here...There's something really unique about this town, and it feels like there's something really exciting happening here."
The contest ends Oct. 29 and is open to anyone 18 and older that lives within 50 miles of Austin. Winners must book their trip within four months of the competition and finish the trip by May 1, 2022.
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