Audible’s New Business Attraction Program Recruits Diverse, High-Growth Companies to Newark’s Tech & Creative Innovation Economy

About This Project

Summary

Because Black-founded companies receive only 1% of venture funding nationally and female founders receive 1.9%, Audible’s Business Attraction Program offers historically marginalized founders financial support to relocate or expand within Newark’s emerging tech hub. Audible provides each eligible company at the seed or series A stage up to $250k in non-dilutive grants toward office space, along with relocation assistance, business mentorship, and stipends for employees to live and shop locally.

Goals & Objectives

The program aims to equitably grow Newark’s innovation ecosystem, leverage the city’s unmatched data infrastructure, increase retail and commercial occupancy rates, and boost local spending to preserve and create jobs - while strengthening community relationships and empowering diverse founders.

Results & Impact

Audible has already committed over $2.5M to the program, and this number will only continue to grow. The first 10 companies in the program have raised $1M+ in additional commitments, demonstrating the program’s benefits to help companies scale, increase local hiring, and grow Newark’s economy.