FOR IMMEDIATE RELEASE
March 4, 2024 – Los Angeles, CA – Derek Smith, founder of Plug In South LA, now Plug In Ventures, established a startup incubator in 2015 to support Black and brown entrepreneurs in economically disadvantaged areas. Recognizing funding disparities, the 12-week program provides workshops and industry-specific advice, with success stories like ChargerHelp, a platform for EV charging stations.
Plug In Ventures aims to create a network of entrepreneurs driving economic development and job creation in underserved communities. Smith emphasizes the importance of entrepreneurs taking the lead, shifting from a free model to equity-based investment in future cohorts, with a new fund providing 5% equity ownership and follow-on investments.
Read on in TechCrunch.