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AZ Tech Beat | July 28, 2017

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Seed Spot received $330k Kauffman Foundation Grant

Seed Spot received $330k Kauffman Foundation Grant
Chloe Nordquist

Arizona-based business incubator Seed Spot was announced as one of eight companies awarded a grant from the Ewing Marion Kauffman Foundation.

The grant was given to organizations that help entrepreneurs launch and grow their businesses.

READ: Female founders dominate Seed Spot fall 2015 venture class

“We are incredibly excited to bring funding from the Kauffman Foundation to Arizona,” Seed Spot CEO Courtney Klein said to AZTB. “Growing an organization in Phoenix that is nationally recognized is a huge win for the state and all of us who are working in the entrepreneurship ecosystem.”

Seed Spot was awarded $330,000 and plans on using the funds to expand their reach and impact.

Over 300 entities from 47 states applied for the grant. Applicants included organizations from a wide range of sectors, from entities that serve low-income individuals to high-tech entrepreneurs.

RELATED: Seed Spot Demo Day attracted zombies, dogs and geniuses

“These eight organizations have demonstrated success in helping entrepreneurs meet key challenges they face in growing their businesses,” president and CEO of the Kansas City, Missouri-based Kauffman Foundation Wendy Guillies said. “The Foundation also is interested in developing a better understanding of what makes such programs effective so that we can help other organizations replicate their strategies and contribute to greater entrepreneurial success.”

Since its inception in 2012,  the incubator has helped develop over 160 entrepreneurs; 88 percent of the companies are still in business and 93 percent have stayed in the state.

For more funding news, click here.