(Photo via @HalcyonIncubate on Twitter)
A Georgetown-based incubator for social enterprises just landed a large grant to expand its network.
Halcyon has been selected to receive a three-year, $300,000 grant from the U.S. Commerce Department. The competitive grant comes from the department’s Regional Innovations Strategies Program, which has a mission to expand entrepreneurship and increase capital in the region. The program is led in conjunction with The Office of Innovation and Entrepreneurship.
The local nonprofit was the only D.C.-based organization selected from a pool of 183 applicants. There are 44 grantees from 28 states, the District of Columbia and Puerto Rico who will receive grants totaling $23 million, Halcyon reported in a press release.
“Given everything we know from running the Halcyon Incubator, we’re confident we’re going to build an outstanding network of social impact investors,” Halcyon CIO Ryan Ross said in a statement. “Between supporters we already know, and new supporters we will cultivate, this will be a group whose financial support for social enterprise is catalytic in the region.”
Selected from a pool of 183 applicants, this year’s awardees include a new impact investing effort managed by @HalcyonInspires in Washington, D.C that will increase access to capital for social entrepreneurs in the D.C. region: https://t.co/VULh3NxmYc pic.twitter.com/scyKf4VHpq
— EDA (@US_EDA) July 23, 2019
Dr. John Fleming, U.S. Assistant Secretary of Commerce for Economic Development, made the award announcement at a press conference held at Halcyon today. The incubator said in a news release that it will use the funding to expand its network of investors to increase access to capital for its fellows. The 44 grantee organizations will leverage an additional $26 million in matched funds from a pool of private and public sector investors.
Halcyon recently welcomed its 11th cohort of social impact entrepreneurs, comprised of eight ventures who were selected to go through its 18-month fellowship program. Since its inception five years ago, Halcyon has welcomed 77 ventures into its program, who combined have created 764 jobs and raised more than $91 million in capital.
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