Derek Smith, the founder of Plug In South LA, returned to his hometown in 2015 to foster economic development and entrepreneurship in underserved communities.
Recognizing the challenges faced by Black and brown entrepreneurs, particularly in securing funding, Smith aimed to create a supportive ecosystem to nurture startups and empower founders.
Addressing Funding Disparities:
The class action complaint against Apple highlights the systemic challenges underrepresented founders face in accessing venture funding.
Smith’s initiative addresses this disparity by providing guidance, mentorship, and resources to aspiring entrepreneurs from historically marginalized communities.
Incubating Success of Plug In South LA:
Plug In South LA offers a 12-week program to equip participants with basic skills and knowledge to grow their startups.
Through workshops, mentorship, and industry-specific advice, founders gain insights into pitch development, financial planning, and storytelling. The program culminates in a demo day, allowing founders to showcase their ventures to potential investors.
Fostering Community Impact:
Smith’s vision extends beyond individual startup success to broader economic development and job creation within underserved communities.
By incubating successful businesses, Plug In South LA aims to create a network of entrepreneurs committed to giving back and supporting talent in overlooked areas.
Empowering Entrepreneurs:
Participants like ChargerHelp, led by CEO Kameale Terry, have benefited significantly from the program, securing funding and expanding their teams.
The supportive network cultivated by the enables founders to navigate challenges and access resources tailored to their unique experiences.
Future Growth and Investment:
As Plug In South LA evolves, Smith plans to introduce a capital solution through an adjacent fund, allowing the organization to invest in future cohorts and take equity stakes in participating companies.
This shift from a free model to an equity-based approach reflects a commitment to sustainable growth and long-term impact.