Mobile, AL — Innovation Portal officially announced the launch of Portal Fund, a nonprofit investment fund for Mobile-based developing companies with high-growth potential.
The fund was created to “ignite the local entrepreneurial ecosystem” by attracting and retaining startup founders in Mobile. Those receiving the funding will have access to Innovation Portal programming, support, and workspace – all designed to encourage venture development, growth, and job creation, explains Michelle Parvinrouh, Portal’s executive director and Portal Fund investment council member.
Applications for the inaugural investment round will be accepted through Thursday, Sept 10, 2020. There is a second round planned for next year, and is anticipated to continue annually. Funds will be awarded as convertible notes and funding decisions will be made by an investment council consisting of entrepreneurs, philanthropists, investors, and a select number of the organization’s staff and board members.
“The launch of the Portal Fund is a tremendous economic advantage for Mobile and its startup founders,” adds Parvinrouh.
Without early-stage investment funding, some entrepreneurs were either giving up on developing their ventures or leaving the area in search of capital.
“Talent follows opportunity and so with each venture facing the decision to leave, we also were faced with losing local talent in search of high-quality and well-paying jobs,” says Parvinrouh. “Portal Fund was created to fill this gap.”
Matched with the nonprofit incubator and innovation hub’s programming, personalized support, and a new state-of-the-art workspace located at 358 St. Louis St. in Mobile’s technology corridor, Parvinrouh says there is a suite of offerings to complement what startup resources already exist in Mobile.
Innovation Portal Board Chair Frank Lott, with Heritage Homes, says, “Adding this tool is the next step in helping Mobile become the center of the ecosystem for entrepreneurs along the Gulf Coast.”
For information on eligibility, the evaluation process, and to apply, founders should visit innovation-portal.com/portal-fund.
Innovation Portal is a nonprofit incubator and innovation hub accelerating startup growth in southwest Alabama and the central Gulf Coast. Innovation Portal provides a growth focused space and community for entrepreneurs, innovators, and creatives to connect. In addition to amazing work space, Innovation Portal provides targeted programming to encourage successful launch, development, and scaling of local ventures.
Find Innovation Portal at innovation-portal.com and on Twitter, Facebook, Instagram, and LinkedIn.