ESO Ventures: Empowering Entrepreneurship For Collective Prosperity
Written by Cecilia Seiter
Black and Brown-owned businesses contribute to the economic vitality of communities across the United States. They’re the fuel to local neighborhoods and collective prosperity. They open doors to opportunities for communities of color. And yet, Black and Latinx entrepreneurs received less than .5% of venture capital dollars in 2023.
ESO Ventures was born out of a need to change that.
ESO catalyzes growth in early-stage, Black and Brown-owned businesses. We provide the funding, guidance, and networks Black and Brown entrepreneurs need to scale sustainably—for impact in their companies and communities.
We began with a mission to revitalize growth in the MacArthur Corridor, a stretch of small businesses in East Oakland between 73rd and 82nd Avenues. With a $5,000 grant from the City, ESO gained enough traction to secure a larger state grant to continue working in areas of economic disadvantage. These funds enabled us to expand our service offerings and, ultimately, invest in the people, businesses, and communities that were lacking support from traditional avenues.
The name “ESO Ventures” began as a nod to our birthplace—an acronym for East Side Oakland Ventures. Since then, our name has taken on a new meaning as our impact expands across the state of California. Today, ESO stands for Entrepreneurial Support Organization. (We say each letter in the name: E-S-O.)
Because ESO spearheads growth and community empowerment through multiple avenues, we’d like to give a quick overview of the services we offer, how we do it, and what we hope to achieve in the future (possibly with your help!)
What does ESO Ventures do?
ESO invests in Black and Brown communities by stewarding entrepreneurship at the local level. We help driven, ambitious entrepreneurs elevate their early-stage businesses to mature, thriving enterprises. By equipping entrepreneurs with the competence, confidence, and capital to scale sustainably, we foster economic prosperity in people and places that are traditionally overlooked.
ESO accomplishes this through a number of avenues.
Through our 7-week incubator program, ESO entrepreneurs gain crucial access to the professional networks, resources, and coaching they need to elevate their businesses.
Our Capital in the Community Fund (CICF) makes funding directly available to ESO entrepreneurs. The CICF is unique in that it provides non-dilutive, zero to low-interest capital from $5,000 - $100,000.
ESO’s ReEntry Incubator helps formerly incarcerated folks launch their business ideas from the ground up.
How does ESO drive impact?
Since our inception, ESO has worked hard to create a more equitable entrepreneurial landscape for all. As of 2023, we’ve achieved some incredible milestones, including:
Seeing 298 businesses complete an ESO incubator to date. 164 of those completed incubators in 2023.
From apparel companies to insurance firms to production studios and more, we’ve funded 38 businesses through the CICF fund.
We’ve funded local businesses with a total of $3.4M in capital. The median funded amount is $50,000.
In the coming years, we aim to continue driving business growth and community empowerment across the state of California. We will expand our ReEntry program to counties beyond Santa Clara, ensuring that formerly incarcerated entrepreneurs across the state have access to resources for their businesses. And, of course, we’ll be funding more businesses to catalyze economic prosperity in our communities.
If you’re interested in partnering with ESO Ventures to expand our offerings, get in touch. Whether you’d like to support our incubator program, provide professional services, or build the infrastructure for a robust entrepreneurial ecosystem in California, there are numerous ways for your organization to get involved. We look forward to hearing from you!
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