Historically Black ‘Florida A&M University’ Receives $100,000 Grant To Launch Incubator For Startup Founders

Florida A&M University has received a $100,000 grant from Wells Fargo to launch a small business incubator to assist women and minority-owned businesses.

The grant will advance hiring initiatives for a program manager to oversee operations of the incubator and modernize an existing location for entrepreneurs to call home.

Funding will also enable the incubator’s staff to support program participants in exploring the feasibility of their business concepts, launching, expanding, and scaling their businesses. The remaining funds will support future marketing and promotions throughout the development of the project.

The highly anticipated incubator will be located in the FAMU Small Business Development Center and will launch at the beginning of 2022.

Wells Fargo will also be distributing funds to support the FAMU School of Business and Industry. The contribution is part of Wells Fargo’s larger $500,000 investment across Orlando and Tallahassee, with additional funds announced in Orlando.

“As FAMU’s official bank, we are pleased to see Wells Fargo stepping up its commitment to small business development. This initiative will catalyze entrepreneurship and reap dividends for years to come,” said FAMU President Larry Robinson, Ph.D.

“Supporting minority-owned small businesses is critical to a more inclusive economic recovery in our local community,” said Wells Fargo Region Bank President Damien Haitsuka. “We are pleased to partner with FAMU on the launch of the small business incubator and look forward to the impact it will make on helping our businesses and entrepreneurs grow and prosper.” 

Program participants will be required to complete the needs assessment and work with the incubator staff to complete assignments designed to refine their business model and map out critical resources needed to implement and execute their business model and plans fully.