Frank + Oak announced the launch of its 50/50 Founders’ Fund as part of its effort to support early stage entrepreneurs, in partnership with General Assembly.
The Fund will function as a grant program, providing seed-stage funding of up to $10,000 to four entrepreneurs working in social enterprise each quarter, starting in Q1 2017, in the US and Canada. To fund the grants, Frank + Oak will take one percent of every product sold. Winners also get access to an advisory team of entrepreneurs and an educational credit from General Assembly, where they can receive classes on subjects like digital marketing, coding, and data science. It’s General Assembly’s second notable foray into Canada, as the education-to-employment company acquired Bitmaker in early August.
The Fund gets its name from the fact that Frank + Oak plans to grant 50 percent of the fund to female entrepreneurs and 50 percent of the fund to male entrepreneurs equally. The company said the goal of the fund was to address the address the gender gap when it comes to entrepreneurship and funding.