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Founders Fund awarded $800,000 to eight minority firms; council pushes to speed next round
Summary
Finance staff reported $800,000 in inaugural Founders Fund awards to eight minority companies and $2.2 million available for additional rounds; Council leadership pressed staff to accelerate a new cohort, and county officials cited limits on administrative funding and staff capacity.
Dennis Hetman of the Department of Finance told the committee the inaugural Founders Fund awarded $800,000 to eight minority‑owned businesses to advance technology commercialization; grantees have reported promising early outcomes, including live products and paying customers. Hetman said program evaluation looked at economic impact, scalability and financial readiness, and that $2.2 million currently remains available for additional rounds.
Council President Natalie Fanny Gonzales pressed county officials on why the next cohort could not begin immediately, arguing the current economic climate and the WorkSource presentation made rapid deployment urgent. Ken Hartman Espada, Assistant Chief Administrative Officer, answered that administrative resources and staff capacity were the constraints: the initial round used an encumbered balance on a prior contract and the jobs appropriation did not include designated administration funding, so the county would need to reallocate funds or identify resources to cover marketing, application review and coaching. Hartman Espada said the county was prepared to discuss using available grant funds to support administration if the council desired.
Council members asked for applicant‑pool demographics and outreach details. Finance and executive staff said there were 44 applicants for the founders/innovation programs; 38 percent of respondents who provided race/ethnicity information were Black/African American. Staff committed to provide fuller applicant demographic data and a September survey report of awardees and declined applicants to capture impact and barriers.
Chair Gonzales and several members urged the county to accelerate the next round; staff proposed spring 2027 under current administrative models but agreed to follow‑up if the council wanted an expedited schedule and is willing to identify administrative funding.
