Vice President Kamala Harris has introduced the Capital Readiness Program aimed at supporting Black entrepreneurs who often face funding disparities and difficulty in accessing capital. The program involves $125 million investment in a network of small business incubators and accelerators across the United States. These incubators, consisting of a mix of organizations from various sectors, will mentor BIPOC-owned small businesses, particularly in industries like healthcare, climate-resilient technology, asset management, and infrastructure. The initiative aligns with the Biden administration’s commitment to bolstering small businesses and promoting economic growth from the grassroots level, as demonstrated by their extensive disbursement of funds through the State Small Business Credit Initiative.
Source: Black Enterprise
Isabella Casillas Guzman, the head of the U.S. Small Business Administration (SBA), has revealed the recipients of the 2023 Program for Investment in Microentrepreneurs (PRIME) grant awards. These grants, totaling $8 million, will be distributed among 32 organizations across the United States. The SBA’s PRIME grants aim to provide assistance to small businesses by supporting nonprofit organizations at the local level, facilitating access to funding and capital readiness for the growth and resilience of businesses. The grants will offer training, technical support, program development, and access to capital for disadvantaged microentrepreneurs and microenterprise development organizations, with a particular focus on underserved communities and rural areas.
Source: Yahoo! Finance
OpenAI has launched ChatGPT Enterprise, addressing privacy and security concerns of businesses considering adopting the platform. The enterprise version offers enhanced security, privacy control, fast access to GPT-4, improved data analysis capabilities, and the capacity to pose complex questions to ChatGPT. OpenAI assures users that their data won’t be used to train GPT models. The new offering also includes features like tailored company data integration and advanced analytics tools, with pricing options for smaller teams planned. This marks OpenAI’s entrance into the enterprise-focused market for generative AI tools, presenting competition for existing data security providers catering to companies using models like GPT-4.