Dell has launched an Innovators Credit Fund, a $100 million financing initiative that provides entrepreneurs with the financial and scalable technology resources to get to market and innovate. Through Dell Financial Services, eligible startups who have already been backed by angel investors or venture capitalists can get up to 10% of their funded amount, or up to $150,000, with accelerated, limited credit terms. Startups also get a dedicated Dell sales team, as well as ProSupport Services for any Dell business products they use.
Ingrid Vanderveldt, Dell’s Entrepreneur in Residence created the financial fund with the assistance of an Advisory Board. Vanderveldt serves as a spokesperson for Innovator’s Financing Fund.
“After seeing the authentic commitment Dell is making to the success of entrepreneurs and small business owners worldwide, selfishly, I would love to see other Fortune 500’s do the same. To realize that vision, it’s become a personal mission for me to see Dell be wildly successful in the investments they have been making for my peers and I when no one else was looking,” said Vanderveldt.
Not Just Money; Technology ,Too
In addition to the funding, Dell wants to help startups get end-to-end, scalable technology solutions quickly, as well as the expertise they need.
“When companies are recently funded, one of their biggest expenditures outside of hiring tends to be money spent on IT infrastructure,” said Vanderveldt, “With the Dell Innovators Credit Fund Founders Club, Dell is eliminating the need for them to spend their equity capital on technology and instead helping startups to preserve this for other business needs. For most small businesses, their IT departments are filled with IT enthusiasts not IT experts. Dell aims to be the trusted IT advisor – or “CIO in a box.'”
Here’s an example of how Dell aims to help. Dell customer Lauren Flanagan of Current Motor, used credit from Dell’s Innovator’s Financing Fund to create her company’s web-enabled and all-electric super scooter, which freed up her resources to hire additional staff and take her company to market six months faster. Dell hopes to do the same for other companies.
#FixYoungAmerica Woven In
Additionally, Dell has partnered with The Young Entrepreneur Council for its #FixYoungAmerica campaign. All Dell customers will receive a copy of the #FixYoungAmerica book, which offers essays from entrepreneurs, founders and business leaders.
“#FixYoungAmerica’s goal is to bring the best solutions to solve youth unemployment to light,” explained Scott Gerber, Founder of The Young Entrepreneur Council, “Promoting and supporting entrepreneurship on all levels will help us to rebuild America, and programs such as Dell Innovator’s Financing Fund are a step in the right direction.”
Dell says it’s looking for “all promising technology-focused startups, regardless of industry,” for the Financing Fund. To find out more about how to apply, visit the Entrepreneur in Residence community site.
Dell Entrepreneur in Residence Community Expands
In addition to the Fund, the Dell Entrepreneur in Residence community is expanding. This website provides advice for a wide variety of entrepreneurs: those self-funded, seeking funding or already funded. The community offers videos and case studies from entrepreneurs, as well as advice from Dell and industry experts.
This is another effort in a series by Dell to connect to startups. Other Dell efforts include its Women Powering Business platform and its newly launched Small Business Think Tank Tour.