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Snap is launching a six-month program for small, minority-owned businesses that will give successful applicants $10,000 each month to create content for Snapchat Discover, the social platform said on Tuesday.
Though individual creators are welcome to apply, the program — called 523, which references Snapchat’s original 523 Ocean Front Walk office in Venice, California — is geared toward small businesses. Eligible businesses must be at least 51 percent owned by individuals from underrepresented groups, which Snap defines as those who are BIPOC, LGBTQ+, veterans, have a disability, and/or are women. The businesses also must have made less than $5 million in gross revenue in 2021 or during the last 12 months and have fewer than 20 full-time employees.
Selected businesses will also receive one-on-one mentorship from Snap’s content and media partnership team, participate in workshops with Snapchat staff and have opportunities to connect with the program’s sponsors (AT&T, Nissan, Target, State Farm, Unilever, Uber Eats and McDonalds).
Snap is accepting applications for the 523 Program through Feb. 1, and the 20 selected participants will be announced on March 1. Another program catered toward individual creators is expected to be announced later in 2022.
“The voices of underrepresented groups have long helped shape mainstream culture, yet these creative minds often don’t see the equitable benefits from their impact,” Starr Nathan, the manager of the 523 Program, said in a statement. “If you want to make a real change, you have to embed equity in the business. That’s why we are designing tailored workshops, providing funding and helping participants build sustainable businesses.”
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