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Blackstone Charitable Foundation Awards $1 Million to Support Entrepreneurship and Innovation Across the United States



  Blackstone Charitable Foundation Awards $1 Million to Support
  Entrepreneurship and Innovation Across the United States

                      Nine Organizations Awarded Grants

Business Wire

NEW YORK -- February 11, 2013

The Blackstone Charitable Foundation today announced that it has awarded
grants to nine organizations totaling $1 million. The grants were made through
the Blackstone Organizational Grants Program, an annual $1 million program
targeting organizations that focus on fostering entrepreneurship and
innovation. Through this program, The Blackstone Charitable Foundation is
helping innovative organizations pilot, expand or replicate projects or
programs that will catalyze the growth of successful businesses, industries,
and communities.

“We are pleased to announce this year’s grant recipients and look forward to
helping them succeed in advancing their goals,” said Amy Stursberg, Executive
Director of the Blackstone Charitable Foundation. “The future of the global
economy depends upon a pipeline of creative, talented, and inspired
entrepreneurs. Through this program, we are able to direct the Foundation’s
resources towards connecting the best non-profit partners with entrepreneurs
to help them on a path toward innovation and discovery.”

The grantees were selected through a Request for Proposals (RFP) issued by the
Blackstone Charitable Foundation as part of its 5-year, $50 million
Entrepreneurship Initiative. Nearly one hundred organizations submitted
proposals, of which the top nine were selected to receive grants. The nine
organizations were selected by a committee of Blackstone employees and
subsequently approved by the board of the Blackstone Charitable Foundation.

The grant recipients are:

  * Arizona State University (Tempe, Arizona), $145,000 - Blackstone’s funding
    will help Arizona State University pilot a new model to educate and
    support early stage entrepreneurs by targeting non-traditional populations
    including retirees, veterans and recently unemployed yet highly skilled
    workers.
  * The Idea Village, Inc. (New Orleans, LA), $100,000 - Blackstone’s funding
    will allow The Idea Village to scale its entrepreneurial support network
    and maximize the delivery of resources to entrepreneurs in the greater New
    Orleans area.
  * Launch Tennessee (Nashville, TN), $100,000 - Blackstone’s funding will
    allow Launch Tennessee to provide additional resources to the top 10
    highest potential start-ups from these business accelerator programs
    allowing these start-ups to increase the amount of capital raised and to
    accelerate job creation.
  * Learning through an Expanded Arts Program, Inc. (New York, NY), $60,000 -
    Blackstone’s funding will allow the organization to reestablish a program
    that would expose entrepreneurship to 1,600 disadvantaged, at-risk 3rd-6th
    grade New York City public school students.
  * Pacific Community Ventures (San Francisco, CA), $120,000 - Blackstone’s
    funding will allow Pacific Community Ventures (PCV) to pilot its Remote
    Business Advising Platform, an automated version of PCV’s successful
    program, which will make high-quality, customized, industry and
    discipline-specific support available to entrepreneurs across the country.
  * StartX (Palo Alto, CA), $100,000 - Blackstone’s funding will allow StartX
    to link (and ultimately expand) its successful startup accelerator program
    and network in Silicon Valley with the entrepreneurial academic hubs of
    New York, Boston, and the Research Triangle Park in North Carolina.
  * Tumml (San Francisco, CA), $65,000 - Blackstone’s funding will allow Tumml
    to pilot its Urban Venture Accelerator, an accelerator focused exclusively
    on entrepreneurs who solve urban problems.
  * Venture for America (New York, NY), $150,000 - Blackstone’s funding will
    allow Venture for America to replicate its program to Providence, RI. With
    the grant funding, Venture for America will be able to recruit 10 Fellows
    to be placed at start-ups in the region.
  * United Negro College Fund (Washington D.C.), $160,000 - Blackstone’s
    funding will allow the United Negro College Fund to expand the scope and
    delivery of its education around entrepreneurship and expose more African
    American students to entrepreneurship as a career option across its 38
    colleges and universities.

About the Blackstone Charitable Foundation’s Entrepreneurship Initiative

Funding for this program is made possible through The Blackstone Charitable
Foundation’s $50 million, five-year Entrepreneurship Initiative announced in
April 2010. Influenced by the urgent need for job growth in the United States,
The Blackstone Charitable Foundation seeks to support innovative projects and
catalytic ideas that can accelerate start-ups, job growth, and economic
activity. The Foundation focuses its resources on producing large-scale
results in geographies hardest hit by the global economic crisis.

About The Blackstone Charitable Foundation

The Blackstone Charitable Foundation was founded at the time of The Blackstone
Group’s Initial Public Offering in 2007 with substantial commitments from the
Firm’s employees. Influenced by the enterprising heritage of the firm and its
founders, The Blackstone Charitable Foundation is directing its resources and
applying the intellectual capital of the firm to foster entrepreneurship in
areas hardest hit by the global economic crisis. Through its investment
expertise across several asset classes and geographies, Blackstone has a
unique perspective on the global economy and a heightened understanding of how
entrepreneurial activity is often the crucial catalyst in the growth of
successful businesses, industries and communities. (For more information, see
www.blackstone.com/CharitableFoundation.htm)

Contact:

Blackstone
New York
Oriane Schwartzman, 212-390-2250
oriane.schwartzman@blackstone.com
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