The forward-looking brand champions equality in entrepreneurship
Press Release – NEW YORK, NY — October 26, 2016 — Frank + Oak, the rapidly expanding retail innovator, announces the 50/50 Founders’ Fund, a disruptive program in partnership with General Assembly that equally helps female and male founders building tomorrow’s world by supporting their entrepreneurial journey. As a natural extension of Frank + Oak’s mission to champion daring in moments that matter, 1% of every item sold will fund seed-stage grants of $10,000 in addition to support and access to educational opportunities to female and male founders advancing transformative ideas in social enterprise. Several times a year, an independent board will award 50% of the grant funds to female founders and 50% to male founders – not one cent less.
“The brands and experiences we chose to invest time and money with say something about our values. We believe that the entrepreneurial spirit drives us forward and that our customers overwhelmingly share that belief. We’re getting our customers involved by contributing 1% of each purchase that they make,” says Frank + Oak Chief Marketing Officer Eric Alper.
Frank + Oak has always admired entrepreneurs and their pioneering spirit. As the lifestyle brand of the creative class, Frank + Oak has frequently made entrepreneurs and innovators the heroes of its campaigns, among them A-Trak, Philippe Cousteau, Danny Bowien, Dave 1, Adam Garone, Jennifer Puno, Elizabeth Plank and others. With the launch of its very first womenswear lineup, Frank + Oak sought to transcend mere storytelling and take action to support equality in social enterprise.
By committing to support equal opportunity to both female and male entrepreneurs, Frank + Oak and General Assembly are proudly partnering to counter the sizeable gender gap in entrepreneurship and startup funding. According to CrunchBase, only 15.6% of companies receiving funding from 2009 to 2014 had female founders.*
“We’re at a pivotal juncture in our economy where the old paradigms no longer work. Our competitiveness as a society depends not on big, slow-moving businesses, but on nimble innovators with purpose at heart. We’ve partnered with General Assembly, the pioneering school for 21st century skills, to nurture these doers and support equal access to opportunity,” says Frank + Oak Co-Founder & CEO Ethan Song.
“Education, careers, and opportunities in technology should not be limited to any one demographic or sector. We’re honored to have Frank + Oak as another partner supporting our scholarship program, the Opportunity Fund, to help ensure that anyone who is willing to work hard and follow their passions has a chance at a meaningful career pursuing work that betters the world,” indicates Matthew O. Brimer, Co-Founder at General Assembly.
First-time social entrepreneurs residing in the US or Canada are eligible to apply for a comprehensive package of grants and support. For complete terms and conditions, and to apply now, visit frankandoak.com/50-50.
Details of the program
- Frank + Oak will provide a minimum of 4 x $10,000 grants to social entrepreneurs in the US & Canada for its first funding round
- 50% of the grant funds will go to female founders and 50% to males
- Grant winners will have access to an advisory team of world-class entrepreneurs and to educational credit with General Assembly – the leading school for 21st century skills spanning digital marketing, coding, data science and beyond
- Frank + Oak will also fund two fellowships to General Assembly’s Opportunity Fund which provides full educational stipends and support for underrepresented groups
- This is an ongoing program funded by a 1% contribution from every SKU Frank + Oak sells with grants to be awarded several times per year
*The Crunchbase Women in Venture Report. TechCrunch. 19 April 2016.
ABOUT FRANK + OAK
Offering style and advice for the moments that matter, Frank + Oak is a destination for customers who want to live and dress well. By coupling considered product design with advice through immersive digital, in-store and content experiences, Frank + Oak has transcended its role as a retailer and is redefining the shopping experience. Constantly evolving and looking towards to the future, Frank + Oak offers premium design and world class customer service to its growing ranks of nearly 3 million members. You can experience the Frank + Oak brand through frankandoak.com, shipping to over 40 countries worldwide and 16 Frank + Oak stores across North America.
ABOUT GENERAL ASSEMBLY
General Assembly (GA) is a global educational company on a mission to empower a global community to pursue work they love. Focusing on the most relevant and in-demand skills across data, design, business and technology, GA is confronting a skills gap through best-in-class instruction and providing access to opportunities. GA works with students online and in person across 25 campuses in 6 countries. GA also works with employers to help companies source talent, assess talent and transform talent. Additionally, GA’s focus on affordable and accessible education combined with our education-to-employment approach is helping to create a diverse talent pipeline.
