San Antonio—VelocityTX, an organization established last year as a resource center for entrepreneurs and startups, and a Brazilian organization are being given a grant worth about $50,000 to support young companies in the South American country.
VelocityTX and the Brazilian Institute for Quality and Productivity (IBQP) announced Monday they received the grant from the Small Business Network of the Americas, an organization launched in 2012 by the U.S. State Department that aims to connect entrepreneurs, incubators, accelerators, and other programs throughout the Americas, according to the network’s website. The grant was officially awarded in July as part of $500,000 in total grants given to 10 different organizations from nine countries, according to the business network.
VelocityTX and IBQP plan to give entrepreneurs in the country various resources, including access to VelocityTX’s business methodologies, international business networks, and potential investments. In a news release, VelocityTX said it is running the operation through its Global Reach Program, which seeks to identify companies in emerging markets that are interested in placing operations in the U.S. The IBQP is both publicly and privately funded, according to a VelocityTX spokesperson.
Founded in 2017 by tech economic development group The Texas Research & Technology Foundation, VelocityTX aims to support and promote local startups, and has been developing a three-building “innovation center” in 110,000 square feet of office space in San Antonio. Earlier this year, VelocityTX said it was bringing four startups from Chile to the U.S. as a part of its Global Reach Program. It also operates various other entrepreneur-focused groups, such as an eight-week pre-incubator.
