Audible’s Business Attraction Program Adding Companies to Newark

On Apr 29, 2024

Newark-based Audible, Inc. has announced the latest cohort of high-growth businesses moving to Newark as part of the company’s innovative Business Attraction Program. Launched in August 2023, the program aims to sustain businesses, attract foot traffic, and create jobs in Newark. Audible’s initiatives and presence in Newark have generated close to one billion dollars in economic activity to date.

Ten companies have already joined the program since 2023, and it continues to grow. The latest startups include Equal Space, a 50,000 square-foot, multi-floor shared space; AlphaROC, a provider of AI-based data insights and analytics; and Pocstock, a diversity content company focused on positive images featuring people of color. These companies join ABF Creative, Gymble, co:census and Fitnescity, which entered the program in 2023, as the latest group of diverse entrepreneurs and startups building their businesses in downtown Newark’s emerging tech and creative hub. The program has also attracted retail and entertainment businesses like Sweet Jeans Macaron and Coffee Bar, which will offer coffee, pastries, and community events; along with BLVD Bistro, the second location of the esteemed Harlem-based comfort food destination; and Newark Culture Club, a cocktail bar, comedy, and entertainment venue.

“Our Business Attraction Program is a scalable model to drive economic growth and can be adopted by other companies seeking to make a tangible impact in the cities they call home. Our startup support efforts are leading the way in the city’s revitalization by thoughtfully and equitably growing the tech ecosystem, elevating diverse founders, and supporting the local economy,” said Aisha Glover, Global Head of Urban Innovation at Audible. “Audible is proud to feature Equal Space, AlphaROC, Pocstock, and Sweet Jeans in its latest cohort of pioneering businesses that represent the next generation of diverse founders and innovators.”

Audible is facilitating leasing opportunities at buildings around Newark’s Harriet Tubman Square, including 33 Washington Street, 550 Broad Street, 494 Broad Street, 540 Broad Street and 536 Broad Street. Equal Space has expanded to 550 Broad Street in downtown Newark where Fidelco, a Newark-based developer and property owner, has led the building’s cutting-edge renovation.

Developed specifically with multicultural founders in mind, Equal Space’s 50,000-square-foot shared office and event space offers flexible work spaces including daily passes, dedicated desks, suites, and a large array of amenities, including creative studios, convening rooms and yearly programming to push their members forward.

“After over 10 years building momentum and a powerful entrepreneur community in Newark, we recognize the opportune moment we’re in and the need for entrepreneurs to have a nurturing place to flourish and connect with other like-minded, emerging business leaders,” said Equal Space founder Citi Medina. “Equal Space’s mission is to provide shared space, resources and mentorship that benefit entrepreneurs, founders and small businesses primarily led by people of color, women and members of the LGBTQ+ community.”

The Business Attraction Program supports innovative companies in expanding or relocating to Newark, and founders of color and female founders are particularly encouraged to apply. With Black-founded companies typically receiving only 1% of venture funding nationally (and female founders receiving 1.9%), the program aims to increase opportunities for founders who might not otherwise access critical resources like financial support and executive mentorship. This initiative and other impact-focused efforts are led by Audible’s Global Center for Urban Innovation, which spearheads the company’s work to advance racial justice, equity and economic empowerment.

Audible provides up to $250,000 in non-dilutive grants per company toward office space, relocation assistance, stipends for employees to live and shop locally, and mentorship with Audible experts. By leveraging Newark’s unmatched data infrastructure, boosting local spending to preserve and create jobs, and addressing high retail and commercial vacancy rates, Audible’s Business Attraction Program seeks to create a multiplier effect of job creation and innovation throughout the city.

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