Co-working and office space company WeWork has announced that it will give away $20 million over ten years through a series of competitions designed to support startup businesses, entrepreneurs, and small nonprofits, Bloomberg.com reports.
Beginning with a regional competition in Washington, D.C., later this month, the company's Creator Awards competitions will solicit pitches from startups in three categories: incubation (seed grants of between $36,000 and $72,000); launch (grants of between $72,000 and $180,000 for applicants looking to bring their ideas to market); and scale (grants of between $180,000 and $360,000 for applicants seeking to scale their product or ideas). Additional competitions will be held in Detroit, Austin, Berlin, Tel Aviv, and Mexico City, with the finals to be held in Brooklyn in November.
WeWork will not seek an equity stake in companies receiving a grant or ask for repayment. In addition, the company will provide a free year of WeWork membership to anyone that enters a competition. A WeWork membership typically costs $45 and includes $50 in monthly room-booking credits and access to its online social network.
"Of course, everything we do is always good for WeWork," said Adam Neumann, founder and CEO of WeWork. "But that's our philosophy. We believe giving is receiving. We believe that in taking care of everyone, we’re going to take care of us."