Optimist Ventures launches a hybrid financing model in Asheville — neither traditional venture capital nor a pure grant — combining a grant with a profit-linked debt instrument to support local small businesses. Launched by CEO Jeffrey Kaplan in the wake of Hurricane Helene, the fund pairs $50,000 in capital with a 14-week accelerator for companies generating $150,000 to $2 million in revenue.
An unprecedented financial instrument: the SPA Note
Optimist Ventures built its intervention around the SPA Note (Shared Profit Agreement). Each selected company receives $50,000 split evenly between a grant and a SPA Note. The SPA Note is repaid over six years as a percentage of net profits until a predefined cap is reached. Kaplan says most founders repay roughly $36,000 of the initial $50,000, and investors can expect an approximate return of 13%.
A local accelerator paired with capital
Recipients participate in a 14-week program run in partnership with Venture Asheville. Optimist targets “tech-enabled lifestyle businesses” — local brands that use technology to boost efficiency without necessarily pursuing unicorn-style exits. The model deliberately forgoes management fees and carried interest so more capital flows back to limited partners: “Every dollar stays in town,” Kaplan emphasizes.
Early, tangible results for Asheville
The inaugural summer 2025 cohort included seven companies, six of them women-led. Results are concrete: one company used the funds to buy refrigeration equipment to move into wholesale supply for a Michelin-listed restaurant; another, Legally Addictive Foods, secured a partnership with JetBlue after completing the accelerator. The second cohort drew 60 applications for 13 slots, signaling strong local demand.
Addressing a gap in venture financing
Kaplan says the model tackles a market failure: traditional VC relies on a few outsized winners to offset many losses, leaving out profitable businesses unlikely to produce massive exits. Optimist Ventures aims “to maximize the wins” by funding viable companies that create jobs and strengthen the local economy.
Social impact and regional ambition
Beyond economic growth, the program includes a civic component — volunteer work during the accelerator — designed to push founders beyond entrepreneurship and groom them as community leaders. Kaplan positions Optimist as a vehicle to cultivate “the next generation of philanthropists, civic leaders and public officials” in the region, with a goal that by 2030 Asheville will be known as much for its tech-enabled experiences as for its outdoors and arts scenes.
A replicable hybrid for mid-sized markets
Optimist Ventures argues the approach isn’t limited to small markets. Kaplan points to cities like Atlanta and Charlotte that have similar “in-between” zones of companies too small for VC and too risky or immature for banks. The fund’s hybrid model is designed to fill that financing gap while keeping a strong local anchor.
