Amazon Net Providers (AWS) has launched a $30 million Affect Accelerator, providing steering, funding and AWS credit to early-stage US-based startups led by feminine, Black, Latino, and LGBTQIA+ founders.
The 4 eight-week applications will give founders entry to varied coaching, mentoring, and technical steering alternatives, in addition to introductions to Amazon leaders and groups, networking alternatives with traders, and advisory assist. Every qualifying startup may even obtain $125,000 in funding and as much as $100,000 in AWS credit.
AWS can be partnering with varied organizations which prioritize serving to minority startup founders, together with Black Ladies Speak Tech, Digitalundivided, StartOut, Backstage Capital and Lightship Capital.
This system may even put together startups for entry into seed-stage accelerators that work intently with AWS, comparable to Seen Palms.
Minority-led startups nonetheless face an uphill funding battle
In terms of accessing enterprise capital funding, the percentages proceed to be stacked towards startups led by minority founders, with a examine from Crunchbase in 2020 discovering that within the US, Black and Latinx tech startup founders have made virtually no progress in securing enterprise capital funding over the previous seven years.
Analysis from PitchBook additionally discovered that in 2021, US startups based solely by ladies raised round $6.4 billion in enterprise funding throughout 2021. This quantities to about 2% of the $330 billion whole raised by all US startups throughout the identical yr.
AWS CEO Adam Selipsky mentioned that the Affect Accelerator needs to assist degree the taking part in area for founders to pursue their concepts and develop profitable companies no matter gender, sexual orientation, ethnicity, or race. “AWS is dedicated to serving to underrepresented founders succeed and construct highly effective cloud options that seize the eye of traders and clients,” he mentioned.
Functions for the primary cohort of AWS Affect Accelerator for Black Founders at the moment are open, with this system beginning in June for US-based startups. The primary AWS Affect Accelerator for Ladies Founders will happen within the second half of the yr, and the AWS Affect Accelerators for LGBTQIA+ Founders and Latino Founders will comply with in 2023.
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