Bank of America, a global financial powerhouse, has launched Bank of America Breakthrough Lab accelerator to create economic opportunities for entrepreneurs from underrepresented communities.
This initiative represents a tangible stride towards inclusive financial growth and the propagation of FinTech advancements by fostering minority-led tech startups.
Bank of America’s services span a wide array of financial products and are catered to diverse clienteles. Its digital footprint is noteworthy with around 56 million verified digital users, highlighting the institution’s adaptability to the modern era’s technology-driven environment. The institution is especially significant in the United States, maintaining a substantial network of retail financial centres and ATMs. In addition, it extends its service to more than 35 countries, attesting to its global reach.
The Breakthrough Lab is a six-month impact accelerator programme, aimed at nurturing underrepresented tech entrepreneurs. The participants are provided with tailored mentorship, digital expertise, networking opportunities with industry experts, and access to potential investors. This approach aims to amplify the potential of these budding entrepreneurs and enable them to scale-up their tech ventures.
The accelerator extends its invitation to founders of early-stage startups from underrepresented communities such as Black, Hispanic-Latino, and Native American groups. The program targets financial inclusion and FinTech development, with the ultimate goal of increasing the number and growth of small businesses. Applications for the September 2023 cohort are currently being accepted, with a deadline set for June 8, 2023.
Additional details regarding the program include an offer of comprehensive services at no cost to the participants. It provides dedicated mentors, live instruction on business management, technology support, a branding package, and guidance on partnering or selling to large enterprises. Additionally, it provides exposure to investors and providers of capital, culminating in a pitch day at the program’s end where each cohort will present their business case.
“We’re excited to play a role in giving emerging entrepreneurs from a range of backgrounds access to the bank’s vast resources and industry networks,” Bank of America Breakthrough Lab Program Director in Global Transaction Services, Rina Arline said.
Global Head of Strategic & Sustainable Investments at Bank of America, Tram Nguyen added, “Each time we support a minority-led fund, they in turn support diverse entrepreneurs, which ultimately helps us to achieve our goal of advancing economic opportunity. Each cohort of Breakthrough Lab founders plays a critical role in helping us to drive progress.”
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