Bank of America Breakthrough Lab™ is looking for early-stage startup founders
NEW YORK, May 16, 2023 /PRNewswire/ — Bank of America is pleased to officially launch its Bank of America Breakthrough Lab impact accelerator program with a call for applications for September 2023 cohort. The six-month program provides tailored mentoring, digital expertise, networking with industry experts, and access to potential investors for Black, Hispanic, Native American and other entrepreneurs from underrepresented communities to scale up their tech businesses.
Early-stage start-up founders from underrepresented communities are encouraged to apply to a program that promotes financial inclusion and fintech development to increase the number and growth of small businesses. Deadline for Apps Is June 8, 2023 For September 2023 Start date.
“The bank’s long-standing commitment to supporting economic opportunity for the people and communities we serve is at the heart of the Bank of America Breakthrough Lab,” he said. Rina Arline, director of the Breakthrough Lab Program in Bank of America’s Global Transaction Services division. “We are excited to play a role in providing emerging entrepreneurs from all walks of life with access to the bank’s vast resources and industry networks.”
Bank of America plans to host a new cohort each year. Program details and application instructions are provided below.
Breakthrough success for the lab
In 2021, the bank launched a pilot of five startups from the province of New York area. After the initial success, in 2022 the bank extended the pilot to 17 US companies, Mexico, United Kingdom AND France.
Bank of America’s efforts to expand economic opportunities
Bank of America remains committed to helping business owners and entrepreneurs in underrepresented communities grow their businesses, which generates economic opportunities that help create jobs and build wealth. Bank of America also works with an established network of community partners who provide capital or serve as custodian institutions, and offer companies access to other funds, investors and vendors, creating connectivity in the venture capital realm. In 2021, the bank launched the so-called Access to the Capital Catalog for Entrepreneurs – Access to the Capital Catalog to help connect women-owned businesses to resources for navigating the capital cityscape and identifying potential funding sources. This directory has now been expanded to include black and Hispanic entrepreneurs.
So far, Bank of America has committed $421 million to over 130 minority and women-led funds. These funds will in turn invest in around 2,000 minority and women-led companies over five years.
“Our investment in minority and women-led funds has a catalytic effect in supporting diverse communities,” said Tram Nguyen, global director of strategic and sustainable investments at Bank of America. “Every time we support a fund run by minorities, they in turn support a variety of entrepreneurs, which ultimately helps us achieve our goal of developing economic opportunities. Each cohort of Breakthrough Lab’s founders plays a key role in helping us drive progress.”
Program application details
- Timeline: The six-month part-time program works September 2023 Down March 2024.
- Who can apply: Pre-stage companies with FinTech-related or tech-driven ideas that promote inclusion, such as HealthTech, WealthTech, EdTech and housing. While the program aspires to increase access for underrepresented groups, all eligible entrepreneurs, regardless of background, are encouraged to apply.
- online application
Highlights overview:
- The program is offered free of charge1 to BTL participants and there is no expectation or requirement to exchange capital with the bank.
- Each cohort is assigned mentors at the managing director or executive level from Bank of America.
- 94 hours of live instruction covering a diverse range of business management topics.
- Technology support.
- Branding package including website design and logo.
- Tips on how to partner or sell large enterprises.
- Contact with investors and capital providers, including a presentation day at the end of the program where each cohort will present its business case.
Bank of America
Bank of America is one of the world’s leading financial institutions, serving individuals, small and medium enterprises and large corporations, offering a full range of banking, investment, asset management and other finance and risk management products and services. The company provides unparalleled convenience in United States, serving approximately 68 million consumers and small businesses with approximately 3,900 retail financial centers, approximately 15,000 ATMs and award-winning digital banking with approximately 56 million verified digital users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a wide range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business households through a suite of innovative, easy-to-use online products and services. The company serves customers through operations throughout United States, its territories and more than 35 countries. Bank of America Corporation (NYSE: BAC) is listed on the New York Stock Exchange.
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Reporters can contact:
Louise HennessyBank of America
Phone: 1.415.913.3641
(email protected)
1 Cohorts are reminded to consult with their financial, tax, and legal advisors as soon as possible after being notified of their Breakthrough Lab admissions to the possible financial and tax implications of participating in the Breakthrough Lab.
SOURCE Bank of America Corporation
