USA – Techstars launched a new accelerator program powered by J.P. Morgan that will invest more than $80m in diverse entrepreneurs and founders across the country.
Techstars and J.P. Morgan began partnering in 2021 and this deal seeks to help bridge the racial and ethnic wealth divide through Techstars’ startup accelerators that provide access to capital, one-on-one mentorship, and customized programming for early-stage entrepreneurs. In the first half of 2021, Black entrepreneurs received just 1.2 percent of U.S. venture capital funding. Additional data show that Latino founders raised only 2 percent of U.S. venture capital investments in 2021. Over the next three years, the investment will be distributed to more than 400 companies through 37 Techstars programs in 9 U.S. cities. The first five cities, Atlanta, Chicago, Detroit, Miami, and Washington D.C. launch today with a call for applications from entrepreneurs of all backgrounds. The Los Angeles, New Orleans, New York and Oakland programs will launch in 2023. All nine of these high-growth technology ecosystems were selected for several strategic reasons including the prominence of the diverse make-up of their populations which each program seeks to reflect.28/03/2022
