Amazon Web Services (AWS), an Amazon subsidiary which provides on-demand cloud computing platforms, has announced it is committing over $30m to startups of underserved business owners.
The initiative is part of the AWS Impact Accelerator, which gives high potential, pre-seed startups the knowledge and tools required to reach key milestones.
AWS will provide funding and guidance for a series of programs to help startups led by Black, Latino, LGBTQIA+ and women founders build and run successful businesses.
Innovation and technology play a crucial role in providing people of color and women with the opportunities they need to succeed in business. The AWS program is designed to equip early-stage founders from underserved communities with the technology, funding, and knowledge to drive success. It is therefore important that entrepreneurs from underserved communities are aware of the $30 million Accelerator, which could provide an invaluable lifeline in the journey to small business growth.
Giving Startups the Same Technology as Enterprises
As Adam Selipsky, CEO of Amazon Web Services, comments: “When we launched in 2006, AWS changed the game for startups by giving them access to the same technology as the world’s largest enterprises.
“Today, we continue to level the playing field so that founders can pursue their ideas and grow successful businesses regardless of gender, sexual orientation, ethnicity, or race. AWS is committed to helping underrepresented founders succeed and build powerful cloud solutions that capture the attention of investors and customers. The possibilities for these startups are endless, and I can’t wait to see what they create.”
$125,000 Cash Grants
Each startup that qualifies for the program receives a cash grant of $125,000. They also receive up to $100,000 in AWS service credits through the AWS Activate program, which has assisted hundreds of thousands of early-stage startups develop their business in the cloud.
The startups which qualify for AWS Activate can use the credits to access a number of AWS Cloud services, including storage, compute, analytics, database, Internet of Things (IoT), and machine learning.
Through AWS Activate, the startups can also access more than 80 exclusive offers on services and products designed to help them grow, including Dropbox, Stripe, New Relic and Notion.
Alongside the funding, the startups have access to extensive training, mentoring and technical guidance. They also have introductions to Amazon leaders and teams, networking opportunities with potential investors, and ongoing advisory support.
Qualified startups can also access AWS IQ, enabling them to engage AWS-certified, third-party developers when building their cloud-based solutions.
Applications for the first AWS Impact Accelerator for Black Founders is now open. The program will commence in June for US-based startups.
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Source : SmallBizTrends