Amazon Web Services (AWS), an Amazon subsidiary that provides on-demand cloud computing platforms, announced that it is pledging more than $30 million to startups from underserved business owners .
The initiative is part of the AWS Impact Accelerator, which gives high-potential pre-seed startups the knowledge and tools to reach milestones.
Amazon Web Services launches $30 million accelerator for underserved business owners
AWS will provide funding and guidance for a suite of programs aimed at helping startups led by Black, Latino, LGBTQIA+, and female 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 succeed. It is therefore important that entrepreneurs in underserved communities be aware of the $30 million accelerator, which could be an invaluable lifeline on 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 was a game-changer for startups by giving them access to the same technology as the biggest companies in the world.
“Today, we continue to level the playing field so founders can pursue their ideas and build successful businesses, regardless of gender, sexual orientation, ethnicity, or race. AWS is committed to helping underrepresented founders to 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 will create.
Cash grants of $125,000
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 helped hundreds of thousands of early-stage startups grow their business in the cloud.
Startups eligible 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, 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.
Along with funding, startups have access to in-depth training, mentorship, and technical advice. They also have presentations to Amazon executives and teams, networking opportunities with potential investors, and ongoing advisory support.
Qualified startups can also access AWS IQ, allowing them to engage AWS Certified third-party developers when building their cloud-based solutions.
Applications for the first AWS Impact Accelerator for Black Founders are now open. The program will begin in June for US-based startups.
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