Amazon Web Services (AWS) Inc. has committed over $30 million to launch an accelerator program focused on helping such business owners empower underrepresented founders.
AWS, a cloud computing unit of online retail giant Amazon, announced that it has made a three-year commitment to early-stage startups led by Black, Latino, LGBTQIA+ and female founders participating in its new AWS Impact Accelerator bound.
According to a press release, “each startup will receive $125,000 in cash, up to $100,000 in AWS Activate Credits, business and technical guidance, a peer community, and ongoing support” to fuel its growth.
AWS announced that the accelerator is giving promising pre-seed startups the tools to hit key milestones. This also includes support in raising funds or acceptance into an accelerator program in the seed phase and the development of powerful solutions in the cloud.
The new effort is needed as observers have pointed to funding disparities caused by the racial wealth gap that often leave many black entrepreneurs behind…