Amazon Web Services (AWS), an Amazon subsidiary that provides on-demand cloud computing platforms, has announced that it is committing more than $30 million to startups owned by underserved business owners.
The initiative is part of the AWS Impact Accelerator, which gives promising pre-seed startups the knowledge and tools they need to achieve key milestones.
Amazon Web Services Launches $30 Million Accelerator for Disadvantaged Business Owners
AWS will provide funding and guidance for a range of programs to help Black, Latino, LGBTQIA+ and female founders-led startups build and run successful businesses.
Innovation and technology play a vital 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 for entrepreneurs from underserved communities to be aware of the $30 million Accelerator, which could be an invaluable lifeline in the journey to small business growth.
Giving startups the same technology as companies
As Adam Selipsky, CEO of Amazon Web Services, points out, “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 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 eligible for the program will receive a cash prize 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 develop their businesses in the cloud.
The 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, 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.
In addition to 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 also have access to AWS IQ, enabling them to engage AWS-certified third-party developers to build their cloud-based solutions.
Applications for the first AWS Impact Accelerator for Black Founders are now open. The program will launch in June for US-based startups.
Image: DepositphotosMore in: Amazon, Small Business Grants
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