Amazon Web Services (AWS) is an Amazon subsidiary that offers cloud computing services on demand and announced it will be investing more than $30 million in startups of business owners who are not well-served.
This initiative comes under the AWS Impact Accelerator that provides high-potential, pre-seed startups the tools and knowledge required to meet crucial milestones.
Amazon Web Services Launches $30 Million Accelerator for Underserved Business Owners
AWS will offer funding and direction for a variety of programs designed to help entrepreneurs that are led by Black, Latino, and LGBTQIA+ founders and women create and manage profitable companies.
Technology and innovation play an important role in giving women and people of color with the opportunity to be successful in business. The AWS program was created to equip founders at the beginning of their journey who are from communities that are not served with the resources, technology and expertise to ensure their businesses to success. Therefore, it is crucial entrepreneurs from communities that are underserved know about the Accelerator program, valued at $30 million that could be vital support in the path to small-business expansion.
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Giving Startups the Same Technology as Enterprises
According to Adam Selipsky, CEO of Amazon Web Services, states: “When we launched in 2006, AWS changed the game for entrepreneurs by providing startups an access point to the exact technology that is used by the largest companies in the world.
“Today we are working to create a level playing field so that entrepreneurs can explore their ideas and create profitable businesses regardless of sexual orientation, gender or ethnicity. AWS is dedicated to helping entrepreneurs who are underrepresented succeed and develop cloud-based solutions that grab the interest of customers and investors. There are endless possibilities that these companies can create. limitless and I’m excited to find out what these startups come up with.”
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$125,000 Cash Grants
Every startup that is eligible to be part of the program will receive an amount of cash equivalent to $125,000. They can also get up to $100,000 of AWS service credits as part of AWS Activate. AWS Activate program, which has helped startups that are in the beginning stages of establishing their cloud-based business.
Startups that qualify for AWS Activate are able to use the credits to use various AWS Cloud offerings, such as compute, storage, analytics database, Internet of Things (IoT) as well as machine-learning.
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With AWS Activate, the startups are also able to access more than 80 exclusive deals on products and services that are that will help them grow such as Dropbox, Stripe, New Relic and Notion.
In addition to the funds, startups can also access an extensive amount of training, mentorship and technical assistance. They also get introductions to Amazon team leaders and managers as well as opportunities to network with investors as well as ongoing support for advisory.
Startups with a qualifying status can also gain access to AWS IQ, which enables companies to collaborate with AWS-certified third-party developers while developing their cloud-based applications.
Applications for the inaugural AWS Impact Accelerator for Black Founders is now open. The program will begin in June and will be open to US-based startups.