The Bank of America Breakthrough Lab represents a six-month programme that was designed to offer tailored mentorship, networking with industry experts, and digital expertise. Moreover, according to the press release, it will also provide access to potential investors to Black, Native American, Hispanic-Latino, and other entrepreneurs from underrepresented communities in order for them to develop and improve their technology-based firms and businesses.
Founders of early-stage startups from these communities that are underrepresented will have the possibility to apply to the service, for the promotion of financial inclusion and financial technology development. The overall aim of the financial institution is set on increasing the number and the growth of small businesses, creating more jobs, and having more employees and workers in the market.
Companies will have to apply for the programme until the 8th of June 2023, so that they can start the mentorship from September 2023. Firms will be given access to other funds, investors, and vendors, as Bank of America focuses on creating connectivity within the venture capital market.
US-based financial institution, Bank of America provides individual customers, small and medium-sized businesses, as well as large corporations and partners with several banking, investing, asset management, and other financial and risk management tools and solutions.
The Bank of America Breakthrough Lab is set to start in September 2023, with an ending date set on March 2023. Pre-seed stage companies and businesses that aim to develop in the fintech or tech-enabled industry can participate and apply for the solution, having the capability to promote inclusion such as HealthTech, WealthTech, EdTech, or housing.
All entrepreneurs are encouraged to apply, regardless of their background. The application will be completed online by the companies, and it will be sent to the financial institution by the beginning of June.
The programme is offered at no cost for the BTL participants, and there will be no expectations or requirements for them to exchange equity with the Bank of America. The branding package covers website and logo design information mentorship, as well as guidance on how firms can partner or sell to larger enterprises.
It will also provide technology support services and 94-hour-long live instruction sessions, which are spanning a diverse range of business management topics. Each cohort will be assigned to mentors at the managing director or executive level from Bank of America. Exposure to investors and providers of capital will also take place, including a pitch day at the end of the programme where each cohort will have the possibility to make a presentation on their business case, aims, and strategy.
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