Bank of America Breakthrough Lab™ Seeks
Founders of Early-Stage Startups
YORK, May 16, 2023 /PRNewswire/ -- Bank of
America is pleased to officially launch its impact accelerator
program named Bank of America Breakthrough Lab with the call for
applications for the September 2023
cohort. The six-month program provides tailored mentorship, digital
expertise, networking with industry experts and access to potential
investors to Black, Hispanic-Latino, Native American and other
entrepreneurs from underrepresented communities so that they can
scale-up their technology-related businesses.
Founders of early-stage startups from underrepresented
communities are encouraged to apply to the program that promotes
financial inclusion and financial technology development with the
goal of increasing the number and growth of small businesses. The
deadline for applications is June 8,
2023 for a September 2023
"The bank's long-standing commitment to supporting economic
opportunity for people and communities we serve is at the core of
Bank of America Breakthrough Lab," said Rina Arline, Breakthrough Lab Program Director
in Global Transaction Services at Bank of America. "We're
excited to play a role in giving emerging entrepreneurs from a
range of backgrounds access to the bank's vast resources and
Bank of America plans to host a new cohort each year. Program
details and instructions for how to apply appear below.
Breakthrough Lab Success
In 2021, the bank launched a pilot program with five startups
from the New York area. Following
the initial success, in 2022 the bank expanded the pilot with 17
companies from the U.S., Mexico,
United Kingdom and France.
Bank of America's Efforts to Advance Economic
Bank of America remains committed to supporting business owners
and entrepreneurs from underrepresented communities grow their
businesses, which generates economic opportunities that helps
create jobs and build wealth. Bank of America also works with an
established network of community partners that provides capital or
serves as depository institutions, and offers businesses with
access to other funds, investors and vendors by creating
connectivity within the venture capital sphere. In 2021, the
bank launched the Access to Capital Directory for Entrepreneurs -
Access to Capital Directory to help connect women-owned
businesses to resources on navigating the capital landscape and
identifying potential sources of funding. This directory has now
expanded to encompass Black and Hispanic Latino
To date, Bank of America has committed $421 million to more than 130 minority and
women-led funds. Those funds will in turn invest in an
estimated 2,000-plus minority- and women-led companies over five
"Our investment in minority and women-led funds has a catalytic
effect in supporting diverse communities," said Tram Nguyen, Global
Head of Strategic & Sustainable Investments at Bank of
America. "Each time we support a minority-led fund, they in
turn support diverse entrepreneurs, which ultimately helps us to
achieve our goal of advancing economic opportunity. Each
cohort of Breakthrough Lab founders plays a critical role in
helping us to drive progress."
Program Application Details
- Timeline: The six-month part-time program runs September 2023 to March
- Who can apply: Pre-seed stage companies with ideas related to
FinTech or tech-enabled ideas promoting inclusion such as
HealthTech, WealthTech, EdTech, and housing. While the aspirational
goal of the program is to increase access for underrepresented
groups, all eligible entrepreneurs regardless of background are
encouraged to apply.
- Online application
- The program is offered at no cost1 to the BTL
participants and there is no expectation or requirement to exchange
equity with the bank.
- Each cohort is assigned mentors at the managing director or
executive level from Bank of America.
- 94 hours of live instruction spanning a diverse range of
business management topics.
- Technology support.
- A branding package covering website and logo design.
- Guidance on how to partner or sell to large enterprises.
- Exposure to investors and providers of capital, including a
pitch day at the end of the program where each cohort will present
their business case.
Bank of America
Bank of America is one of the world's leading financial
institutions, serving individual consumers, small and middle-market
businesses and large corporations with a full range of banking,
investing, asset management and other financial and risk management
products and services. The company provides unmatched convenience
in the United States, serving
approximately 68 million consumer and small business clients with
approximately 3,900 retail financial centers, approximately 15,000
ATMs and award-winning digital banking with approximately 56
million verified digital users. Bank of America is a global leader
in wealth management, corporate and investment banking and trading
across a broad range of asset classes, serving corporations,
governments, institutions and individuals around the world. Bank of
America offers industry-leading support to approximately 3 million
small business households through a suite of innovative,
easy-to-use online products and services. The company serves
clients through operations across the
United States, its territories and more than 35 countries.
Bank of America Corporation stock (NYSE: BAC) is listed on the New
York Stock Exchange.
For more Bank of America news, including dividend announcements
and other important information, visit the Bank of America newsroom
and register for news email alerts.
Reporters may contact:
Louise Hennessy, Bank of
1 Cohorts are reminded to consult with their
professional finance, tax, and legal advisors at the earliest
opportunity upon being informed of admission into Breakthrough Lab
for possible finance and tax impacts, if any, of participating in
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SOURCE Bank of America Corporation