Like Google’s Black Founders Fund, These Global Firms Are Investing in Black Innovators

For far too long, Black-led organizations have faced significant obstacles. They are likelier than other businesses to be shut out of traditional financing opportunities, starved for venture capital investment, and less likely to be awarded government contracts.

Nevertheless, Black-led organizations have kept growing. A recent Forbes article showed that Black business ownership has grown at the fastest pace in 30 years. The share of Black households owning a business has more than doubled from 5% to 11% between 2019 and 2022. So, these businesses need all the help they can get in terms of lack of funding, visibility, and community.

Despite the heavy backlash that DEI initiatives have faced in the last year, programs like the Google for Startups Black Founders Fund offer a huge source of relief. A few weeks ago, Google announced the 2024 Google for Startups Founders Fund recipients, and these organizations’ journeys will never be the same again. 

Why? These startups will be equipped with mentorship, product support, and other valuable resources to turbocharge their businesses, which is the dream of most business owners.

However, Google is not the only multinational company supporting Black entrepreneurs worldwide (without asking for equity). This list shows that other giant corporations, like Google, are still working assiduously to close the wide racial gaps in the entrepreneurial and venture capital ecosystem.

JP Morgan Chase’s Advancing Black Pathways

Advancing Black Pathways was launched in 2019 to strengthen the economic foundations and address systemic obstacles within Black communities. The goal is to advance racial equity and break down barriers for Black, Hispanic, and Latino communities through JP Morgan Chase’s $30 billion Racial Equity Commitment.

This initiative created some programs to support business owners, including consulting and executive coaching, accessible on-demand classroom education, and banking solutions.

SoftBank Open Opportunity Fund

SoftBank Group established the Opportunity Fund in June 2020 as a commitment to founders and investors marginalized and overlooked in venture capital. The fund is a $100 million technology venture capital fund focused on investing in and partnering with outstanding Black and Latino founders.

In May 2023, the Open Opportunity Fund 2, with a $150M target to be deployed within three years. This also opened the door for additional LPs and organizations to join SoftBank as investors. The program provides more than capital and connections by enabling access to and support from a unique community. 

Although serial entrepreneur Paul Judge and Former SoftBank executive Marcelo Claure have acquired the fund, they remain committed to replicating the winning recipe of Fund 1 and 2.

Related Post: Paul Judge and Marcelo Claure Are Raising $200M Open Opportunity Fund For Diverse Startups

Apple Entrepreneur Camp

Apple Entrepreneur Camp is a one-on-one technology lab for underrepresented founders and developers with app-driven businesses. It comprises an immersive technology lab and guidance, education, and support. 

After successfully presenting a demo of their app at the end of Camp, selected organizations receive the following free of charge: a one-on-one technology lab, mentorship, inspiration, and resources to help participants accelerate their apps and grow their businesses.

To be eligible for the Apple Entrepreneur Camp program, your organization must have an existing app and a Black, Hispanic, or Latinx founder or developer.

Bank of America Breakthrough Lab

Bank of America Breakthrough Lab is an impact accelerator program that provides business and economic opportunities to women and underrepresented entrepreneurs. 

The six-month program offers curated mentorships, increased digital competency, networking with industry experts, and access to investors with working capital for selected Black, Hispanic-Latino, Native American, and other entrepreneurs from underrepresented communities to scale up their technology-related businesses.

The accelerator accepts applications from pre-seed stage companies with ideas related to FinTech or tech-enabled ideas promoting inclusion, such as Health-Tech, Wealth-Tech, Ed-Tech, and housing. The program is free, and there is no expectation or requirement to exchange equity with the bank.

Related Post: Bank of America-Backed Cake Ventures Announces New $17 Million Fund

PayPal Retail Academy

This program is a partnership between the Russell Innovation Center for Entrepreneurs (RICE) and PayPal Holdings. PayPal Retail Academy empowers underrepresented Atlanta entrepreneurs with a robust curriculum of innovative coaching, specialized tools, and valuable resources to help them grow their businesses.  

The curriculum includes training on non-traditional retail paths, up-leveling checkout and digitization, developing global marketing strategies, and navigating supply chain issues. Other vital components include research and recommendations to eliminate some of the barriers underrepresented retail SMBs face. 

The PayPal Retail Academy participants will be eligible for grants ranging from $2,500 to $10,000, as well as mentoring and coaching from PayPal employees.

eBay’s Up & Running Grant 

Up & Running Grants is an annual grant program that rewards 50 U.S. eBay sellers with the tools and resources to grow their small businesses. In addition to a $10,000 reward, eBay offers recipients a stipend worth $500 each, which sellers can use to equip themselves with essential office technology from eBay Refurbished and continued education support.

Now in its fifth year, the grant program enables small businesses to invest in physical and digital store improvements, new equipment and inventory, hiring, training, marketing, and more. 

Visa She’s Next Grant Program

She’s Next is a global advocacy program that supports women-owned small businesses through funding, training, and mentorship to take their businesses to new heights.

Alongside a $50,000 grant prize, winners receive an exclusive mentorship program, free membership to the AWS Connected Community, and the chance to win the People’s Favorite Award worth $10,000.

Microsoft Black Partner Growth Initiative

The Black Partner Growth Initiative (BPGI) is a channel strategy within the more extensive Microsoft AI Cloud Partner Program that focuses on identifying, enabling, and supporting Black-led tech organizations. Participants receive personalized guidance and support to help their businesses fully utilize Microsoft partner programs, offers, and resources.

The program offers access to capital through a $20 million payment solutions program and a $50 million partner fund. The $50 million partner fund provides loans to eligible partners through their startup phase with a repayment plan as the business grows. Meanwhile, the $20 million payment solution offers eligible partners interest-free, flexible extended-payment terms on Microsoft invoices.