More and more startups are entering the business scene every day. Accelerators are also popping up to support those startups.
In fact, between 2008 and 2014, accelerator programs in the U.S. increased at an average rate of 50%.
Participating in an accelerator program can be immensely helpful in the early stages of getting a company off the ground. This goes right along with finding investors to support your company.
Of course, you have to find the right accelerator for your business. We've made a list of some of the best accelerators focused on supporting and investing in minority businesses.
Keep reading to find the right minority business accelerator for you and your startup!
What Accelerator Programs Really Do
Accelerator programs for entrepreneurs help support startups in the early stages of their business.
These programs do not necessarily provide early startups with financial funding. However, some accelerator programs do invest in the companies.
Accelerator programs mainly support startups in the form of mentoring and advising entrepreneurs.
The sessions are short. They are usually just a few weeks to a few months time. However, they are designed to jam-pack helpful information into this short period of time.
Accelerators are all about literally "accelerating" your startup's rise to the top.
You can find accelerators that focus on many different niches within the startup world. Here, we've looked for the best startup accelerators that are focused on investing in underrepresented entrepreneurs (i.e., women and people of color).
Here are 5 of them.
5 of the Best Accelerators for Minority Businesses
This business accelerator fund is focused on investing in startup founders identifying as women, people of color, or members of the LGTBQ++ community.
Backstage Accelerator does provide financial funding, in the form of 100K USD capital in exchange for 5% equity in the company. This 3-month program also provides several educational opportunities. You'll hear from experienced entrepreneurs, investors, and many other experts in the business world.
They promise free city co-work space during the program. They also offer support in building a community within the entrepreneurial world.
NewMe offers one-week accelerator programs in several cities around the U.S. Locations include Cincinnati, Columbus, Chicago, Indianapolis, and Miami.
They promise small cohorts with no more than 8 founders in each group. This ensures more individualized attention during your participation in the accelerator program.
Dreamit Ventures offers 3 different accelerator programs for entrepreneurs. It just depends on your company's niche. The three programs are HealthTech, UrbanTech, and SecureTech.
HealthTech focuses on startups in the healthcare industry. The UrbanTech program supports environment startups working in urban development. Finally, SecureTech works with startups that are in the security niche.
They promise to provide ample networking opportunities within your industries. Dreamit can also help connect your startup to some of the best potential customers.
Located in Austin, Texas, DivInc stands out from other enterprise accelerators because of their focus on women and people of color. To apply for their cohort, the founder or co-founder of the company must be a woman and/or person of color.
The company also must be a for-profit enterprise in tech, or be tech-enabled.
DivInc's program lasts for 12 weeks. The program offers many promising benefits. Some of the perks include one-on-one coaching, weekly workshops, weekly mentor meetings, and free co-working space for 6 months.
You might have already guessed it from the Spanish name. Manos Accelerator is a minority business accelerator that focuses solely on Latino entrepreneurs. They work with entrepreneurs from both the United States and from Latin American countries.
Manos Accelerator currently offers a 3-month virtual accelerator. This program provides one-on-one mentorship via video conferencing. This is an excellent option for Latino entrepreneurs in other countries. You may not have the funds or resources to attend a program in a specific U.S. city.
Manos also offers a one-week intensive scale-up program in Silicon Valley.
We want to help you find the best accelerators, investors, and other opportunities to help your business thrive! Pitch us today to see how we can support you and your business.