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AWS launches new $30M accelerator program aimed at minority founders



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Amazon Web Services (AWS) today launched a new program, AWS Impact Accelerator, that will give up to $30 million to early-stage startups led by Black, Latino, LGBTQIA+ and women founders. The Amazon company claims that the three-year initiative will help recipients build successful businesses while “accelerating” growth in their respective markets. But critics contend that AWS Impact Accelerator doesn’t go far enough in supporting historically marginalized entrepreneurs.
From a diversity standpoint, the venture capital financing landscape remains incredibly imbalanced. Since 2015, Black and Latinx founders — who have fewer funding routes available to them to begin with — have raised just 2.4% of total venture capital invested, according to Crunchbase. The current system capitalizes women and minority founders at 80% less than businesses overall. But miraculously, about 80% of investors believe that minority and women business owners get the capital they deserve — spotlighting the disconnect.
Amazon says that AWS Impact Accelerator will award qualifying pre-seed startups up to $225,000 (a $125,000 cash grant and up to $100,000 in AWS service credits) as well as training, mentoring and technical guidance. Participants will also get introductions to A …

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