Techstars opens applications for its new economic mobility accelerator
The new initiative is the product a partnership with Samvid Ventures.
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Entrepreneurs with projects to build serving low-to-moderate income Americans can apply to join one of the largest and best pre-seed investment companies in the world.
Techstars, a global investment business that provides access to capital, one-on-one mentoring, and personalized programming for early-stage entrepreneurs, recently announced that applications are open for its accelerator, which will operate from September 11 to December 7 in partnership with philanthropic family foundation Samvid Ventures.
Keith Camhi, managing director of Techstars Economic Mobility Accelerator powered by Samvid Ventures, noted:
The impact of a successful startup can be enormous, so it is particularly inspirational to work with entrepreneurs who are focused on building solutions that provide a social benefit.
About the Program
This first-of-its-kind program seeks to work closely with motivated and talented entrepreneurs designing solutions that advance economic mobility for Americans through smart and inclusive technology in areas including education, financial literacy, banking, employment, and access to profits.
Techstars' new business accelerator program will be run out of the Samvid Ventures' accelerator space in New York City, where participants will live and work for 13 weeks. The program has also been been designed specifically for classroom collaboration.
Startups interested in the accelerator are invited to review the program website and apply no later than June 7, 2023. Registration is open to business founders from anywhere.
“This field is wide open for private sector innovators to have a major impact, and this program and partnership will provide founders a unique and valuable opportunity to improve their odds of succeeding,” added Camhi.
Finding financial solutions
All of the 12 companies admitted to the accelerator will benefit from Techstars' model that provides funding and fundraising opportunities, curated workshops and resources, and mentorship and access to an unmatched network of partners, investors, and alumni.
Upon completion of the program, the cohort will have lifetime access to the Techstars global network of more than 3,300 startups.
Samvid Ventures, which aims to improve the lives of low-to-moderate income Americans by advancing their economic mobility using technology, will provide additional learning and training, including resources on company revenue models, benefits and undiluted fundraising.
“There is immense opportunity for innovators to leverage technology that creates measurable change across the economic spectrum. This program has the capacity to make a profound impact by supporting startups with a mission to improve the lives of disadvantaged Americans,” said Nate Schmidt, general manager of the east region and head of product and founder experience at Techstars.
Techstars is looking for companies focused in the following areas:
- Technical and skill-based education solutions, including AI-enabled personalized learning, workforce development, and market-responsive technologies that future-proof talent
- Financial inclusion solutions, including financial literacy and security, and tools that improve the accessibility and usability of public and private benefits
- Economic resilience solutions supporting those navigating transitions such as job changes, post incarceration, and changes in mental and physical health
“Samvid Ventures believes technology can and should be used to design products and services that improve the lives of low- and moderate-income Americans. We can do this most effectively by funding and working closely with extraordinary entrepreneurs addressing pain points this population faces. It is critical that we start investing more in underserved individuals in our country to start to close the opportunity gap,” added Pia Desai, executive director of Samvid Ventures.