Techstars has launched a new accelerator program powered by J.P. Morgan that will invest more than $80 million in diverse entrepreneurs and founders across the country. This partnership seeks to help bridge the racial and ethnic wealth divide through Techstars’ unique startup accelerators that provide access to capital, one-on-one mentorship, and customized programming for early-stage entrepreneurs.
The Techstars worldwide network helps entrepreneurs succeed and has invested in more than 2,900 companies with a combined market cap of approximately $159 billion. JPMorgan Chase is a financial services firm with assets of $3.2 trillion and operations worldwide.
“The data and experience show founders from diverse communities and backgrounds represent an untapped market with tremendous financial upside for investors, the entrepreneurs, and the communities they operate in,”said Mäelle Gavet, CEO of Techstars. “With J.P. Morgan, our goal is to be more intentional in the way our programs attract, support and invest in Black, Latino and other underrepresented founders.”