Launching a startup is no easy task. From coming up with an idea that can actually gain traction to creating a solid positioning statement, there are plenty of caveats that can cause even the most well-intentioned startups to fail — or at least stumble along the way. This is why getting assistance earlier on to help focus targets and strategies is critical. Enter the incubator concept . While the term is often used interchangeably with accelerators, it is not exactly the same thing. Although the end goal is to help fledgling startups gain their footing, launch and successfully enter the market, the way incubators go about it is different. Read on to find out more about the general purpose of business incubators and what is needed before applying to one. What Is A Business Incubator? Ignore the marketing speak and jargon because the concept is very straightforward. Breaking down what a startup business incubator is requires nothing more than considering what the actual piece of...

Snap is looking to support Black talent on their journey toward securing the bag. During VidCon 2022, the social platform announced a new accelerator program for emerging Black creators, TechCrunch reports. Under Snap’s 523 initiative, 25 program selectees will be paid $10,000 monthly for a year — totaling $120,000. The $3 million funding is intended to help Black creators thrive on social media through their platform. In addition, Google Pixel, UNCMMN, and Westbrook Media have hopped on board to partner with the new program. “Black creators face unique systemic barriers across the creator industry — from disparities in compensation and attribution, to toxic experiences and more,” the company wrote in a press release, according to the outlet. “We believe one of the ways we can help remove some of those barriers is to provide mentorship and financial resources to emerging Black creators in the early stages of their professional career.” 523 launched in December 2021 as a move to...

Furthering the success of the accelerator program League of Innovators (LOI), Melissa Allen will ring in the new year as the Executive Director. Melissa Allen will replace Joanna Buczkowska-McCumber who served for six years with the company. “Joanna’s leadership has paved a perfect path for whoever came next. And today we’re thrilled to share who will be taking up the baton,” Board Member Manny Padda said in a press release provided to AfroTech. “Melissa is above and beyond what we asked for and we can’t wait to see her join us in full capacity in the New Year. For the new Executive Director, our board wanted to find someone that’s restless about innovation and diligent about execution. Melissa’s background and references largely spoke to that.”

Apple is continuing its fight against systemic barriers with another equity initiative to uplift Black and brown tech founders. Today, Apple unveiled a class of 15 Black and brown-owned businesses developing innovative green technology and clean energy solutions joining the tech giant’s Impact Accelerator program. As part of the program, these businesses have committed to support equity and opportunity in the environmental sector while also advancing change for communities most impacted by climate change. According to an announcement, the 15 businesses come from cities all across the U.S. — including Silicon Valley in California and Detroit, MI — that have demonstrated innovation in environmental sectors like energy efficiency, solar, green chemistry, recycling, and more. The focus of this program is to allow these founders and innovators to offer clean energy, opportunity and vital services to underserved communities nationwide. Photo Credit: Apple “We are thrilled to welcome our...

Amazon is announcing an ambitious plan that aims to drive economic equity for Black entrepreneurs across America. The tech giant has shared that it’s launching its own Black Business Accelerator (BBA) — in partnership with the Amazon Black Employee Network (BEN) and a coalition of strategic partners — to target the barriers created by systemic racism that prevent access, opportunity and advancement for Black business-owners in the U.S. According to a company blog post, the $150 million initiative strives to both generate sustainable equity and promote growth for these Black-owned businesses over the next four years by providing financial assistance, business education, mentorship as well as marketing and promotion of their brands as third-party sellers in their online store. “Selling online, particularly through Amazon, is a powerful economic opportunity for entrepreneurs,” Brandi Neloms — Manager at Amazon — said to Small Business Trends. “This program unlocks the full opportunity...

Back in December of last year, Aveeno® announced the launch of a new accelerator program dedicated to creating more diversity, inclusivity, and equity in the skincare industry for Black women. Today, the brand — in partnership with leading media, tech, and commerce company ESSENCE — announced the winners of its accelerator program who will receive funds toward their business goals. According to a press release, Dr. Isfahan Chambers Harris — founder of Alodia Hair Care™ — is the first-ever recipient of the Aveeno Skin Health Startup Accelerator. She will receive tools, resources, ongoing mentorship, a feature in ESSENCE’s e-commerce portal — ShopEssence — as well as a $100,000 grant to grow her business. “I’m honored to be the first Black women entrepreneur Grand Prize winner of the Aveeno® Skin Health Startup Accelerator program,” Dr. Isfahan said in a statement. “This is substantial in helping my company grow our business and fill a need that Black women consumers are searching for...

Finding a dedicated program for entrepreneurs not only helps you grow your business but maintain your sanity in the process. While it’s easy to fall into the trap of thinking you can run, manage, and scale a business on your own; a business can’t grow without support. Beyond day-to-day funding support, at some point, you’ll need strategic guidance and direction — especially when you’re ready to scale. What got you here won’t get you there. Feelings of hopelessness and isolation are also prevalent for entrepreneurs. Should I quit or stay in the game? I’ve tried everything, and nothing is working. To help you avoid burnout, find resources and uncover the blind spots preventing you from reaching the next level of success, a diverse professional network is crucial. Even founder of FUBU and “Shark Tank” investor, Daymond John, said: “Mentors are one of the main reasons why people are successful.” If you’re an entrepreneur or aspiring business owner located in or around Detroit, you’re in...