Bank of America Breakthrough Lab Accelerator Program 2022 – Applications are open for the Bank of America Breakthrough Lab Accelerator Program 2022. The Breakthrough Lab is an accelerator program for minority founders from underserved communities.
It provides access to expertise and mentorship for early-stage businesses that are building growth models, establishing industry contacts, and positioning themselves for new funding. They are committed to helping turn your ideas into reality by unlocking economic opportunities for people and communities of color.
The six-month, part-time program provides you with business resources, coursework, and instruction from industry experts, with four levels of support:
- Two to four hours per week of education
- Weekly one-on-one team office hours
- Dedicated senior-level mentors
- Expert insight from industry professionals
- Curriculum — Access and exposure to bank and industry financial technology experts offer key content of the curriculum.
- Mentoring — Establishing connections with senior-level bank mentors and access to bank and industry pros provides essential guidance.
- Access to Capital — Demo Day and curriculum can open opportunities for capital by establishing connections to potential investors, CDFIs and grants.
- Program Expenses — Bank of America will pay for select expenses associated with the program.
The Breakthrough Lab is open to:
- Entrepreneurial-spirited teams in the U.S., with a minimum of two and a maximum of five members.
- Black, Hispanic-Latino and other underrepresented groups.
- Ideas related to financial technology/promoting financial inclusion.
- Participants that have not received prior seed funding.
- Minority ownership of 50% or greater.
While the aspirational goal of the program is to increase access for underrepresented groups, all eligible entrepreneurs regardless of background are encouraged to apply.
During the course of the application, they will ask for several pieces of information about you and your proposal, such as:
- Information about you and any co-founders
- A demo video of your product or solution
- A business plan for your proposal
- Pending or issued patents, trademarks, and/or copyrights