NEW YORK--(BUSINESS WIRE)--Techstars, a global investment business that provides access to capital, one-on-one mentorship, and customized programming for early-stage entrepreneurs, announced today that applications for its accelerator powered by Samvid Ventures have opened. The program operating from Sept. 11, 2023 to Dec. 7, 2023 is run in partnership with Samvid Ventures, a philanthropic family foundation.
This first-of-its-kind program aims to work closely with the most motivated and talented entrepreneurs designing solutions that advance economic mobility for low- and moderate-income Americans through smart and inclusive technology in areas including education, financial literacy, banking, job training, and accessing benefits.
“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,” said Keith Camhi, managing director of Techstars Economic Mobility Accelerator powered by Samvid Ventures. “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.”
Samvid Ventures aims to improve the lives of low- to moderate-income Americans by advancing their economic mobility while using technology to drive change at scale.
The program will run from Samvid Ventures’ accelerator space in New York City, which has been purpose-built for class collaboration. It is open to founders from anywhere; however they will live and work in New York City during the 13 weeks. Startups interested in the accelerator are encouraged to review the program page website and apply. Applications are due no later than June 7, 2023.
“There is immense opportunity for innovators to leverage technology that creates measurable change across the economic spectrum,” said Nate Schmidt, general manager of the east region and head of product and founder experience at Techstars. “This program has the capacity to make a profound impact by supporting startups with a mission to improve the lives of disadvantaged Americans.”
“Samvid Ventures believes technology can and should be used to design products and services that improve the lives of low- and moderate-income Americans,” said Pia Desai, executive director. “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.”
Each of the 12 companies admitted into The Techstars Economic Mobility Accelerator powered by Samvid Ventures will benefit from Techstars’ proven model that provides funding and fundraising opportunities, workshops and curated resources, as well as mentors and access to an unrivaled network of partners, investors, and alumni. Once the program is complete, the cohort will have lifetime access to the Techstars global network of more than 3,300 other startups. Samvid Ventures will provide additional learning and coaching, including resources on social enterprise revenue models and non-dilutive fundraising.
Techstars is seeking companies focused serving low- and moderate-income Americans through 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
The Techstars worldwide network helps entrepreneurs succeed. Founded in 2006, Techstars began with three simple ideas—entrepreneurs create a better future for everyone, collaboration drives innovation, and great ideas can come from anywhere. Now we are on a mission to enable every person on the planet to contribute to, and benefit from, the success of entrepreneurs. In addition to operating accelerator programs and venture capital funds, we do this by connecting startups, investors, corporations, and cities to help build thriving startup communities. Techstars has invested in more than 3,300 companies with a combined market cap of more than $96 billion. www.techstars.com
About Samvid Ventures
Samvid Ventures was started with the belief that society must accelerate the pace at which we expand opportunity, especially for those facing significant barriers. We aim to fulfill our mission of building stronger, more inclusive economies through initiatives primarily focused on education, entrepreneurship, and healthcare.
Samvid Ventures is structured as a philanthropic family foundation. Our founders believe that obtaining access to high-quality education unlocked for them the opportunity to immigrate to America. Upon arriving, they conceived an idea for a business, bootstrapped it, and grew it over four decades. Our focus on education and entrepreneurship stems from these deeply personal experiences; our interest in healthcare is rooted in a strong belief that building increased awareness around wellness, and improving the accessibility and quality of care, can drive better outcomes for all, particularly the most marginalized, in our country.