Amazon Web Services (AWS), an Amazon subsidiary is contributing more than $30 million to early-stage startups.

The initiative is part of its new AWS Impact Accelerator which focuses on newly established firms run by Black, Latino, LGBTQIA+, and women founders.

Over a three-year period, AWS will provide finance and coaching for a series of services that will help these organizations establish successfully.

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LaDavia Drane Head of Global Inclusion, Diversity & Equity at AWS said: “We’ve always here at Amazon and AWS have been committed to startups, and to being a part of their success.”

“Right now, we are really focused, though, on leveling the playing field for those startups and those founders who might not have had equitable access in the past.” 

Through AWS Activate, each qualified firm will receive a $125,000 unrestricted cash incentive and up to $100,000 in AWS service credits.

The initiative has assisted hundreds of thousands of early-stage firms in growing their businesses on the cloud, and it is set to begin in June for US-based startups.

The eight-week program will include extensive training, mentorship, technical help, introductions to Amazon leaders and teams, an opportunity to network with possible investors, and continuing advisory support.

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A single day in the program may include lectures on optimizing cloud infrastructure, investor pitching advice from an experienced company CEO, and leadership dos and don’ts from a third-party startup support group.

Startups will also learn how to employ Amazon practices like “two-way door decision making” and “working backward” to drive daily choices and develop agile, inventive teams.

The inaugural AWS Impact Accelerator for Women Founders will take place in the second half of the year, with programs for LGBTQIA+ and Latino Founders following in 2023.

Source: WCNC

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