How to plant the seeds for tech success

Austin, Texas, is emerging as one of technology’s most dynamic hubs, both in the United States and the world. And many of the startups flourishing in and around the city are headed by women, Black and Hispanic-Latino founders. But these entrepreneurs often find that securing the early-stage capital they need can be an enormous barrier to success.

That’s where DivInc comes in. Established as a nonprofit in 2016, DivInc makes direct grants to new tech companies with underrepresented founders. As CEO and co-founder Preston L. James, II, says in the video below, “It is so critical to help these companies get through that initial stage and allow them to build momentum and build confidence.”

Twice yearly, DivInc runs a 12-week accelerator program to educate new founders in best practices for starting a business and to connect them with mentors, experts and investors. The organization also gives $10,000 grants to each participant — funding that’s intended to help open the door to further investments — as well as offering ongoing support for an additional two years. By the summer of 2022, 100 founders had graduated from the program.

Bank of America provided funding to five DivInc alumni. One of them, Adrianna Cantu, participated in the organization’s first accelerator in 2016 for her company, Revealix, which creates digital tools for the early detection of diabetes complications that can lead to amputation. “DivInc has been an instrumental part of my journey as a founder,” she notes in the video.

Support of DivInc is another demonstration of Bank of America’s commitment to help advance racial equality and economic opportunity in local neighborhoods around the country. From funding entrepreneurs and expanding home ownership to offering professional skills training and healthcare access, the bank continues to partner with innovative leaders to help communities find and implement solutions to society’s biggest challenges.

8/22/22