Bank of America opens applications for Breakthrough Lab accelerator

Stephen Oluwadara -

Bank of America has begun taking applications for its Breakthrough Lab 2023-2024 cohort. The impact accelerator provides economic opportunity and capital access to Black, Hispanic-Latino, Native American and other underrepresented entrepreneurs.

Bank of America is an American multinational investment bank that offers an array of financial services. Speaking in a press release seen by Benjamindada.com, Rina Arline, Breakthrough Lab Program Director in Global Transaction Services at Bank of America said, "The bank's long-standing commitment to supporting economic opportunity for people and communities we serve is at the core of Bank of America Breakthrough Lab. We're excited to play a role in giving emerging entrepreneurs from a range of backgrounds access to the bank's vast resources and industry networks."

Bank of America Breakthrough Lab is part of a larger initiative from Bank of America to help advance economic and social progress worldwide.

Successful founders will receive the day-to-day benefits of the part-time program, which is designed to give them flexibility and ongoing assistance with developing their brand identity. Best of all, the program is offered at no cost and there is no requirement to exchange equity with BofA.

The 6-month accelerator program offers early-stage startups from underrepresented communities a platform to scale their business model, establish industry connections and pursue funding.

Some of the benefits the program offers are:

  • Curriculum: Opportunity to learn from bank and industry financial technology experts
  • Mentoring: Establish connections with senior-level bank mentors and other industry professionals
  • Access to capital: Lab sessions guide founders on positioning for capital and expanding their networks with potential investors and other providers of capital
  • Program expenses: Bank of America will pay for select expenses associated with the program
  • High-touch experience: Small cohort size allows for deeper, more frequent connection with program staff and experts

Breakthrough Lab is open to startups with:

  • Entrepreneurial spirited teams - minimum of two and a maximum of five founders.
  • Ideas related to financial technology and/or tech-enabled solutions promoting inclusion. See below for examples of tech industry verticals. (E.g. FinTech, HealthTech, WealthTech, Housing, EdTech and Cybersecurity)
  • Pre-seed stage startups.

How it works

The six-month, part-time program provides business resources and best practices from industry experts and successful startups. The high-touch program offers 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

Applications for the Breakthrough Lab program are open to startups from the US, EMEA, LATAM and India. The application phase runs May 8th to June 8th.

The program will run from Sept 2023 - March 2024.