An accelerator programme for early-stage tech businesses founded by one or more black entrepreneurs has been expanded and launched by Barclays.
The 12-week Black Founder Accelerator scheme has returned for its second year, in a bid to continue to boost diversity within entrepreneurship.
More than 200 businesses applied for the programme run in partnership with Foundervine - a social enterprise specialising in digital start-ups - in its inaugural year.
Some 25 successful businesses were selected to receive mentoring from scale-up experts to take their ventures to the next stage, with master classes on product development, sales strategy, operations and leadership.
This year’s cohort has grown in size to 40, with applications open until October 8. The accelerator will begin on November 22 and will culminate in a ‘demo day’ in February 2022, where founders will have the opportunity to present their business to potential clients and investors.
Throughout the scheme participating companies will have access to Barclays’ ‘Eagle Labs’ - a support network for entrepreneurs that offers incubation, mentoring and co-working space as well as access to community events.
FinTech firm ScribePay, which has a focus on the subscription payments market, was one of the businesses to participate in last year’s programme.
The company is developing an app and virtual payment card service that allows consumers to have full visibility and control of their subscription payments.
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It’s co-founder Delphine Emenyonu said the scheme had been “instrumental” in helping the business to develop its idea into a minimum viable product.
Ms Emenyonu said: “The fact that [the accelerator] was dedicated to black founders appealed to me.
“It’s very challenging to be a founder but there are additional challenges being a person of colour, so I felt it would meet both my business needs and my cultural needs as well.”
Liz Boadi, ecosystem manager at Barclays Eagle Labs and the 2021 programme lead, said: “The feedback we received from last year’s cohort was amazing and we want to build on that and help even more black entrepreneurs this year.
“We hope by giving the founders access to the knowledge and expertise we can help accelerate their growth and unlock the potential that we know is waiting.”
Izzy Obeng, managing director of Foundervine, added: "Foundervine are proud to be partnering with Barclays for a second year.
“The Barclays Black Founder Accelerator is designed to elevate founders and remove barriers. We do this by connecting them to the mentorship, resources and training they need to move their venture to the next level.
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“Whether that’s raising their first round of funding or making their first sale, the Foundervine network is here to make that happen.”
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