Softbank to launch programme with aim of accelerating Europe’s minority-led business’
The Japanese multinational conglomerate, Softbank has launched the ‘Softbank Vision Fund Emerge accelerator in Europe. The goal of connecting underrepresented entrepreneurs with capital, tools, and networks to help them scale and grow their business is the epitome of building a level playing field for all tech entrepreneurs.
The world’s largest technology-focused venture capital fund, Vision Fund is also run by Softbank Investment Advisors division and is worth over $100 billion in capital.
This is Softbank’s second programme of its kind, following an initial successful launch in the US in the summer of 2020. The American version of the Emerge program targets and accelerates companies at an earlier stage than the opportunity fund with investments of at least $150,000 in companies led by underrepresented racial minorities and has racked in $5 million across 13 start-ups in the last year.
Applicants are now welcome to join the programme. There is number of requirements listed below however, there is one that resonates with the; At least one company founder must identify as non-white, female, LGBTQ, disabled and/or is a refugee.
- Seed stage start-up with a working product
- Using technology to disrupt a large or growing market
- Experiencing strong growth with early customer validation
- Business model has potential to scale
Once selected into the customised 8-week programme, the European Emerge Accelerator has many benefits including seasoned operating executives and portfolio companies that will provide dedicated mentorship and educational sessions specifically tailored by SoftBank. Additionally, Emerge participants will receive direct investment to further fuel their ambitions.
‘Companies of tomorrow should represent the world today’
Innovation is at the forefront of today’s tech world and without the full participation of entrepreneurs from all backgrounds, we are at risk of not utilising all those valuable resources.
More and more venture capital firms are competing to invest in long-neglected minority-led business, so the future is promising!