What if your big idea became a powerful force for change?
Bank of America’s Breakthrough Lab is a program for founders from underserved communities to build business models, establish industry contacts and pursue funding. Helping to turn your idea into a reality is part of our enterprise-wide commitment to create opportunity for people and communities of color.
How it works
The application period runs from July 5 to July 31. Our seven-month program begins in October and ends in April. During that time, we’ll support your early-stage company with business resources, advice and coursework. Select applicants will have an opportunity to present their business proposals to potential investors. Coursework includes:
- Treasury and banking products
- Data mining and analytics
- AI and machine learning
- Product development/management
- Payment technologies
- Online, mobile banking and APIs
- Security, privacy, fraud prevention
- Leadership skills
Who is eligible?
The Breakthrough Lab is open to:
- Entrepreneurial-spirited teams with a minimum of two and a maximum of five members and at least 50% minority representation
- Black, Hispanic-Latino or other underrepresented groups
- Ideas related to financial technology/promoting financial inclusion
- No prior seed funding received
- New York residents for inaugural program (2021-2022)
- Intellectually curious founders
How Bank of America is delivering $1.25 billion over five years
Our racial economic equality commitment has allocated more than $350 million, including:
- $50 million to support minority MDIs and CDFIs
- $188 million in 61 private equity funds supporting minority and women entrepreneurs
- More than $13 million to Native American communities hardest hit by the coronavirus
- $25 million to launch the Smithsonian’s “Our Shared Future: Reckoning with Our Racial Past”
Why we sponsor the program
The Bank of America Breakthrough Lab is the latest of a number of initiatives that the bank has launched to help promote economic opportunities for different populations and advance economic and social progress worldwide.