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.
Applying for the Program
The application period for our inaugural New York class is now closed. We will be accepting applications for our 2022 class in Q1 2022.
For more information on the program, please reach out via firstname.lastname@example.org
How it works
As part of the Breakthrough Lab 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
- Black and/or Hispanic-Latino founders
- Ideas related to financial technology/promoting financial inclusion
- No prior seed funding received
- Location and residency requirements for the 2022 program will be made available Q1 2022
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.