Nine-week hybrid program provides founders with education, networking, and opportunities to support growth
April 9, 2024 (PALO ALTO, CA) – Today, the Latino Business Action Network (LBAN) and JPMorgan Chase announced the launch of a Startup Accelerator at the Stanford Graduate School of Business. The inaugural cohort is comprised of 40 Latino/a majority-owned, venture-backed tech companies specializing in areas such as AI, Agtech, health tech, fintech and biotech, selected by LBAN.
According to LBAN’s recent State of Latino Entrepreneurship Report, Latinos are the most prolific creators of new companies in the U.S. and Latino-owned companies already number more than 5 million. Furthermore, nearly one in five Latino-owned businesses are in tech, yet less than two percent of venture capital funds are invested in Latino founders. Through a dedicated, nine-week hybrid curriculum, this new accelerator aims to offer access to mentorship, capital matchmaking and courses from top Stanford professors and industry experts.
“Founders face many complex challenges on the journey from idea to startup to exit. By supporting this initiative of LBAN and Stanford, we aim to support more equitable access to the critical resources and expertise that can help them overcome obstacles and reach their goals,” said John China, Co-Head of Innovation Economy at JPMorgan Chase Commercial Banking. “The companies in this first cohort are bringing fresh ideas to tackle big issues. We look forward to seeing all they accomplish over the next few months, and beyond.” LBAN’s Programs at Stanford Spring 2024 Kick-off
The Startup Accelerator will kick off April 12 on-campus at Stanford alongside the Spring 2024 class of the LBAN Business Scaling Program, of which JPMorgan Chase is also a sponsor.
Open to companies across industries, including nonprofits, that are venture or non-venture backed, the Business Scaling Program offers business leaders access to educational resources and tailored sessions with Stanford professors to provide guidance and help them identify growth opportunities. Upon completion of either program, founders will receive a certificate from Stanford Executive Education.
"Our mission is to grow the American economy by empowering Latino entrepreneurship nationally. To that end, we are fortunate that JPMorgan Chase is among our strongest partners," said Arturo Cazares, CEO of the Latino Business Action Network. "Their strong and growing focus on the startup entrepreneurial segment will make a positive impact on the founders in our new Startup Accelerator. We welcome the engagement of others in the ecosystem as we all work to create stronger economic opportunities for everyone in our country. "
Continued Partnership
JPMorgan Chase’s sponsorship of the new Startup Accelerator is an expansion of the firm’s ongoing relationship with LBAN, and its continuous efforts to champion inclusive economic growth and access to help close the racial wealth gap.
LBAN welcomed JPMorgan Chase as a corporate sponsor in February 2023. Through this sponsorship, the firm has since provided entrepreneurs with unique programming, including workshops and resources to help them scale their businesses.
In addition to the firm’s $30B Racial Equity Commitment aimed at helping to close the racial wealth gap, including for Black, Hispanic, and Latino communities, the firm also promotes the growth, development and success of individuals in Hispanic and Latino communities across the globe, both in and outside of the firm, through education, wealth building, business growth and community development opportunities with initiatives driven through its Advancing Hispanics & Latinos initiative.
“Investing in entrepreneurs, including those in Hispanic and Latino communities, translates into job creation and inclusive economic growth, which is good for business, our communities, and the broader economy.” said Silvana Montenegro, Global head of Advancing Hispanics & Latinos at JPMorgan Chase. “We are thrilled to welcome the first cohort of participants to the program and continue our support to LBAN’s mission to empower entrepreneurs with the tools and access they need to scale and succeed.”
To learn more about the Startup Accelerator, visit: lban.us/startup-accelerator
For more information on the financial solutions JPMorgan Chase offers to guide business growth, visit: jpmorgan.com/startups
About LBAN
LBAN is a dynamic Silicon Valley-based nonprofit with a big mission to strengthen the U.S. economy by empowering Latino Entrepreneurship across the country through entrepreneurship research, education, and a network of resources. For more information on LBAN, please visit www.lban.us
About JPMorgan Chase
JPMorgan Chase & Co. (NYSE: JPM) is a leading financial services firm based in the United States of America (“U.S.”), with operations worldwide. JPMorgan Chase had $3.9 trillion in assets and $328 billion in stockholders’ equity as of December 31, 2023. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing and asset management. Under the J.P. Morgan and Chase brands, the Firm serves millions of customers in the U.S., and many of the world’s most prominent corporate, institutional and government clients globally. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.