Last February, following a minority entrepreneurship pilot program in Philadelphia, DreamIt Ventures announced the creation of DreamIt Access. It aims to launch up to 15 minority-led startups over the course of the year-long program by choosing five minority-led startups per cycle throughout the year. Comcast Ventures, the venture capital arm of the broadcasting giant, had originally signed on to invest in the initial New York Summer 2012 cycle of DreamIt Access, said DreamIt Ventures managing director and DreamIt Access lead partner William Crowder.
Comcast Ventures gave $350,000 toward the initial run of the program. The total for this round was not immediately disclosed.
The deadline for the next Philadelphia cycle is July 6th. According to DreamIt’s website, in order to considered for DreamIt Access, “your company must be at least 50 percent owned by members of your founding entrepreneur team who are African American, Asian American, Latino American or Native American” and must remain that way during the cycle.
The participants of DreamIt Access in the current New York cycle are: CampGurus, FirstCrush, RevSign, Urban Cargo, and Winston. The pilot Access program in Philly offered additional support and capital in ElectNext, Kwelia, MetaLayer, ThaTrunk and Qwite.