Comcast Interactive Capital, the venture capital arm of Comcast, has partnered with DreamIt Ventures to provide seed funding, training, mentoring and other benefits to five minority-led start-ups through DreamIt's accelerator program.
The partnership with DreamIt, which is called the Minority Entrepreneur Accelerator Program (MEAP), is Comcast Interactive Capital's first investment initiative from the $20 million fund created by Comcast as part of the NBC Universal transaction that included creating more entrepreneur opportunities for minorities.
Comcast Interactive Capital and DreamIt are accepting applications and will select five minority-led start-ups to participate in DreamIt's three-month accelerator program taking place in Comcast's hometown of Philadelphia this fall. The deadline for applications is July 8, and the program will kickoff on Sept. 9.
"Diversity is a cornerstone of Comcast's culture, and we are proud to have Comcast Interactive Capital partner with DreamIt in this first investment from our $20 million fund focused on expanding opportunities for minority entrepreneurs," said Payne Brown, vice president of strategic initiatives at Comcast. "Minority groups are under-represented in start-up ventures, and we believe supporting minority entrepreneurs through the DreamIt accelerator is an effective way to provide them with greater opportunities."
Kerry Rupp, managing director of DreamIt, said: "We are thrilled to have Comcast Interactive Capital as a partner and are looking forward to working with them. DreamIt is proud to provide assistance and opportunities to help entrepreneurs grow, and we know that Comcast will provide invaluable expertise and partnership to this process."
Each start-up selected for participation in the minority program will receive seed capital and other benefits in exchange for a 6 percent equity stake in their company, which will be split between Comcast and DreamIt.
Comcast Interactive Capital and DreamIt also announced today that William Crowder would serve as managing director, responsible for overseeing and operating MEAP.
Crowder founded Growth Strategy Advisors, a strategy consulting and business development firm, and previously served in a variety of business development and strategic planning roles at AOL.
For details on how to submit an application for the Comcast Minority Entrepreneur Accelerator Program, go to the DreamIt website.