Last week’s announcement that Comcast Interactive Capital will provide seed funding for five minority-led startups through a partnership with Philadelphia-based DreamIt Ventures is music to the ears of minority entrepreneurs and their advocates.
In a statement, Payne Brown, Comcast Vice President of Strategic Initiatives, said:
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. Minority groups are underrepresented in startup ventures and we believe supporting minority entrepreneurs through the DreamIt accelerator is an effective way to provide them with greater opportunities.
The Comcast-DreamIt partnership springs from a commitment by Comcast to expand opportunities for minority entrepreneurs. That commitment was part of the company’s merger with NBCUniversal, which the Federal Communications Commission approved in January.
My longtime friend David Honig, president and executive director of the Minority Media and Telecommunications Council, told Politic365:
This is just what MBEs need — seed money, support and mentoring at the very start of their careers as entrepreneurs. Until now, no program has offered this kind of essential opportunity to minority digital entrepreneurs. Comcast’s venture capital initiative is off to a great start.
Indeed, the Comcast Minority Entrepreneur Accelerator Program received its first application within hours of its launch.
With DreamIt’s support and mentoring, minority-led startups will put themselves together and polish up their act. The application deadline is July 8.
Ain’t no stopping them now.