Venture Capital Access Program is searching for the minority or female entrepreneur who needs a venture capital infusion to launch the next Google or Facebook.
A joint venture of the Harvard Business School Alumni Angels of Greater New York and the National Association of Investment Companies, a Washington-based trade group of women- and minority-owned private equity and venture capital firms, VCAP aims to provide venture capital funding to minority- and women-owned startups.
The program could be good for business, too. Program founders believe that minority and women entrepreneurs are in the best position to access the $6 trillion diverse consumers market.
The new program, launched last month, also is expected to provide a source of deals for members of both organizations, said Ed Dandridge, president and CEO of the NAIC.
Applicants for funding will go through several layers of screening, including with steering committees and then the boards of both organizations. Those applicants who do not make the first cut will be offered a training program; those who do not make the second cut will be added to a database of companies, which investors can tap into.
VCAP will be run through NAIC's subsidiary, The Marathon Foundation, a business development network. Finalists will be announced June 18. ARLEEN JACOBIUS