We are very excited about our announcement today that Comcast Interactive Capital will be making the first investment from our $20 million minority venture fund in order to expand opportunities for minority entrepreneurs. The investment will be made through a program we just established with DreamIt Ventures, the leading provider of technology accelerator programs that has helped many startups further develop to meet their full potential. In the last three years, DreamIt entrepreneurs have raised $4 million from Google Ventures, appeared on ABC's Shark Tank and been selected as finalists at the TechCrunch50.
Starting today, we are accepting applications from minority-led startups for a three month accelerator program that will be based here in Philadelphia this fall. The deadline for applications is July 8 and then the accelerator program starts on September 9. We are looking for as many high-quality applications as possible to make sure we end up with some really exceptional entrepreneurs and are seeking start-ups in digital media, Internet and communications usually with a technology angle. So, please spread the word!
Accepted applicants will be integrated into the Fall 2011 DreamIt program taking place in Philadelphia and offered the opportunity to learn from and be mentored by recognized experts in marketing, brand building, business development, financial modeling, business models, distribution and customer acquisitions. In addition, they will be provided with office space, working alongside the other startups selected and be provided with donated legal, accounting and administrative help. At the end of the three month period, the startups will have the opportunity to pitch to venture capital and angel investors at a demo day to secure further funding to create a sustainable business.
Each startup selected for participation in this minority program will receive seed capital and other benefits in exchange for a 6% equity stake in their company, which will be split between Comcast and DreamIt.
For more details on the program and how to apply follow this link: http://www.dreamitventures.com/about/Comcast-MEAP.php
Additional details can also be found at the DreamIt website.