Detroit City Wire

Del Smith, Ph.D., and Tiffany Whitlow founded Acclinate in early 2020 to address challenges faced by minority entrepreneurs in the U.S. Their company uses a digital AI platform to educate people of color about health issues and diversify clinical trials for Big Pharma. According to JAMA Medical News, racial and ethnic minorities make up 40% of the U.S. population but only 2% of clinical trial participants.

"As Black entrepreneurs, we didn’t have family or other connections to help us fund our early-stage venture," Smith stated. He initially invested $80,000 of his savings into market analysis and business planning due to a lack of business mentors.

In March 2021, their fortunes improved when they were accepted into the Google for Startups Black Founders Fund, aimed at Black tech entrepreneurs. "We heard about the program from Goodie Nation," Smith mentioned, highlighting the support provided by Google.

The four-month program offered them training in sales, marketing, product development, and team-building. Smith even met with Google CEO Sundar Pichai, who acknowledged Acclinate's mission as aligning with Google's health strategy. They received $100,000 in Google Cloud software credits and ad grants which helped reduce costs.

After completing the program, they were awarded a $100,000 nondilutive grant from Google for Startups Black Founders Fund and connected with potential investors. "Participating in the Google accelerator-type program and receiving the award helped us gain credibility," said Smith.

Acclinate subsequently raised $3.5 million in venture capital led by firms like Overline in Atlanta and Bronze Valley in Birmingham, Alabama. The company now employs 25 people and serves Fortune 500 clients such as Johnson & Johnson and Roche. Smith expects revenues to exceed $5 million by year-end.

Across America, major companies like Amazon, Google, and Northwestern Mutual have launched accelerators to support minority entrepreneurs like Acclinate's founders amid increasing diversity focus. Less than 2% of venture capital funds' $31 billion is allocated to startups with diverse leaders according to Diversity VC reports.

These programs provide mentorship, fundraising opportunities, and networking previously inaccessible to minority entrepreneurs. "Recognizing the inequities in the startup community," Danny Navarro from Google for Startups explained their decision to tackle this issue.

Google launched its Founders Academy during heightened racial tensions in 2020 when businesses with Black founders had three times higher failure rates than those owned by white counterparts per U.S Small Business Administration data. "It was a social reckoning," Navarro noted.

Following its success domestically across Brazil Europe Africa last year marked their first Latino Founders Fund launch stateside offering instruction mentorship mental health therapist access alongside business coaching advice challenges arise venture capitalist resident teaching pitching strategies introducing capitalists angel investors post-program completion recipients receive $100k cloud credits setup accounts upon joining."

Ricardo Regalado founder GetRoute.com experienced firsthand obstacles Latino business owners face securing funding revealing he approached over hundred twenty venture capitalists raise seed money eventually resorting bootstrapping operations limited options remained until advisor recommended applying accepted September twenty-one securing nondilutive grant aiding development routing service product introduction partners nonprofit organizations networking guidance Stanford University management scaling insights today four hundred companies utilize platform Australia Canada South America expecting quarter-million revenue expansion RoutePulse line billing marketing management functions anywhere accessible plans future."

Amazon similarly responded pandemic impact underrepresentation retail launching Black Business Accelerator twenty-one addressing disproportionate effects providing financial assistance strategic education coaching marketing advertising support facilitate growth customer acquisition initiatives assembled advisory council leaders guide direction eligible certified sellers Professional account enrollment services grants growth jumpstart imaging promotional click credit discoverability boost Fulfillment participation helps eight ten failures eighteen months generation revenue failure mitigate resources knowledge scaling efforts progress"

Andrea Thomas Smelly Kids Company attests transformation BBA entering June experiencing threefold sales increase expect sixty thousand revenues closing fiscal year."

Tiffanie Stanard Stimulus Philadelphia-based supply chain enterprise advises seeking legal counsel understanding terms equity agreements involvement ensuring alignment industry needs efficiency optimal time utilization pursuing various programs Microsoft Salesforce generating substantial savings non-dilutive contributions enhancing corporate capabilities Northwestern Mutual focused analytics participant raising significant investments Fortune clientele satisfaction benefits overall."