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PRESS ROOM: Techstars and J.P. Morgan Partner to Invest in Diverse Entrepreneurs

NNPA NEWSWIRE — In the first half of 2021, Black entrepreneurs received just 1.2 percent of U.S. venture capital funding. Additional data show that Latino founders raised only 2 percent of U.S. venture capital investments in 2021. This partnership seeks to help bridge the racial and ethnic wealth divide through Techstars’ unique startup accelerators that provide access to capital, one-on-one mentorship, and customized programming for early-stage entrepreneurs.   
The post PRESS ROOM: Techstars and J.P. Morgan Partner to Invest in Diverse Entrepreneurs first appeared on BlackPressUSA.

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  • An $80 million investment powered by J.P. Morgan will support more than 400 companies through 37+ programs in 9 cities to create opportunities for wealth creation, often constrained by institutional, structural, and systemic barriers 
  • Open to founders of all backgrounds, this program has been designed to provide equitable access to funding and support for entrepreneurs who are Black, Hispanic and Latino, Indigenous American and Pacific Islander 

BOULDER, Colo. — Techstars today announced a new accelerator program powered by J.P. Morgan that will invest more than $80 million in diverse entrepreneurs and founders across the country. Techstars and J.P. Morgan began partnering in 2021 to develop this program focused on advancing equitable access to funding in major economic centers.

In the first half of 2021, Black entrepreneurs received just 1.2 percent of U.S. venture capital funding. Additional data show that Latino founders raised only 2 percent of U.S. venture capital investments in 2021. This partnership seeks to help bridge the racial and ethnic wealth divide through Techstars’ unique startup accelerators that provide access to capital, one-on-one mentorship, and customized programming for early-stage entrepreneurs.

“The data and experience show founders from diverse communities and backgrounds represent an untapped market with tremendous financial upside for investors, the entrepreneurs, and the communities they operate in. With J.P. Morgan, our goal is to be more intentional in the way our programs attract, support and invest in Black, Latino and other underrepresented founders,” says Mäelle Gavet, CEO of Techstars.

“Together with Techstars our goal is to improve access to the capital and other resources needed by underrepresented entrepreneurs to start, fund, and then scale their businesses,” said Kristin Kallergis Rowland, global head of alternative investments at J.P. Morgan Private Bank.

With 27% of Techstars’ existing portfolio company CEOs identifying as Black, Hispanic and Latino, Indigenous American, American Indian or Alaska Native, Native Hawaiian or Other Pacific Islander, Middle East/North African, this partnership is designed to create further support for diverse founders of high-growth early-stage startups to generate greater income, stronger influence, and wealth creation.

“The multi-year program will focus on entrepreneurs and founders that have been overlooked by traditional venture capital sources,” said Tiffany Lewis, head of diverse manager strategy at J.P. Morgan Private Bank. “This new commitment will advance the shift toward more equitable economic opportunities through access to financial services, mentorship, quality education and training, and promoting inclusive business practices.”

Over the next three years, the investment will be distributed to more than 400 companies through 37 Techstars programs in 9 U.S. cities. The first five cities, Atlanta, Chicago, Detroit, Miami, and Washington D.C. launch today with a call for applications from entrepreneurs of all backgrounds. The Los Angeles, New Orleans, New York and Oakland programs will launch in 2023. All nine of these high-growth technology ecosystems were selected for several strategic reasons including the prominence of the diverse make-up of their populations which each program seeks to reflect.

Each of the three-month programs will support founders like Jasmine Jones who went through Techstars’ Kansas City Accelerator in 2020.

Co-founder of Techstars portfolio company Cherry Blossom Intimates, Jasmine describes her Techstars experience as opening doors of possibilities with no limit to success. “I met more than 90 mentors who helped me to refine my business model, build my cap table, and raise $1.25 million in 30 days.”

“What made me excited to be a part of the Techstars program is that it opens doors to new possibilities and business potential,” Jones said. “The network is invaluable.”

Cherry Blossom Intimates is an online, accredited medical facility and brick and mortar boutique. During Techstars, Jasmine also launched Myya, the first direct to consumer post-mastectomy brand that also accepts insurance and connects patients to certified fitters for post-mastectomy bra and prosthesis fittings from home.

Measuring impact and ensuring accountability within this multi-city U.S. program is paramount, as these small steps forward can help narrow the gap in the racial wealth divide and growing economic inequality. While the programs are open to founders of all backgrounds, their recruitment efforts will have a focus on Black, Latino and Hispanic entrepreneurs and those who identify with being racially and ethnically diverse. Progress will be tracked regularly and shared with senior leadership across both organizations. These efforts will further allow for maximum program impact and aim to bring an enhanced equity and inclusion lens to the wider investment community.

About Techstars

The Techstars worldwide network helps entrepreneurs succeed. Founded in 2006, Techstars began with three simple ideas—entrepreneurs create a better future for everyone, collaboration drives innovation, and great ideas can come from anywhere. Now we are on a mission to enable every person on the planet to contribute to, and benefit from, the success of entrepreneurs. In addition to operating accelerator programs and venture capital funds, we do this by connecting startups, investors, corporations, and cities to help build thriving startup communities. Techstars has invested in more than 2,900 companies with a combined market cap of approximately $159 billion. http://www.techstars.com

About JPMorgan Chase

JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services Firm with assets of $3.2 trillion and operations worldwide. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing, and asset management. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of customers in the United States and many of the world’s most prominent corporate, institutional and government clients under its J.P. Morgan and Chase brands.

The post PRESS ROOM: Techstars and J.P. Morgan Partner to Invest in Diverse Entrepreneurs first appeared on BlackPressUSA.

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Smooth Ride! Car Suspension & Comfort Tested #shorts

Smooth suspension meets surprisingly spacious legroom. Experience true comfort on any road!

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Car suspension test demonstrating a smooth ride, comfort features, and handling on various terrains.

Experience the difference smooth suspension makes on rough streets. Check out the surprisingly good second-row legroom – test it yourself for true comfort.

🔗 Watch the full video: https://youtu.be/l9Z571za5Gc

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61 years since Selma, Houston leaders say the bridge remains to be crossed

61 years after Selma, Houston leaders say the fight for equality continues. The issues that sparked the marches still impact Black Americans today.

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Houston leaders discuss the ongoing struggle for civil rights 61 years after Selma, emphasizing the need for continued action.

It has been 61 years since the Selma marches. But political leaders in Houston say that the issues protesters were marching for still plague the lives of Black Americans.

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Here is what you need to know about finding unique white elephant gift ideas that everyone wants to steal

The best white elephant gift ideas are funny enough to get a reaction but useful enough that people actually want to steal them. Look for gifts with a surprise factor, broad appeal, an inside joke, and just enough personality to spark some friendly competition. The wrapping paper comes off, the room goes quiet for half […]

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The best white elephant gift ideas are funny enough to get a reaction but useful enough that people actually want to steal them. Look for gifts with a surprise factor, broad appeal, an inside joke, and just enough personality to spark some friendly competition.

The wrapping paper comes off, the room goes quiet for half a second, and suddenly everyone wants the same gift. That is the sweet spot. A great white elephant pick should make people laugh, lean in, and start plotting their next steal before the turn is even over.

Should a White Elephant Gift Be Funny or Useful?

A white elephant gift can be funny or useful, but the strongest choices usually give people a reason to laugh and a reason to keep the item. A practical gift with an odd design, unexpected feature, or playful theme can get a reaction without becoming something the recipient immediately wants to give away.

The right balance depends on the group. Close friends and family members may enjoy a ridiculous gag gift because they already understand one another’s sense of humor.

A workplace exchange, neighborhood party, or mixed-age gathering usually calls for something with broader appeal. In those settings, humor works better when it is built into an item people could still use afterward.

It also helps to think about how quickly the gift will make sense once it is opened. A strangely shaped kitchen tool, oversized mug, quirky desk accessory, or unexpectedly fancy everyday item can create an immediate reaction. Guests understand the joke right away, while the item still has enough practical value to attract a steal.

Pure gag gifts can be harder to pull off. Something that exists only for the punchline may get a big laugh during the reveal and then sit untouched for the rest of the game. If the goal is to bring one of the gifts everyone keeps fighting over, usefulness gives the joke staying power.

Memorable Present Ideas: Creating Inside Joke Gifts

Inside joke gifts can make a white elephant exchange feel much more personal, especially when most of the group shares the same stories. The trick is choosing a reference that people will recognize quickly instead of building the entire joke around something only two guests understand.

You can turn a memorable vacation mishap, office catchphrase, family story, or long-running group joke into the theme of the gift. A personalized comic book can work especially well when it turns familiar people or a ridiculous shared moment into part of the story. 

Think carefully about who the joke involves before ordering anything permanent. The gift should make the person feel included in the fun, not singled out for the wrong reason.

Can You Bring Something You Already Own?

Holiday gift exchanges can be a good place to re-gift something you never used, especially if it is unopened and clean.

The following can all work if they still look presentable:

  • A duplicate kitchen gadget
  • An untouched game
  • A decorative item
  • A sealed gift set 
  • An unopened candle
  • A new travel accessory

The goal is to give the item a second chance, not use the exchange as an excuse to clear out damaged or unwanted clutter.

Take a close look at the packaging before wrapping it. Faded boxes, missing pieces, visible wear, or anything that looks obviously used can make the gift feel careless. 

Wrapping Budget-Friendly Gifts

Wrapping can make gifts more entertaining before anyone even knows what’s inside.

Misdirection works especially well for fun party games. Put a small gift inside a much larger box. Use packaging from an unrelated household item.

Add harmless weight so guests cannot guess what they are holding. The reveal becomes part of the joke without changing the gift itself.

You can also lean into the theme of the exchange. Bright paper, oversized bows, reusable bags, or deliberately over-the-top wrapping can make an ordinary item feel more memorable. If the gift itself is already funny, simple wrapping may work better so the surprise stays hidden until the last second.

Frequently Asked Questions

Is Picking Last an Advantage in White Elephant?

Picking last can be an advantage because you get to see almost every gift before making your move. Instead of choosing blindly from the remaining wrapped presents, you can steal something that has already caught your attention if the rules still allow it.

That advantage depends on the house rules. Some games limit how many times a gift can be stolen.

Others lock an item once it reaches a certain number of steals. If the most popular gifts are already unavailable, the final player may have fewer strong options than expected.

The first player can also get another turn at the end in some versions of the game. That rule can balance things out, since the person who started with the least information may get one final chance to steal.

How Do You Plan White Elephant for a Large Group?

For a large white elephant exchange, set a firm spending limit and establish the stealing rules in advance.

Create a clear turn order before the game begins. Drawing numbers as guests arrive can save time once everyone is ready to start.

Keep the number of steals per gift limited so the game does not drag on. It also helps to have one person track which creative holiday presents have been stolen and when they are locked, especially if dozens of people are participating.

Can You Play White Elephant Virtually?

A virtual white elephant exchange can work over a video call, with one person keeping track of the turn order and each steal. Guests can either mail physical gifts ahead of time or use digital gifts that can be delivered once the game ends.

Set the spending limit and stealing rules before everyone joins. It also helps to decide how gifts will be revealed and who is responsible for sending each one afterward so the exchange does not become confusing.

Choose a Perfect White Elephant Gift in a Snap

Look for a white elephant gift that fits some of these criteria, and everyone will be trying to grab it at your next celebration.

Do you need more gift-giving tips and tricks? Make sure you read some of our other posts.

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