Amazon & UPS recently announced plans to invest millions to support local minority-owned businesses with access to capital, resources and training.
Amazon.com Inc. will invest $150 million in venture capital firms, accelerators, incubators and venture studios that provide funding to entrepreneurs from underrepresented backgrounds.
The investment will be made as part of an initiative called Amazon Catalytic Capital that Amazon announced on October 5th, 2022. Over the next year, the company expects to support more than 10 funds and 200 companies through the initiative.
Part of Amazon’s small-business initiatives include promoting diversity, including Black-owned, women-owned, and veteran-owned businesses, among others. Amazon Business sends teams to recruit and work directly with these businesses to help transition their move onto the marketplace.
More in this interview with Aster Angagaw, vice president, commercial, public and strategic sectors at Amazon Business, where she discusses her new role and plans to help B2B companies of all sizes more easily manage e-procurement with Digital Commerce 360; https://www.digitalcommerce360.com/2022/09/23/e-procurement-is-ripe-for-transformation-amazon-business-exec-says/
UPS launches $1.25M investment in effort to help support local minority-owned businesses; “When the pandemic hit, the small- and medium-sized customers got hit harder, and then the diverse segment got hit hard,” said Kevin Warren, Chief Marketing Officer for UPS. “If we can lean into the Black entrepreneur, there’s not a lot of companies doing that.”
Entrepreneurs will also have access to their own UPS Shipping Center, where they can ship products the same day and will be coached on supply chain and logistics by UPS experts.