Clara Wu Tsai is setting up a new program for Brooklyn entrepreneurs looking to accelerate their companies’ growth, Glenn Gamboa of the Associated Press reports Monday.
Named BK-XL, the accelerator will invest up to $500,000 to 12 startups led by Black, Indigenous and other minority founders in 2023, per the AP.
“Capital is one of the biggest impediments to wealth-building, particularly for BIPOC entrepreneurs,” Wu Tsai, the Nets and Liberty co-owner told Gamboa in an interview. “We thought that investing in this segment was how we could create wealth, not only for the entrepreneurs, but also through all the different jobs that they are going to create.