Brooklyn Nets owners start program for minority-led startups
Clara Wu Tsai, co-owner of the Brooklyn Nets, launched the largest business accelerator for minority founders of early-stage startups on Monday.
Named BK-XL, the accelerator will invest up to $500,000 each in 12 startups led by Black, Indigenous and other minority founders in 2023.
“Capital is one of the biggest impediments to wealth-building, particularly for BIPOC entrepreneurs,” Wu Tsai told The Associated Press 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.”