Funding to Support Innovation and New Tech Corps for Entrepreneurs
ATLANTA, March 21, 2014 – Points of Light today announced that SAP, the world’s largest provider of business software, has awarded the nonprofit a $100,000 grant. This funding will support the Points of Light Civic Accelerator, the first accelerator program and investment fund in the nation focused on social ventures, which engage people to solve critical social problems.
The Points of Light Civic Accelerator is a three-month, boot camp-style program that convenes 10 to 15 teams in person and online. Each startup receives tools and mentoring to expand their innovative, community-focused work. At the end of each boot camp, the participating ventures select two enterprises that will receive $50,000 investments from Points of Light.
The SAP grant will help support tech-for-good ventures participating in the fourth class of the Civic Accelerator, as well as the development of a Tech Corps. The Corps, made up of SAP employees, will review Civic Accelerator applicants, help select the top tech-for-good ventures and provide coaching to the entrepreneurs who are selected.
SAP believes the private sector plays a key role in driving innovation and enhancing education and entrepreneurship to foster economic growth. The company also encourages and supports employee volunteerism to utilize volunteer talent and expertise in communities across the country.
“With the Points of Light Civic Accelerator, we see an opportunity to expand the learnings and success of our global emerging entrepreneurship initiative, which we launched last year in Brazil and India,” said Jacqueline Montesinos Suarez, head of SAP corporate social responsibility, North America, “By leveraging our capital, technology and employee talents in this important initiative, we can maximize the impact we make to truly helping businesses and people run better.”
“We’re honored to receive a grant from SAP, which is known for its significant support of and investment in entrepreneurship and economic opportunity,” said Ayesha Khanna, president of the Points of Light Civic Incubator. "We’re particularly excited to work with SAP to identify and invest in cutting-edge technology ventures that are doing good, while leveraging the deep talent and expertise of SAP employees to help these startups successfully scale their solutions.”
About Points of Light
Points of Light – the world’s largest organization dedicated to volunteer service – mobilizes millions of people to take action that is changing the world. Through affiliates in 250 cities and partnerships with thousands of nonprofits and corporations, Points of Light engages more than 4 million volunteers in 30 million hours of service each year. For more information, go to www.pointsoflight.org.
About the Points of Light Civic Accelerator
The Points of Light Civic Accelerator is the first accelerator program and investment fund in the country focused on "civic ventures" – for-profit and nonprofit startups that include people as part of the solution to critical social problems. The three-month, boot camp-style program convenes 10 to 15 teams, in person and online, with the goal of equipping each startup to seek investments and scale its social innovation. The Civic Accelerator was launched in 2012, in partnership with Village Capital. It receives generous support from PwC Charitable Foundation and Starbucks Foundation, both founding partners, and from the Blackstone Charitable Foundation, SAP and our official hotel sponsor, Hilton Worldwide. For more information, go to www.civic-x.org and follow @PointsofLight #CivicX.