When Techstars launched an accelerator with Western Union to drive innovation for the next generation of financial services solutions and payment technology, we already knew that Techstars and Western Union had a lot in common. We both love innovation and finding new solutions. We believe that startups and large corporations can learn and work together to the benefit of both—and to the benefit of everyone’s customers. Most importantly we both have a commitment to #GiveFirst and know that business, done right, can make the world a better place. 

It was only natural that the Techstars Foundation and Western Union Foundation would also find overlap in their missions.

Two Missions, One Goal

The mission of the Techstars Foundation is to support and develop underrepresented entrepreneurs in order to stimulate innovation and positive social and economic global. The mission of the Western Union Foundation is to connect underserved populations to the global economy through demand-driven skills training and workforce enablement programs. The alignment between these missions showed us that both of our organizations have strong, purpose-driven cultures and that we both want to create an inclusive entrepreneurial ecosystem worldwide. 

“Give First is a core value for all of us at Techstars—a way for us to continually improve the world around us,” said David Cohen, Techstars founder and co-CEO. “We believe that the tech industry, through cultural evolution, can fundamentally shift corporate and individual philanthropy. It’s why we are so excited about this opportunity to do a co-grant with one of our accelerator partner foundations. Together we can inspire and create a larger impact.” 

Elizabeth Roscoe, Executive Director of the Western Union Foundation, agrees. “We are thrilled to partner with Techstars to grow and inspire inclusive entrepreneurship around the world. By bringing together our resources and our networks, we can create a meaningful impact on communities around the world.”

$100,000 Grant + Two Worldwide Networks

Working together, the Techstars Foundation and Western Union Foundation have increased our impact on underserved communities. 

We are excited to announce that the Techstars Foundation and Western Union Foundation will be joining forces to help grow two fantastic non-profit organizations—the Watson Institute and MITD-Lab—through two $50,000 monetary grants and support provided by the Techstars and Western Union networks. 

We’ve done deep research into these two organizations, and we believe that they will have a huge impact on the participants in their programs. We are also excited to see how much more we can do when our two foundations work together. This shouldn’t be a surprise—as the worldwide network that helps entrepreneurs succeed, Techstars is built on the power of networks. So here we are, making connections, strengthening networks, and seeing—yet again—how much more we can do, together. 

These are our joint grant recipients:

Watson Institute

Watson Institute is a revolutionary new model of higher education for next-generation innovators, leaders, and entrepreneurs. Watson Institute supports diverse, next-generation, impact-focused entrepreneurs so they can pioneer their education, trailblaze lives as innovators, and contribute to solving the toughest challenges facing the world.

In addition to running their Semester Incubator program in Boulder, Colorado and powering Lynn University’s Bachelor of Science in Social Entrepreneurship in South Florida, Watson Institute runs two-day, intensive, entrepreneurship skills training programs called ‘Basecamps’ for 18- to 25-year-old, diverse, impact-focused entrepreneurs. Through our joint partnership, Watson Institute will run Basecamps in Boulder, CO and Mexico City, key locations where both Western Union and Techstars have a strong presence to offer mentorship and support. 

These Basecamps will include training, venture development, mentorship, and a demo night competition. Participants will participate in this two-day intensive program and receive long-term support from Watson Institute’s online network and mentorship sessions. 

MIT D-Lab

MIT D-Lab works with people around the world to develop and advance collaborative approaches and practical solutions to global poverty challenges. This project will be funded by the Western Union Foundation and Techstars Foundation, along with UNHCR. The goal of this program is to help refugee women find long-term durable solutions through skill-building and support to start small businesses.

MIT D-Lab will work with Faros, a local Greek NGO, to provide hands-on, experiential learning in design, innovation, and entrepreneurship to refugee women in Greece, equipping them with technical and soft skills to establish their own businesses while building their confidence, agency, and ability to solve problems.

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Read the press release here.

About Western Union Foundation

The Western Union Foundation believes that education is one of the surest pathways to economic opportunity. Through collaborations with NGOs around the world, the Foundation has embarked on a mission to connect 50,000 migrants, refugees, women and youth to the global economy through demand-driven skills training and workforce enablement programs by 2020. The Foundation also offers a global scholarship program that helps put a post-secondary education in reach for in-need students studying in the STEM fields and business. To date, more than $120 million has been given to fund projects in 137 countries across the globe, including disaster relief for communities in crisis. The Western Union Foundation is a separate charitable corporation that is tax-exempt under 501(c)(3) of the US Internal Revenue Code, and receives support from The Western Union Company, its employees, agents and business partners. Contributions to the Foundation are tax-deductible for US income tax purposes. To learn more, visit www.foundation.westernunion.com or follow us on Twitter @TheWUFoundation.

About Techstars Foundation

The Techstars Foundation’s mission is to develop and support underrepresented entrepreneurs by providing non-profit organizations with grants and access to the Techstars Network. Created in 2015, Techstars Foundation fosters an inclusive entrepreneurship ecosystem accessible to all aspiring entrepreneurs regardless of their gender, race, ethnicity, age, gender identity, LGBTQ or ability. The Techstars Foundation vision is to stimulate innovation and positive social and economic global change through empowering underrepresented communities and entrepreneurs.The Techstars Foundation funds 501(c)(3) or in-country equivalent organizations with educational programs that are aligned with the foundation’s mission. The Techstars Foundation is a donor-advised fund managed by the Community Foundation Boulder County


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Andrea Perdomo Andrea Perdomo
Andrea is the Director of the Techstars Foundation. Before joining Techstars, she was the Co-Founder and Chief Marketing Officer of Revolar (Techstars Class 79)