As part of an effort to spur successful startups led by local underrepresented entrepreneurs, PNC Financial Services Group Inc. will cover the cost for select startups picked for placement into the Pittsburgh Founder Institute's startup program.
According to Greg Coticchia, the co-founder and co-director of the Founder Institute's Pittsburgh chapter, the entrance cost for the program is $899. These funds are used to run the various mentorship and training opportunities for the startups that are in the program.
But these costs can also serve as a barrier for certain founders, Coticchia said, and PNC (NYSE: PNC) has recognized this and will cover the expense for an undefined number of startups that indicate financial need during the application process should these startups be selected for placement in the program.
Coticchia also said that it was PNC that reached out to the Founders Institute as part of the banking giant's effort to spearhead such an initiative. It also comes in the wake of the June 2020 announcement that PNC would commit over $1 billion to help end systematic racism and support economic empowerment for minority populations.
"Quite frankly, they heard about us and reached out to us, liked our model, liked who we serve," Coticchia said. "I mean, there's a lot of great accelerators in Pittsburgh and actually, most of our people will go on to another accelerator before they actually launch their business, and so it's a very cooperative community."
Debbie Guild, executive vice president at PNC Enterprise Technology & Security, said in a prepared statement: "This initiative will help ensure Pittsburgh remains a vibrant hub for talent and innovation and create opportunities for the community’s entrepreneurs."
Coticchia said the Founder Institute is actively taking applications for its upcoming program set to start in February. It will run until May 30.
The Founder Institute is based in Silicon Valley and has chapter organizations in 95 countries.
