There are a big number of underrepresented entrepreneurs with great ideas out there who often go without funding. To change this, SAP has pledged that it will be committing up to 40% of its investable capital in the Sap.iO Fund and focus on inclusive entrepreneurship. The company is looking to help at least 200 start-ups all over the world in the next five years through this initiative.
The German multi-national aims to encourage founders from all backgrounds and offers to provide them with special mentorship. Deepak Krishnamurthy, Executive VP and Chief Strategy Officer of SAP said: “SAP is committed to helping underrepresented entrepreneurs build successful start-ups and to leveling the playing field for women and minority founders in the startup ecosystem.”
The SAP.iO Fund was launched back in 2017 and till date, it has invested directly in more than 15 start-ups. Building on this fund, ‘SAP.iO No Boundaries’ is the new initiative by the company that will see it engage more start-ups with curated mentorship and expose them to SAP’s expertise in technology.
SAP was recognized for its work towards Gender Equality by the United Nations Association of New York in October 2018. The company realizes that even in developed regions of the world, women only get about 2.2% of the venture capital for their start-ups. The company is looking to have some impact on improving things in this space.