Snap Announces Accelerator Program for Emerging Black Creators
At VidCon, Snap Inc. made a significant announcement: its first accelerator program exclusively for emerging Black creators. This initiative marks a substantial investment in the creator economy and aims to support underrepresented voices.
A $3 Million Investment in the Creator Economy
Over the course of a year, 25 selected applicants will receive $10,000 per month ($120,000 total) to help launch their careers. This program is part of Snap’s larger initiative, 523, which seeks to address disparities and systemic barriers faced by Black creators in the industry.
Addressing Systemic Barriers
Snap acknowledges that Black creators face unique challenges, including disparities in compensation, attribution, and toxic experiences. By providing financial resources and mentorship, Snap hopes to remove some of these barriers and create a more equitable creator economy.
Benefits for Both Creators and Snap
This program not only benefits the emerging creators but also offers opportunities for Snap itself. By supporting Black creators, Snap ensures that 25 talented individuals have the necessary funding and support to succeed in their professional careers – potentially leading to increased brand loyalty and engagement with Snap’s platform.
Industry-Wide Response to Inequity
Snap’s announcement comes at a time when other companies are taking steps to address inequity in the creator economy. Patreon recently launched Pull Up, an incubator for creators of color, highlighting the issue of BIPOC creators being paid 29% less than their white peers.
TikTok and the Rise of Black Creators
The rise of TikTok has created new opportunities for Black creators to gain recognition. However, even as some Black creators gain a large following, follower numbers don’t always translate to financial success. For instance, Charli D’Amelio’s multi-year reign as the most followed TikToker has ended, but she and her sister Dixie continue to earn significant amounts from various brand deals.
Snap’s Commitment to Diversity
Snap’s accelerator program is just one aspect of its commitment to diversity and inclusion. The company also runs Yellow, a tech incubator that invests $150,000 into creative startups. Interestingly, seven out of nine companies funded in 2021 have at least one BIPOC or woman founder – highlighting the rarity of diverse representation in tech.
Snap Debut’s Fifth Cohort of Yellow Accelerator Startups
As part of its ongoing efforts to promote diversity and innovation, Snap is debuting its fifth cohort of Yellow accelerator startups. This initiative showcases the company’s dedication to supporting underrepresented creators and entrepreneurs.
Conclusion
Snap’s announcement marks a significant step towards creating a more equitable creator economy. By investing in emerging Black creators, the company acknowledges the unique challenges faced by these individuals and seeks to remove systemic barriers. As the industry continues to evolve, it will be interesting to see how other companies respond to this initiative and address inequity in their own platforms.
Related Topics
- Charli D’Amelio: Formerly the most followed TikToker, Charli has since been surpassed by Khaby Lame.
- Senegal: The country of origin for Khaby Lame, who is making waves on TikTok with his comedic skits.
- Google: Partnering with Snap to support emerging Black creators through its accelerator program.
- Patreon: Launching an incubator for creators of color, highlighting the issue of BIPOC creators being paid less than their white peers.
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