Business

Facebook launches startup accelerator and Latin American commerce enterprises can apply

The Commerce Accelerator Program will select 60 startups, half from theLatin America and the other half from Europe, the Middle East and Africa

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  • The program wants to build solutions to businesses that are being forced to change their model and adapt to selling online because of the coronavirus pandemic;
  • Startups will explore commerce inside Facebook’s apps such as Instagram, WhatsApp and Facebook itself.

Facebook launched two 3-month accelerator programs for startups on Monday. Applications started yesterday. The startups will be evaluated by a panel of industry and Facebook experts in two rounds, based on their application and interviews. Both B2B or B2B2C startups across Latin America, with Seed to Series A maturity can participate.

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The Commerce Accelerator Program will select 60 startups, half from Latin America and the other half from Europe, the Middle East and Africa. The social media giant aims to is accelerate commerce work and build solutions to businesses that are being forced to change their model and adapt to selling online because of the Covid-19 pandemic.

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In Facebook’s program, startups will explore commerce inside Facebook’s apps such as Instagram, WhatsApp and Facebook itself. Both programs will be held online. Also, the company will roll out Connectivity program to strengthen emerging startups in the Americas focused on bringing more people online to a faster internet.

Facebook is now betting its business on driving e-commerce results. During the conference regarding the second-quarter results, co-founder and CEO Mark Zuckerberg said that investors, analysts, and experts, in general, should look at Facebook as a “business of serving small businesses”. He also said that the trends that are driving the company’s new products and services right now are focused on small businesses, and more specifically, on messaging commerce and payments. Facebook Shops, for instance, is a sign of how shopping features are gaining ground in the company.