Morgan Stanley selects 11 startups for the 5th cohort of the Multicultural Innovation Lab supporting various founders
NEW YORK–(COMMERCIAL THREAD) – Morgan Stanley today announced the fifth cohort of the Multicultural innovation laboratory, an acceleration program for tech and tech start-ups in post-seed funding rounds to Series B. The program, now in its fifth year and with 43 participating companies in total, targets start-ups with a multicultural founder or a woman, co-founder, CTO or other member of the C-suite who develops innovative solutions in all sectors. After four successful years that culminated in business acquisitions and additional rounds of funding, the Lab is expanding in 2021 to support twice as many businesses – up to 20 per year, split into two cohorts. Through the Lab, Morgan Stanley will invest in these early high growth companies and support the growth and development of each founder through its ecosystem of internal and external partners.
“Our investigation found that in 2020, progress has been made in the attitudes and actions of venture capitalists regarding the importance of investing in women and multicultural entrepreneurs, but much remains to be done to close the gap funding for this group, ”said Carla Harris, vice president of Morgan Stanley and chief executive officer. Multicultural Customer Strategy Group. “The goal of the Multicultural Innovation Lab is to provide diverse founders with much-needed access to investors, along with the tools, resources and connections they need to grow and prosper, in order to transform the investment landscape.
The lab is designed to help generate positive economic outcomes for entrepreneurs of color and women by providing content, visibility, technical support, and connectivity with important stakeholders that could be critical in accelerating the growth of their businesses. companies, as well as access to an ecosystem of top-notch global partners providing a variety of resources.
“We are delighted to launch the first cohort of 2021 to support talented and diverse entrepreneurs on their journey to success,” said Alice vilma, general manager and co-head of the multicultural innovation laboratory. “The organized program will introduce proven tactics to grow and grow each company’s business and, as with the previous cohort, will ensure that the COVID-related management and operational decisions that the founders face during this difficult time are taken into account. ”
Companies participating in the program, selected from a record of over 700 applications received, will begin the program on February 16 and operate in a virtual environment, using online video platforms to facilitate the lab’s program. Entrepreneurs are supported by a dedicated team at Morgan Stanley offering tailored experiences to help each business grow. The program will run until July and will end with the fifth showcase and demonstration day of the Multicultural Innovation Lab which will introduce companies to potential investors.
The companies selected for the winter 2021 cohort are as follows:
- ABF creation is a B2C podcast network that produces original and multicultural podcasts for a variety of audiences.
- Demeure Technologies is a nationwide real estate platform that makes it easy for property sellers to list, market and sell their homes for a flat fee.
- Cognitive toy box is an early childhood learning assessment platform that combines in-person observation with research-driven game-based assessments to assess students for kindergarten readiness and support early childhood development. early childhood.
- Elly Health is a digital healthcare app that helps chronically ill patients manage their illness and improve their quality of life with motivational messages, exercise videos, meditation practices, symptom management, clinician courses and patient stories.
- Fashion Bomb Daily Shop is a fashion market that sells pieces designed by multicultural designers to multicultural customers.
- Kanarys is a Diversity, Equity and Inclusion (DCI) SaaS platform that provides organizations with clear metrics to diagnose, prioritize and optimize DCI efforts.
- Lillii RNB is an IT consulting company whose signature software product “Freeing Returns” allows retailers to seamlessly integrate their point-of-sale systems with returns management applications, saving them time and money. ‘money.
- Key seconds is a property management platform that enables property managers and tenants to facilitate rent payments, track maintenance requests and communicate in real time, to keep tenants happy and reduce costs.
- Support payment is a payment platform that allows parents who live apart to manage child support and share expenses directly between them.
- Virtual technologies i is a risk underwriting analysis platform that allows insurers and brokers to have real-time visual data and professional assessment on inspection properties without having to travel.
- Zirtue is a relationship-based loan app that simplifies lending among friends, family, and trusted relationships with ACH automatic loan payments.
About the Multicultural Innovation Laboratory
The Multicultural Innovation Lab (MCIL) is an intensive five-month accelerator designed to help develop and scale startups, culminating with a day of demonstration and a presentation to the investment community. Morgan Stanley launched the MCIL in 2017 to address inequalities in funding multicultural and female-led startups, which our research shows more than four trillion dollars in unrealized returns. The team is led by Morgan Stanley Vice President and General Manager Carla Harris and General Manager Alice Vilma. Together, they have over 50 years of experience in equity syndication, investment banking, capital markets and structured finance. The Multicultural Innovation Lab, part of our Multicultural Client Strategy Group, was launched to promote financial inclusion and reduce the funding gap for diverse entrepreneurs.
Listen to the Access and Opportunity with Carla Harris podcast on the platform of your choice to learn more about the change makers among the various entrepreneurs and the VC community.
Morgan Stanley (NYSE: MS) is a leading global financial services firm providing investment banking, securities, wealth management and investment management services. With offices in more than 41 countries, the firm’s employees serve clients around the world, including businesses, governments, institutions and individuals. For more information on Morgan Stanley, please visit www.morganstanley.com.