Fourteen diverse tech entrepreneurs have been chosen as the first class of a new state-backed program to support minority-owned tech firms.
The Founders School is a joint effort by MassVentures — a government-backed venture capital firm — the state’s Executive Office of Economic Development and local venture capital firm ven^x to help minority-owned tech businesses acquire capital, locate physical space and build a network.
The 14 members of the inaugural class come from “deep tech” backgrounds, which refers to substantial innovations in science or engineering that have the potential to transform entire industries.
“If you look at overall venture funding and startups across the state and country, there’s still not enough resources going to minority-founded companies and MassVentures is doing way better than the average,” Economic Development Secretary Yvonne Hao told GBH News.
Hao cited equity and competitiveness as two main drivers behind the Founders School. Massachusetts is known for its robust innovation ecosystem, she said. Making sure that it is focused on highlighting entrepreneurs from all backgrounds will be crucial for the state to maintain that standing.
“This program is part of that — how do we supercharge all the ingredients we already have here to make sure that we stay the most competitive and that we support all of our founders,” Hao said.
Crystal Brown, founder and CEO of biotech company CircNova, is one of the 14 inaugural participants. In the world of deep tech, Brown said, being an entrepreneur of color provides daunting challenges. That’s why she’s grateful to be a part of the Founders School which can link her with the right partners to help accelerate her company.
“The challenge has been getting people to understand and to see past what they see on the surface and really understanding that I’m a different type of founder,” Brown said. “Not just because of the way that I look, but because of my experience, because of my background and because of what I can bring to the table to lead a high-growth company.”
Charlie Hipwood, president and CEO of MassVentures, said that deep tech gets only “about less than one half of 1%” of venture capital funding. Most investors flock to software, consumer and therapeutic endeavors.
“One of the things that you haven’t seen before is this kind of ecosystem of deep tech founders who believe that building diverse teams is important for their success,” Hipwood told GBH News. “I think this is unique in that they’re building deep tech companies with the support of diverse founders who want to weaponize diversity for the success of their businesses.”
The inaugural class will be a part of the Founders School for one year. Applications for the second cohort of the initiative open in December.
