Morgan Stanley has confirmed the second cohort that will take part in its accelerator dedicated to tech startups with a multicultural or woman founder.
The international Multicultural Innovation Lab platform will welcome 10 startups to the financial giant’s global headquarters in Times Square, New York, this month. There they will participate in an intensive six-month accelerator, which concludes with November’s Multicultural Innovation Lab Showcase and Demo Day, where the startups will present their products to investors.
“The monumental success of the inaugural class proves that the market inefficiency in accessing capital within the startup scene for women and multicultural entrepreneurs leads to a positive commercial outcome. By specifically catering to top high growth multicultural entrepreneurs, the Multicultural Innovation Lab presents a unique opportunity for disruptive start-ups to increase their visibility, accelerate their business and achieve success,” said Carla Harris, Vice Chairman, Global Wealth Management, and Head of the Multicultural Client Strategy Group, Morgan Stanley.
Morgan Stanley will take ‘equity positions’ in the 10 startups, which are innovating in areas including ‘health, beauty and well-being, entertainment and ticket sales, nonprofit leadership, energy, online retail, family savings and software development’.
“The Multicultural Innovation Lab addresses the large funding gap between traditional and multicultural/women startup founders,” added Alice Vilma, Managing Director, Morgan Stanley. “Morgan Stanley’s global reach will provide the capital, connections and curriculum needed for these innovative companies to both grow and scale.”
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