Morgan Stanley announced the sixth cohort of the Multicultural Innovation Lab, an accelerator program for technology and technology-enabled startups in the post-seed to Series B funding rounds. The program, now in its fifth year and with 51 total participating companies to date, targets startups with a multicultural or woman founder, co-founder, CTO or other C-suite member that is developing innovative solutions across sectors. Through the Lab, Morgan Stanley makes investments in these early stage, high-growth companies and will support each founder’s growth and development through its ecosystem of internal and external partners.
“Welcoming another cohort to our growing portfolio of companies is another step forward in the effort to close the funding gap for diverse founders that exists in the marketplace today,” said Carla Harris, Vice Chairman of Morgan Stanley and Co-Head of the Multicultural Client Strategy Group. “I am excited to hit the ground running to work with these talented founders, having witnessed first-hand the tremendous success of the program in bringing these businesses to scale.”
The companies participating in the program began on August 16 and are operating in a hybrid environment, using online video platforms to facilitate the Lab curriculum and convening in-person to foster community. The entrepreneurs receive support from a dedicated Morgan Stanley team delivering tailored experiences to help each company grow. The program will run through January 2022, culminating in the sixth Multicultural Innovation Lab Showcase and Demo Day that will present the companies to potential investors.
“We look forward to welcoming our next cohort of founders to provide the tools, resources and connections they need to grow and scale their sector-disrupting businesses,” said Alice Vilma, Managing Director and Co-Head of the Multicultural Innovation Lab. “Highlighting these great companies with diverse founders and leveraging our expansive and global networks and resources will hopefully widen their universe and attract the capital needed to scale”
The Summer 2021 Multicultural Innovation Lab (MCIL) Cohort includes the following companies that have innovative strategies across sectors such as fintech, healthcare, media, marketplace, retail tech and enterprise software: Cognicor, Fyt Personal Training, Lifesaver, MedTrans Go, Playlister Club, Productions.com, Sozie and Stimulus