NEW YORK, September 06, 2022--(BUSINESS WIRE)--Morgan Stanley today announced the eighth cohort of the Multicultural Innovation Lab. The in-house accelerator program for technology and technology-enabled startups in the post-seed to Series A funding round stage targets companies with multicultural or women founders, co-founders, CTOs or other C-suite members who are developing innovative solutions across sectors. Now in its sixth year and with 69 total participating companies to date, the program is expanding globally for the first time, with participating companies in both the US and in Europe, the Middle East and Africa (EMEA).
From September 2022 to February 2023, the founders—the majority of whom are women and ethnically diverse—and their companies will participate in a customized accelerator program designed to enhance their growth and development. Chosen from over 2,500 applications, these leaders will benefit from the close support of Morgan Stanley’s global ecosystem of internal and external partners, which will provide a variety of mentorship opportunities and business-growth resources. Through MCIL, Morgan Stanley also makes investments in these early-stage, high-growth startups.
"We are particularly excited to welcome our first global cohort, representing multicultural and women-led innovation in business around the world," said Selma Bueno, Managing Director and Head of the Multicultural Client Strategy Group. "This new stage in MCIL’s development represents our continued efforts to create a more equitable investment landscape for women- and diverse-led startups and ensure that more overlooked entrepreneurs—and their communities—have the opportunity to succeed."
The companies that have been selected for the Fall 2022 cohort include the following:
The Fall cohort will operate in a hybrid environment, using a combination of online video platforms and in-person events to facilitate the curriculum, enhance connectivity and foster community. The program will culminate in the eighth Multicultural Innovation Lab Showcase and Demo Day, when the 10 participating companies will present to potential investors, business partners and customers.
For the last two years, MCIL has been named one of the World’s Best Innovation Labs by Global Finance Magazine. The Lab continues to successfully increase access to capital for diverse entrepreneurs, as evidenced by resulting company acquisitions and additional funding rounds following participation in the program. Some notable examples include:
About the Multicultural Innovation Lab
The Multicultural Innovation Lab (MCIL) is an intensive five-month in-house accelerator designed to help further develop and scale startups, culminating in a showcase presentation and Demo Day to the investor community. Morgan Stanley launched MCIL in 2017 in order to address inequities in funding of ethnically diverse- and women-led startups, which our research shows equals over four trillion dollars in unrealized returns.
The team is led by New York-based Selma Bueno, Managing Director and Global Head of the Multicultural Client Strategy Group, and London-based Sanghamitra Karra, Managing Director and EMEA Head of the Multicultural Client Strategy Group. Together, they have over 35 years of investment banking and risk management experience.
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About Morgan Stanley
Morgan Stanley (NYSE: MS) is a leading global financial services firm providing a wide range of investment banking, securities, wealth management and investment management services. With offices in 41 countries, the Firm’s employees serve clients worldwide including corporations, governments, institutions and individuals. For further information about Morgan Stanley, please visit https://www.morganstanley.com/.
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