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Morgan Stanley Selects 10 Startup Companies for 2nd Cohort of Innovation Lab Targeting Multicultural and Women FoundersMorgan Stanley today announced the second cohort of the Multicultural Innovation Lab, an accelerator program for technology and technology-enabled start-ups in the post-seed to Series B funding rounds. The program, now in its second year, targets companies with a multicultural or woman founder, co-founder, CTO or other member of C Suite that is developing innovative solutions across sectors. Doubling its cohort size following a successful inaugural year, with one acquisition attributed to increased visibility from the program, a second company's acceptance into another prestigious accelerator program, and general increase in investment and media attention, the Lab will make investments in these early stage high growth companies and will support the founders' growth and development through its ecosystem of internal and external partners. "The monumental success of the inaugural class proves that the market inefficiency in accessing capital within the start-up scene for women and multicultural entrepreneurs leads to a positive commercial outcome," said Carla A. Harris, Vice Chairman, Global Wealth Management, and Head of the Multicultural Client Strategy Group, Morgan Stanley. "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." The Lab is designed to help drive positive economic outcomes for entrepreneurs of color and women by providing content, visibility, technical support and connectivity with important stakeholders who might be essential in accelerating the growth of their businesses, as well as access to an ecosystem of best in class global partners providing a variety of resources. The companies, selected out of 300 applications submitted within one month, will be fully immersed in the program working from Morgan Stanley's global headquarters in Times Square, New York, and receive support by a dedicated team creating tailored experiences to help eah company grow. The 6-month program will begin in April and run through the fall, culminating in the second Multicultural Innovation Lab Showcase and Demo Day in mid-November that will expose companies to potential investors through showcase format presentations. Understanding that access to capital alone isn't sufficient; the Lab brings in best-in-class content and connectivity for the entrepreneurs. William Crowder, formerly head of Comcast (News - Alert) Ventures' Catalyst Fund and now Founding Partner at 42 Venture Partners, will be returning as its Entrepreneur-In-Residence. Crowder will serve as a strategic advisor to both the entrepreneurs and the Multicultural Client Strategy team throughout the duration of the Lab to help participating companies address and conquer challenges that will increase performance and progress. Additionally, with input from other partners such as Wilson Sonsini Goodrich & Rosati, entrepreneurs in the Lab will have unparalleled access to subject matter experts, practitioners and investors all committed to their success. "The Multicultural Innovation Lab addresses the large funding gap between traditional and multicultural / women startup founders," said 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." The companies that have been selected for the 2018 cohort are below:
Learn more about the Morgan Stanley Multicultural Innovation Lab here. 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 42 countries, the Firm's employees serve clients worldwide including corporations, governments, institutions and individuals. For more information about Morgan Stanley, please visit www.morganstanley.com.
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