AWARE-EDP: Coaching and professional development to advance STEM innovation ideas and funding of underrepresented entrepreneurs and scientists

Management Leadership For Tomorrow, Bethesda MD

Investigators

Abstract

The broader impact of the Accelerating Women and underRepresented Entrepreneurs (AWARE) Entrepreneurship Development Program (EDP) project is to increase the participation of entrepreneurs and scientists from underrepresented communities (African Americans, Hispanics/Latinos, Native Americans and women) in STEM (Science, Technology, Engineering, and Mathematics) entrepreneurship. The particular emphasis of this project is to broaden the participation of underrepresented entrepreneurs and scientists in federal innovation research and development programs, specifically the Small Business Innovation Research (SBIR) and Partnership for Innovation (PIF) programs. These programs provide funding for scientists and entrepreneurs to develop advanced innovations that have a high level of uncertainty and risk of not resulting in a desired prototype or technological discovery. This project will match underrepresented minorities with resources and individuals that have business and scientific expertise to 1) provide coaching and entrepreneurship training 2) advance the development of ideas for STEM innovations and 3) understand and prepare innovators for the product development stage prior to applying for SBIR or PFI. The project is being disseminated through Management Leadership for Tomorrow (MLT), a national nonprofit that has provided career coaching and professional development training to over 5,000 African American, Hispanic/Latino, and Native American program participants over 15 years to diversify the talent pipelines of more than 100 corporations and social sector organizations. The proposed project will address barriers of entrepreneurs and scientists from underrepresented backgrounds by providing coaching and pathways to funding for commercializing innovative scientific and technical ideas. Today less than 1% of venture capital-backed entrepreneurs are underrepresented minorities, and ventures with all-Black founding teams received 30-60% of the funding amount acquired by all-White and all Asian venture capital-backed teams. Lack of access to capital and networks have been documented as limiting factors for entrepreneurs, with these factors magnified for entrepreneurs from underrepresented backgrounds. The AWARE EDP program provides opportunities to educate scientists and entrepreneurs through mentorship and coaching on how to develop proof of concepts, test the strength and viability of ideas through informational interviews, understand strategies for success in the tech industry through boot camps with tech partners, and create an action plan for acquiring seed funding. The four goals of this program are the following: 1) provide an entrepreneurship training playbook and coaching to help underrepresented entrepreneurs and scientists create technical innovations; 2) provide participants with mentorship and coaching to develop scientific and technology-based products and services; 3) support SBIR/PFI grant applications and awards of program participants through workshops with program officers and guidance in the application process; and 4) provide access to resources for focus groups, prototype testing, capital introduction and other support services for entrepreneurs. This award reflects NSF's statutory mission and has been deemed worthy of support through evaluation using the Foundation's intellectual merit and broader impacts review criteria.