Morgan Stanley Selects 10 Startup Companies for 2nd Cohort of Innovation Lab Targeting Multicultural and Women Founders
April 16 2018 - 8:30AM
Business Wire
Out of 300 applicants from around the world, 2018 cohort
startups include Baby2Body, BeautyLynk, Broadway Roulette,
CariClub, COI Energy, CoSign, Goalsetter, Hatch Apps, myLAB Box,
and Shoobs, innovating in health, beauty and well-being,
entertainment and ticket sales, nonprofit leadership, energy,
online retail, family savings and software development
Morgan Stanley will once again take equity positions and use its
global reach, content and connections to spur growth and bridge the
funding gap between traditional and multicultural / women startup
founders
Morgan 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 each 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 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:
- Baby2Body is a fully automated
personal health and wellbeing coaching app for pregnant women and
mothers
- BeautyLynk seamlessly connects
women with reputable on demand hair and makeup services,
specializing in services for women of color
- Broadway Roulette turns a
stressful choice into a fun user experience by pairing consumers
with surprise cultural events, beginning with the Broadway theater
market
- CariClub uses an enterprise
software solution to help employees establish a professional
network for social impact, connecting young professionals with
nonprofit leadership opportunities
- COI Energy offers an integrated
platform for electric utilities to eliminate energy waste, save on
energy costs and protect the environment through artificial
intelligence
- CoSign provides an API for
brands and an app for bloggers and influencers to create,
distribute and monetize visual content by making their photos
taggable and shoppable
- Goalsetter offers a goals based
gifting and savings platform designated for children and funded by
the children, their parents, and other friends and family, allowing
kids to save for their own short and long term goals
- Hatch Apps is an automated
development platform enabling businesses to deploy web, iOS and
Android apps, without needing to write a single line of code
- myLAB Box is a direct to
consumer platform for at-home health testing and treatment,
delivering lab screenings and consultations with unprecedented
convenience, privacy and price
- Shoobs is the go-to platform for
urban content, culture and nightlife, ultimately creating a full
urban events marketplace targeting the millennial generation
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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Morgan StanleyMedia Relations:Sarah Higgins, 212-296-3648
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