The Bioscience & Entrepreneurial Inclusion Initiative strengthens the region’s bioscience ecosystem by identifying high-potential, talented women & minority bioscience entrepreneurs and providing a systematic pathway for them to create viable high-growth ventures. This is accomplished through Entrepreneurial Inclusion Pipeline Programming and the convening of the St. Louis Equity in Entrepreneurship Collective.
BioSTL Inclusion Initiative
in the News
Women-owned businesses grew at four times the rate of male owned businesses since 1997. Firms founded by women of color are growing at the fastest rate of all other groups and women-owned businesses engage in Research and Development at higher rates than men.
On the surface, these seem like promising statistics, but beneath them lies a sobering reality – one in which women and minority-owned businesses face significant challenges not shared with their white male counterparts. This is especially true in the STEM industries, where intellectual property rights and investment funding are less accessible to women and people of color.
The Institute for Women’s Policy Research dug into the harsh reality facing women and entrepreneurs of color in its recently-released report, Innovation and Intellectual Property Among Women Entrepreneurs. And while the results speak to a lack of equity in the entrepreneurship community, the recognition of this fact has led to some promising work being done by organizations around the country to create more inclusive ecosystems.
BioSTL is proud to have been recognized by IWPR as one of the organizations making strides to increase equity in entrepreneurship. Our work in increasing diversity in St. Louis’ bioscience technology ecosystem through our Inclusion Initiative is detailed in Closing the Gender Gap, IWPR’s report on some of the country’s most promising work currently being done to increase representation in the entrepreneurship community. As we celebrate our organization’s successes to date, we commit to continue pushing so that we will realize the vision of an entrepreneurship ecosystem that truly benefits everyone.
Read the full report here.
ICIC Recognizes BioSTL’s Inclusion Initiative as one of Twelve Organizations Driving More Inclusive Entrepreneurial Ecosystems
To address the critical gap in support for minority and women entrepreneurs, and catalyze a national conversation around inclusive economic growth, JPMorgan Chase has expanded their Small Business Forward initiative with a multi-year commitment of $150 million to support women-, minority- and veteran-owned small businesses with greater access to capital, technical support and guidance.
As part of the Small Business Forward initiative, JPMorgan Chase invests in entrepreneurial support organizations (ESOs) that support early-stage businesses and advance inclusive growth in cities across the U.S. In its first three years, Small Business Forward has partnered with a total of 15 ESOs to support over 4,000 small businesses.
JPMC and ICIC recognized BioSTL for its unique approach to building an inclusive entrepreneurship ecosystem in St. Louis: "Some ESOs are partnering with other community stakeholders to take a collective impact approach to promoting inclusive entrepreneurship. In St. Louis, BioSTL supports the creation and growth of new companies as a key lever to drive the growth of a regional bioscience cluster. In November, BioSTL launched St. Louis’ Equity in Entrepreneurship Collective, a partnership of regional ESOs, funders, and industry leaders working at a regional ecosystem level to address issues of race and gender equity in early-stage, tech-based entrepreneurship. This work builds on BioSTL’s Bioscience & Entrepreneurial Inclusion Initiative, a stream of programming designed to increase awareness about the field among professionals underrepresented in the biosciences, and provide them with entrepreneurial training and network connections."
BioSTL Nationally Recognized for Increasing Equity in Entrepreneurship
Institute for Women’s Policy Research Presents its Inclusion Initiative as a Model
BioSTL was nationally recognized by the Institute for Women’s Policy Research (IWPR) as one of the organizations making strides to increase equity in entrepreneurship in its recently released report, "Closing the Gender Gap in Patenting, Innovation and Commercialization – Programs Promoting Equity and Inclusion."
Check back soon for more upcoming events.
ST. LOUIS EQUITY
IN ENTREPRENEURSHIP COLLECTIVE
What would be possible if St. Louis proactively built race and gender equity into its ecosystem of organizations, investors and mentors supporting early-stage, tech-based entrepreneurs?
The St. Louis’ Equity in Entrepreneurship Collective is an intentional effort of regional entrepreneur support organizations, investors, funders and company founders working to ensure that systems built to support new entrepreneurs operate equitably, especially related to race and gender. The St. Louis’ Equity in Entrepreneurship Collective is a winner of the Kauffman Inclusion Challenge, and one of the only efforts across the country that is focused on building equity in tech-based entrepreneurship ecosystems at a regional level, making the critical work we do together a potential blueprint for the rest of the country.
ST. LOUIS’ EQUITY IN
ENTREPRENEURSHIP COLLECTIVE SUMMIT
On November 30, 2017, more than 150 members of St. Louis’ entrepreneurship ecosystem gathered for the first-ever regional summit on race and gender equity in early-stage, tech-based entrepreneurship. Entrepreneurs, support organizations, funders and investors imagined and committed to actions that build race and gender equity into St. Louis’ existing entrepreneur ecosystem. The summit featured an Equity Primer delivered by Nicole Hudson, Deputy Mayor for Racial Equity and Strategic Initiatives, a panel of investors, entrepreneurs and ecosystem leaders, as well as solution-building work session that identified strategies that are launching a year of action in 2018. For additional information, please click any of the links below:
Four working groups are forming to carry the work of the St. Louis Equity in Entrepreneurship Collective. If you are interested in serving on one or more of the Action Team (one meeting/month, approximately), please email firstname.lastname@example.org.
Data Transparency and Accountability -Measuring equity and sharing data across organizations
Intentional Network Cultivation – Building systems to intentionally diversify networks of mentorship & leadership
Coordinated Investment in M/WBE Skill Development and Capacity - Aligning entrepreneur development activities across the region
Unbiased Concentration & Distribution of Resources – Determine, and build equity into systems that determine how time, talent and treasure (investment) is distributed
If you are generally interested in joining our community of practice around race and gender equity in early-stage, tech-based entrepreneurship in St. Louis, but aren’t sure about joining an Action Team, please email email@example.com.
I’m tired of going to meetings and talking, when are we going to start acting?
This effort is for you! At the end of 2017, we held a regional summit where we had a common conversation across our roles as entrepreneurs, funders, investors, members of entrepreneur support organizations and other stakeholders. During the event, participants identified short and long term strategies for building race and gender equity into our ecosystem. These actions are the starting point for the work of our Action Teams, which launched in January, 2018. To review the recommended actions, please read the Report or Executive Summary above. To join an Action Team, please email firstname.lastname@example.org.
2. My program already serves women, entrepreneurs of color and other historically underserved/ underrepresented groups. How is the St. Louis Equity in Entrepreneurship Collective different?
The focus area for impact is explicitly on the ecosystem as a whole, understanding how the work of individual organizations add up to more St. Louis women and entrepreneurs of color creating tech-based businesses. We know company founders rarely receive support from only one advisor, mentor or organization; the Collective is focused on the alignment and amplification of individual organizational efforts...AND helping those who personally interact with entrepreneurs to do so in a more equitable way.
3. What does “early-stage, tech-based” mean? Does my business or organization fit in that focus area?
Generally we are referring to companies in business for less than 3 years, and leveraging technology to create enterprises with a scalable impact. Anyone interested in this specific type of entrepreneurship, or race and gender equity in new business creation is welcome to join the effort.
4. Why focus solely on “early-stage, tech-based” businesses?
We recognize that scope of entrepreneurship and small business is broad. We also recognize that these issues are complex. Starting with a narrow focus allows for more immediate impacts and lessons learned to be applied to a larger swath of entrepreneurship. We also know that women and people of color are underrepresented in tech-based venture capital funding, company leadership and other metrics of entrepreneurship success compared to their make-up of the broader American population.
5. You mention racial equity-is this effort related to the work of the Ferguson Commission?
Though not officially affiliated with the work of the Ferguson Commission, the Ferguson Commission’s call to understand the impacts of racial inequities in St. Louis influenced the creation of this effort. The increased focus on racial equity across St. Louis, as well as local partners engaged (currently and historically), in both race and gender equity work offers ample opportunities for cross-effort learning and collaboration.
This is work is also informed and connected to other efforts in St. Louis addressing topics that are related to who can be successful in entrepreneurship, including education, criminal justice, public health and banking. We are informed by the following regional efforts and reports:
For more information about how these overlapping efforts are related, please contact email@example.com.
6. Who is engaged with St. Louis’ Equity in Entrepreneurship Collective currently?
To date, we have had 150 community members and organizational representatives engaged in the effort. We are working towards formalizing our partnership structure, in 2018, and will publish the list in Q1.
The effort benefitted greatly from organizing activities and perspectives of the following organizations: Arch Grants, BioSTL, Brazen Global, CET (Center for Emerging Technologies), Cortex, ITEN, Missouri Small Business Development Center, St. Louis Economic Development Partnership, St. Louis Makes, St. Louis Regional Chamber, T-Rex, Venture Café St. Louis
8. I have more questions. Who can I contact?
Please contact firstname.lastname@example.org.
STAY IN THE KNOW
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ABOUT THE INITIATIVE
In 2008, BioSTL began organizing on-going collaboration aimed at creating a network of organizations and individuals committed to collaborative action that increases inclusion within biosciences. The effort began with meetings of a small group of CEO-level community leaders and has since evolved to include 85+ leaders and practitioners from organizations throughout the community. In 2014, with an award from the Blackstone Foundation, BioSTL began programming a series of activities along a pathway: build awareness about opportunities in bioscience; engage individuals in learning more about those opportunities; provide training to support an individual’s engagement in biosciences; and, finally, build connections to resources to help move individuals toward employment in bioscience or starting a new bioscience venture. Our programing continues to evolve annually.
2018 PLANNED ACTIVITIES
Awareness-raising activities about bioscience entrepreneurship: Introducing St. Louis innovation opportunities across bioscience, IT and advanced manufacturing sectors, and providing training around unique considerations for bioscience ventures through the VISION symposium.
Programming to expose high school students to bioscience and agriculture biotech through the EXPLORE externship program with Diversity Awareness Partnership, KWS, MilliporeSigma and Venture Café St. Louis.
Exposing community members to local examples of bioscience entrepreneurs in a causal setting through “Evening With” conversations with local female entrepreneurs and entrepreneurs of color.
Strengthening new businesses through recruiting participation for, and providing follow on advising to, select graduates of CET’s Square1 programing through the BioSTL Fundamentals program.
Convening regional leaders to identify and create opportunities to increase race and gender equity in the systems of supporting entrepreneurs from ideation through implementation and scalability of a business idea
Received 13 National Best Practice Recognitions
Engaged 889 Program Participants
395 Women (Inclusion Program Participants)
393 People of Color (Inclusion Program Participants)
118 Foreign Born (Inclusion Program Participants)
Trained 94 Future Company Founders
Complete Deep Assessment of 83 Businesses
8 New Companies Have Been Founded
Inclusion Initiative Participants have raised $38,593,000 in capital since 2015
150 female and students of color from middle and high schools across the region have participated in hands-on externships in the areas of bioscience and agriculture with corporations and innovation-focused nonprofit organizations
BioSTL received a $420,000 Kauffman Foundation Inclusion Challenge Award aimed at helping women and minority entrepreneurs.
Dr. Cheryl Watkins-Moore serves as Director of Bioscience & Entrepreneurial Inclusion, BioSTL. Cheryl bolsters existing collaborations with organizations across the St. Louis region, seeks new partnerships to promote inclusion in entrepreneurship, and directs the programing of the Initiative.
Dr. Cheryl Watkins-Moore began her career as a physician, then added an M.B.A. from Northwestern’s Kellogg School of Management and developed business leadership experience by managing teams in large global and start-up organizations in the life science industry. Cheryl is CEO of UPstart Innovations, LLC and Accelerated Rehabilitation Technologies, LLC, both start-up companies focused in the bioscience technology market. Most recently, Cheryl served as an Entrepreneur In Residence (EIR) with the BioGenerator, supporting the formation and growth of new bioscience startups. She concurrently served as a mentor for tech entrepreneurs with the Capital Innovators accelerator program as well as mentored entrepreneurs in Washington University’s Skandalaris Center for Entrepreneurial Studies. Previously, in her role as Vice President and General Manager, Cheryl led the Integrated Biomarker Solutions business and prior to that role headed the Analytics Division for the North American market of EMD Millipore, the U.S. subsidiary of Merck KGaA. Prior to Merck, Cheryl managed the U.S. marketing operations for Swedish-based biotech start-up company, Biora Inc.
Images courtesy of the Donald Danforth Plant Science Center and Confluence Life Sciences