CIEC panel
(Ed.)
Abstract: When starting small businesses, particularly in high-tech sectors like artificial intelligence (AI), digital twins, or the Internet of Things (IoT), women and underrepresented minority groups face additional hurdles in securing funding and investment. Not only is such a discrepancy in investment socially unjust, but it deprives the US of the advantages in innovation and global competition that could stem from the widening participation of the underrepresented population in innovative sectors. Although targeted support to women and underrepresented minority-owned businesses is being provided by the federal government and the private sector, more remains to be done to close the investment gap. The US Small Business Administration (SBA, 2013) provides more than $3.5 billion in funding to over 5,000 startups per year through its Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) programs. Moreover, the Small Business Act provides these programs with a mandate to target women and underrepresented minority groups. Despite this mandate from SBA, only 15% of those funds went to minority-owned companies (SBA, 2013). Funding opportunities from the private sector tell a similar story. Diversity VC, a non-profit partnership promoting diversity in Venture Capital, reported in 2019 that in a comprehensive survey (Azevedo, 2019) ofmore »