IAJC panel
(Ed.)
Abstract
Studies have shown that in the United States, women, Black, and Hispanic entrepreneurs are given a disproportionately tiny fraction of venture capital funding, especially when compared to their representation in the population. This investment discrepancy is not only socially unjust, but it also deprives the U.S. of the advantages in discovery and global competitiveness that could stem from these groups’ increased participation in innovative sectors. This is particularly true within transdisciplinary startups, like smart energy or nanomedical technologies, all of which require crossdisciplinary experts. Every new entrepreneur in these fields experiences challenges in finding adequate support. These challenges exist at a time in the 21st century when U.S. innovation is facing unprecedented pressures in competition for primacy. In 1960, the U.S. research and development (R&D) expenditure for defense and private industries was approximately 69 percent of global spending on R&D. In 2016, however, the U.S. share of global R&D expenditure had decreased to just 28 percent due to China’s substantial advances. If this trend continues, China’s R&D expenditure measured by GDP will outperform those of the U.S. by 2030.
To ensure that the U.S. remains a world leader in R&D, the National Science Foundation (NSF) launched the Small Business Postdoctoral Research Diversity Fellowship (SBPRDF) followed by the Innovative Postdoctoral Entrepreneurial Research Fellowship (I-PERF). Both facilitate the professional development of underrepresented research fellows by offering them invaluable experience within research and technology companies. This paper provides a pathway for enhancing diversity in the startup and entrepreneurial landscapes, improving opportunities for researchers from underserved groups, and increasing the number of highly competent entrepreneurs within the U.S. STEM community. The startup companies involved in the program, which are also supported by the NSF, comprise a variety of new, mixed STEM fields that were unknown just a few decades ago.
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