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In launching small businesses, particularly in advanced sectors like artificial intelligence (AI), Internet of Things (IoT), or biotech, disadvantaged groups like low-income people encounter extra challenges in accessing funding and investment. While federal and private sector efforts are underway to support businesses owned by women and minorities, there is still much progress to be made in bridging the investment gap. The Small Business Administration (SBA 2013) started providing $3.5 billion annual support through its Small Business Innovation Research (SBIR) program, with a directive from the Small Business Act to prioritize women and underserved groups. Typically, PhD degrees at US institutions focus on preparing graduates for academic positions, while only 11% of STEM PhDs would successfully achieve tenure-track faculty positions. To foster innovation and increase the participation of underrepresented minorities in emerging industry startups and secure U.S. competitiveness in the global arena, the National Science Foundation (NSF) introduced the Innovative Postdoctoral Entrepreneurial Research Fellowship (IPERF) program managed by the American Society of Engineering Education (ASEE). The first evaluation of the IPERF program shows that one-third of the fellows who joined the STEM entrepreneurial program stayed either in their startups or joined other entrepreneurial fields. This seems to be an interesting indicator of the increased entrepreneurship interest of STEM postdoctoral fellows, especially if the vast majority of them represent underserved communities. 

In the realm of unaddressed ethnic disparities in the United States, the issue of venture capital funding is often overlooked. Despite their significant presence in the population, Hispanic and Black entrepreneurs receive only a fraction of venture capital investment, which is a stark contrast to their demographic representation. A staggering 77% of venture capital recipients are White, 9% women, and nearly 2% Latino, leaving just a minuscule 1% for African American entrepreneurs (remaining were Asians and Middle Easterners), regardless of their gender or educational qualifications [1]. Multiple sources claim an even higher population than 80% of White and approx. 1% Black [9, 10, 11, 12, 13]. This discrepancy is particularly evident in STEM and the burgeoning field of transdisciplinary startups like biotechnology, where interdisciplinary knowledge is increasingly crucial. Consequently, emerging entrepreneurs in these sectors frequently face obstacles in accessing adequate support, a challenge that persists into the 21st century amid fierce global competition for innovation leadership. Recognizing this trend, Congress authorized eligible agencies under the SBIR/STTR Reauthorization Act of 2011 to allocate 3% of their small business grant budget to support underserved groups [2]. Consequently, several other agencies began utilizing this fund to reach out to those communities. To maintain its position as a global leader in Research and Development (R&D), alongside the SBA the National Science Foundation (NSF) initiated the Innovative Postdoctoral Entrepreneurial Research Fellowship (IPERF) program. Designed to address the underrepresented researchers in STEM fields, IPERF offers these fellows invaluable experience within technology startups to bolster their professional development and give them valuable tools in the entrepreneurship area, as well as for the authors to create new knowledge about postdoctoral STEM entrepreneurship which might be reused at university levels in the future. The program aims to enrich diversity within the STEM high-tech startups and entrepreneurial spheres, thereby enhancing opportunities for marginalized groups. As interdisciplinary high-tech startups (nearly 70% of them) experience exponential growth, biotechnology companies within IPERF constitute nearly 40% of its participant companies. This paper presents part of the results, focusing on fellows post-IPERF time, i.e., longevity findings, and rapidly growing interdisciplinarity of the high-tech startups. A longitudinal study involving 60 fellows who completed the program over one to four years ago revealed that while the host companies hired 35% at the beginning, 25% still remained at various startup businesses after three years, and the majority (50%) transitioned into roles within industry labs. Through IPERF, highly educated yet primarily theoretical fellows gain hands-on experience in the intricacies of entrepreneurship, with the option to either continue with the current company or embark on their entrepreneurial ventures following the high-tech internship. This practical education not only benefits the fellows themselves but also contributes to the broader objective of diversifying startup leadership in the United States. 

When considering the many underserved communities and instances of ethnic injustice that require attention in the U.S., venture capital funding might not immediately come to mind. However, Hispanic and Black entrepreneurs receive only a minuscule portion of venture capital, which is drastically out of sync with their representation in the population. Despite differences in gender and education, 77% of venture fund recipients are White, while only 1% are African American [1]. The 2013 SBA Annual Report revealed that while there was some progress, only 15% of this funding went to women and underserved minority groups [2], despite these groups making up approximately 50% of the U.S. population. The private sector reflects a similar imbalance. According to a 2019 report by Diversity VC [1], a nonprofit promoting diversity in Venture Capital (VC), a comprehensive survey of around 10,000 founders who received venture capital revealed that only 9% were women, and just 1% were Black. This disparity is especially pronounced in the growing sectors of transdisciplinary startups—such as bioenergy, biotechnology, and nanomedical technologies—where cross-disciplinary expertise is becoming increasingly crucial. Entrepreneurs in these fields often face significant obstacles in securing adequate support, a problem that persists even as U.S. innovation contends with unprecedented global competition. This trend prompted Congress to allow eligible agencies to allocate 3% of their small business budgets to support underserved groups, as part of the SBIR/STTR Reauthorization Act of 2011. Consequently, several other agencies have begun using these funds to reach underserved communities. To ensure that the U.S. remains a world leader in R&D, besides SBA and a few other agencies, the National Science Foundation (NSF) launched the Innovative Postdoctoral Entrepreneurial Research Fellowship (IPERF) program. IPERF facilitates the professional development of Black, Hispanic, and female research fellows, typically underrepresented in STEM fields, by offering them invaluable experience within technology start-ups. The program’s goal is to enhance diversity in the high-tech start-up and entrepreneurial landscapes and improve opportunities for underserved groups. Meanwhile, interdisciplinary high-tech startups are growing exponentially, the biotechnology companies within IPERF make up nearly 40% of the IPERF companies. A longitudinal survey of 60 IPERF fellows who left the program between one and four years ago showed that 35% of them were hired by their host companies, still 25 % were working at those startups after three years. Most of the other fellows found jobs within the industry labs (30%) or other startup companies (10%).