SAN FRANCISCO--(BUSINESS WIRE)--For decades, the investment industry has not reflected our world’s immense diversity of people, experiences and perspectives. In fact, firms owned by women and minorities manage just 1.3 percent of assets. Recognizing this, Material Change Institute, a first-of-its-kind non-profit building a capital ecosystem that delivers equal access and stronger returns, today announces its first cohort of 10 fellows. As it stands, there is a lack of affordable, comprehensive programs to support diverse investors. With this announcement, Material Change Institute is providing a pathway to increase representation in venture funding by accelerating, simplifying and providing opportunities for multiple journeys into asset management, focusing on early-stage investment.
With $89 trillion global assets under management (AUM) in 2019, the asset management industry is a cornerstone of the global economy. And research shows that IPOs for companies with diverse investment teams outperformed their less diverse peers by up to 32%. However, minorities and women are underrepresented in influential positions in investment. Black and Latinx employees comprise 4% of investment professionals and Asian/Pacific Islanders represent 19%. Meanwhile, women comprise 45% of the investment industry, yet 94% are in administrative roles. Material Change Institute is establishing a thriving community of investors, instructors, lecturers and partners who share a commitment to inclusion and systemic change to support underrepresented investors as they explore the many pathways into asset management.
“To create a truly representative eco-system we need diversity at every level of the startup journey, from founders, leaders and operators to investors who take a seat at the capitalization table,” shared Charles Hudson, Managing Partner and Founder of Precursor Ventures and Material Change Institute lecturer. “Material Change Institute provides a well-rounded pathway for people from all backgrounds and experience levels to more easily enter the investment industry and begin influencing change.”
Founded by serial entrepreneur and investor Eve Blossom, Material Change Institute is designed differently. “In our year-long program, the goal is to increase the number of underrepresented investors and provide them with an easier onboarding into the industry through virtual learning, mentorships, paid internships and incubator experiences,” Blossom said. “The fellowship aims to lower the barrier to enter the asset management industry while helping participants build a capital ecosystem where inclusion unlocks value.”
The program’s primary learning stream focuses on understanding the methods, mechanics and modes of start-up investing, supported by five main pillars: Leadership, Generative Communications, Business Strategy, Strategic Foresight and Mentorship/Internship. Material Change Institute has tapped into decades of expertise with over 50 angel investors, venture capitalists and subject matter experts to serve as Material Change Institute instructors and lecturers.
Instructors and/or lecturers include: Nihal Mehta, Co-Founder of Eniac Ventures; Tim Chang, Partner at Mayfield Fund; Susan Worthman, Associate Professor, Design Strategy MBA Program; Roy Bahat, Head of Bloomberg Beta; Sarah Brooks, IBM Distinguished Designer; Nathan Shedroff, former Founder/Chair of Design MBA programs at CCA; David Hornik, Founding Partner at Lobby Capital, Elise Miller Hoffman, General Partner at Cultivation Capital; Darrell Kopke, Founder and CEO at Ædelhard; Jerry Michalski, Founder of REX; Boris Wertz, Founder and General Partner at Version One Ventures; Suneel Gupta, author and serial entrepreneur; Patrick Lor, Managing Partner at Panache Ventures; Sunil Paul, Founding Partner of Spring Ventures and Co-Founder of Spring Free EV; Jay Kapoor, General Partner at VSC Ventures; Raj Kapoor, Co-Founder and Managing Partner at Climactic VC, Advisor at Lyft; Antonia Rojas, Partner at ALLVP; Leandro Pisaroni, General Partner at Kalei Ventures; Rebeca Hwang, Partner at Kalei Ventures and Professor of Practice at Thunderbird School of Global Management; McKeever ‘Mac’ Conwell, Founder and Managing Partner at RareBreed Ventures; DJ Patil, Former U.S Chief Data Scientist; Sergio Monsalve, Founding Partner at Roble Ventures; Maggie Sprenger, Managing Director at Green Cow Venture Capital; Charles Hudson, Managing Partner and Founder of Precursor Ventures; and Monique Woodard, Founder and Managing Partner of Cake Ventures.
“Founders who have historically been left out tend to be over-mentored and under-funded. To fix this problem, we need more diverse investors who will bet on diverse founders,” stated Monique Woodard, Managing Partner and Founder of Cake Ventures and Material Change Institute instructor and advisor. “This fellowship stands to make a meaningful, lasting impact through a year-long program built to equip diverse investors with the tools, ongoing community and support they need to succeed, and in turn, invest in diverse founders.”
The first cohort includes:
- Christopher Ategeka, an award-winning engineer, entrepreneur, author and investor
- Brittany Barreto, Ph.D., a scientist, serial entrepreneur and venture capitalist
- Mario Carroll, an attorney focused on general corporate matters, mergers and acquisitions, and venture capital financings
- Corinne Gray, a humanitarian, social entrepreneur and advocate for inclusion for the world’s most marginalized people
- Soo Jeon, a social entrepreneur and community builder who uses global experiences to identify opportunities overlooked by a western-centric approach
- Sidney N. Nakahodo, an authority in entrepreneurship and space investment
- Erika Nash, an investor focused on emerging technology
- Leslie Rance, an international business executive
- Ayori Selassie, an angel investor, entrepreneur and advocate for the ethical use of artificial intelligence, as well as head of Salesforce’s Social Transformation Lab
- Carlos Torres de la Cuba, a finance executive, investor and entrepreneur
Interested candidates can apply today for the next cohort, which will begin in May 2022. To learn more about the Material Change Institute’s fellowship and how to get involved, visit: www.materialchange.net. Those interested in offering internship opportunities for Material Change Institute fellows, click here.
About Material Change Institute
Material Change Institute is a non-profit that empowers underrepresented investors to reach influential decision-making positions within the asset management industry. The non-profit is on a mission to enable underrepresented individuals to excel as investors while equipping funds, investor groups and incubators to achieve higher returns. The fellowship is driven by a vision for the capital ecosystem of the future: one that provides equal representation and equal access that broadens investments. www.materialchange.net
