As part of their efforts to address the underrepresentation of women and people of color in tech, Michigan Central and Newlab in Detroit have launched the Founder Fellowship Program.
The program is designed to support startups with minority and female founders while also advancing diversity and inclusiveness across Detroit’s emerging technology ecosystem.
The Founder Fellowship program is backed by the Michigan Central Equitable Ecosystem Fund, a $500,000 initiative designed to create a landscape where all founders have an equal chance to shape the future of tech and to ensure that pathways to the jobs, resources and opportunity are accessible to people from all backgrounds.
The Equitable Ecosystem is supported by Michigan Central’s public-private partnership with the city of Detroit and the state of Michigan through the Michigan Strategic Fund.
“At Michigan Central, startups, the community and industry are coming together to solve some of the world’s biggest mobility challenges, and not just physical mobility but social, as well,” says Joshua Sirefman, CEO of Michigan Central.
“A key pillar of our vision is ensuring our community is diverse and inclusive — both crucial elements for fostering innovation and driving real change in the tech ecosystem. We know the startup journey is challenging and that there are distinct hurdles along the way, especially for founders from underrepresented communities. This program is a key step in removing some of those barriers to help innovation thrive.”
Newlab at Michigan Central officially opened in April 2023, and already half of its 47 startups have at least one founder who is either a woman, African American, or Latino, three backgrounds that have historically been underrepresented in the world of tech.
“The statistics speak volumes: Women, Black and Latinx founders receive only a fraction of the venture capital funding compared to their white male counterparts,” says Katie Soven, head of membership for Newlab at Michigan Central.
“These underrepresented communities are confronted with systemic challenges that have not been adequately addressed by the traditional tech startup space. Though 50 percent is a good start, more must be done to help shrink the gap by helping more founders not only enter the ecosystem but thrive in it. At Newlab, we are committed to dismantling these barriers and fostering an inclusive community that empowers all entrepreneurs to succeed.”
For the fellowship, underrepresented communities cover race, ethnicity, sexual orientation, gender identity, disability, culture, and economic experience.
Michigan Central and Newlab will select leaders from startups in the fields of mobility, energy, and materials. The program will provide the fellows with one year of membership in Newlab at Michigan Central, a financial award of $30,000, and connections to a broader community of founders to help them grow their companies.
The program also will connect fellows to potential investors, customers, partners, mentors, and talent who fit the needs and growth stage of each company. Founders will also have access to Newlab at Michigan Central’s facilities, which include dedicated workspace and on-site prototyping and robotics labs.
Fellows will also benefit from entrepreneurial programming, including a series of workshops to strengthen their pitching skills and advisory sessions focused on navigating regulatory challenges, commercial deal-structuring, product-market fit, climate impact analysis, growth marketing, strategic partnerships, hiring, and more.
These sessions will equip fellows with the skills needed to grow early-stage tech companies, with an extra focus on the opportunities and challenges underrepresented founders face.
Newlab at Michigan Central also will provide access to a community of entrepreneurs and inventors, and encourage founders to support one another via networking opportunities and events. Each founder will also be matched with a mentor who can provide individualized support. Newlab at Michigan Central will connect founders with institutional and strategic investors to provide office hours and pitch feedback sessions.
To learn more about the Founder Fellowship, including updates on when and how to apply, as well as the Equitable Ecosystems Fund, visit here.
