The effort from the state’s Economic Development Authority is aimed at addressing the reasons why it is harder for women and minorities to get their dream businesses going.
EDA Chief Executive Officer Tim Sullivan says less than 2% of venture capital winds up going to those firms and he wants suggestions on how to change that.
“One idea that we’re very seriously considering is investing in an early stage growth capital fund focused exclusively on black and Latinx entrepreneurs,” Sullivan told KYW Newsradio. “Early stage capital is the rocket fuel that makes companies go from one to two people to ten people to a hundred to a thousand people.”
The state could provide some seed money, paired with private investment. Look for action on that front in the summer after Sullivan’s staff reviews the feedback now being sought.
“We’re trying to approach this with a modest degree of humility to say we know there’s a problem,” Sullivan added. “We think we’ve got a couple ideas. Help us shape those into actionable and precise and impactful tools.”
You can click here to go to the EDA’s web site and a page to get you started. You have until April 23 to put your thoughts into the mix.