TLDR:
- Ed Gaskin advocates for boosting Black-founded STEM startups to address disparities in healthcare and housing crises.
- Massachusetts underperforms in funding Black-founded startups compared to national averages.
Ed Gaskin’s article emphasizes the need to increase the number of Black-founded STEM startups in the greater Boston/Cambridge area. He argues that this can help address wealth disparities, improve healthcare access, and tackle the affordable housing crisis. Gaskin highlights that while the region is a top start-up cluster, venture capital funding going to Black founders is significantly lower than the national average.
Gaskin points out that Massachusetts ranked 20th for the percentage of venture capital going to Black founders, indicating a lack of economic motivation to support these startups. He suggests that access to social capital and networks, influenced by race, may be a key factor contributing to the disparity. The article also mentions the importance of Black founders serving as role models to inspire future generations and increase diversity in the STEM economy.
The article calls for a study funded by institutions like The Barr or Boston Foundation to identify the reasons behind the underperformance of Black-founded STEM startups in the region. Gaskin believes that Massachusetts, despite having legislative tools in place, is failing to support Black entrepreneurs in the tech sector. Overall, the article stresses the importance of boosting diversity in STEM-based companies for economic growth and social impact.
