Carla was interviewed by Goop to talk about how Morgan Stanley’s Multicultural Innovation Lab is breaking down barriers for women and minority entrepreneurs. Read an excerpt below and head over to Goop.com for the full article and interview:
First, the good news: Female entrepreneurship is expanding. Female-owned businesses grew 58 percent from 2007 to 2018, according to the eighth annual State of Women-Owned Businesses Report. And businesses started by women of color grew by 163 percent in that same period.
Now the bad: Female entrepreneurs get less than 10 percent of all venture capital. And along with minority entrepreneurs, they face often insurmountable barriers. They’re less likely than white males to have a network that opens up access to start-up capital and mentorship. Those networks are largely homogenous—“and if you don’t know somebody who knows somebody who can get you a meeting, then you never get a shot,” says Carla Harris, the vice chairman of global wealth management and a senior client advisor at Morgan Stanley.
Harris has plans to change this. She’s heading Morgan Stanley’s in-house team working to transform the investment landscape for female and multicultural entrepreneurs, as well as small business owners. At the heart of those programs is Morgan Stanley’s Multicultural Innovation Lab, an intensive six-month incubator program that helps female and minority founders grow their tech-forward businesses.