When it comes to supporting organizations that are making a tangible difference, Brand LA's network includes CBOs that are contributing to our region's economic development by creating new opportunities for innovators and entrepreneurs. Especially, those from underrepresented communities trying to shape inclusive leadership in key verticals.
MedTech Color is one of those active organizations on a mission to increase the number of leaders of color in the medical device industry; by creating not just networking opportunities and a collaborative ecosystem, but also by elevating MedTech startups and ideation.
The nonprofit believes, and we agree, that vibrant medical device ideas need to come from diverse backgrounds. To that end, MedTech Color launched a Pitch Competition, which is now in its second year and will take place in a hybrid format on March 8, 2022.
The annual event serves as a solid platform for early-stage MedTech companies—founded or led by persons of color—and awards financial capital, classes/workshops and in-kind services. Kwame Ulmer, MedTech Color's Founder and Executive Director, told Brand LA.
"By far, the biggest need is for entrepreneurs to gain access to capital. In the age of super seed rounds, investors need to put millions of dollars into startups. MedTech Color facilitates that with hard dollars and access to investors."
According to MedTech Color, African American founders are the fastest growing demographic of entrepreneurs out of any throughout history. We've learned that Black entrepreneurs receive less than 1% of venture capital funding. Black and LatinX entrepreneurs face some of the biggest challenges when trying to access capital.
This year's 10 finalists promise another interesting look at what the industry needs, and how talent, when supported, can navigate new opportunities. The entrepreneurs will showcase their innovative technologies during the 2nd Annual Pitch Competition.
Brand LA and MedTech Color's partnership will see collaborations to share strategic and tactical Marketing support that can amplify the org.'s programs, initiatives and events; as well, expanding networking platforms across Los Angeles County and beyond.
When helping organizations succeed, it's important to consider the role of strategic Communications, and how a limited Marketing infrastructure can slow down some of the most promising CBOs, startups, small businesses and micro-enterprises. Understanding what our industries and communities need is paramount to elevate our regional economy, create a solid path for underrepresented innovators, fostering excellence and inclusiveness.
Brand LA | Editorial Team