The Innovation MINDSET Alliance

The economic power of the minority community here in the US is staggering at over $5T spent annually – e.g., Latinx / Hispanic Americans ($1.9T), African Americans ($1.7T), Asian Americans ($1.3T), and Native / Indigenous Americans ($123B). The direct impact of minority-owned businesses is over $140B annually with over 700K jobs, with an indirect impact of $116B and an induced impact of $145B. The annual economic impact of Historically Black Colleges and University (HBCU) graduates is $15B, with an employment impact of 134K jobs and total lifetime earnings of $130B.

While these numbers are difficult to deny, investment and capital remain elusive within communities of color. HBCUs and other Minority Serving Institutions (MSIs) receive a fractional percentage of research and investment funding. Additionally, minority founders receive on average 1% of investment funding compared with their majority counterparts.

The Innovation MINDSET Alliance is a collaborative initiative designed to address the gaps in our institutions and improve our capacity, capability, and accountability to research and innovate. Through our partners, we will establish a level playing field where all students and founders, regardless of race, gender, or other factors, have equal opportunities to design and launch products & solutions that will change the world. The time has come to address these inequities by transforming the landscapes through education, innovation, and acceleration. 

Programs should be deployed within institutions with tools and assets that are accessible and easy for partners & communities to tailor. They should be developed to align with existing institution strengths and allow for the training of students & residents in line with the skills and opportunities needed for the market. Each center should have one cohesive look and feel while embracing the unique voice and flavor of the institution and surrounding community / region.  

R&D is one of the key connectors between industries and the market. Through a roadmap of research, we can challenge students & entrepreneurs to envision large challenges and incorporate design thinking to create new solutions. Technology capabilities and governance practices enable innovators and founders to rebuild lost confidence and trust in research and institutions. 

Innovation and the creation of new solutions & businesses lead to increased market penetration and opportunities. With those opportunities must also come access to capital and the mentorship that drives success. The outcomes from these innovation activities and the subsequent intellectual property will lead to the creation of new businesses and market opportunities around minority participation in the digital economy.

• What is a HUB – The Innovation HUB project is a year-round translational research and technology commercialization initiative occurring in conjunction with Historically Black Colleges & Universities (HBCUs) and Minority Serving Institutions (MSIs). 
• Purpose of the HUBs – Each Innovation HUB will establish an integrated and dedicated long-term connection with HBCUs & MSIs and with ongoing national & local partners and municipal support. 
• Connected HUB Network – The Innovation HUBs will align across the nation using virtual platforms and in-person programs to share resources and best practices, while also driving their own regionally specific programs along industry and partner requirements. 
• HUB Goals – Each HUB will develop an Educate, Innovate, and Accelerate MINDSET through existing institution academic programs, research initiatives, cross-campus engagement, and partner-led development models.
• HUB Operating Models – Innovation HUBs will support an On-Campus model and a regional model by connecting institutions and partners across industries and technology sectors to increase opportunities for research, development, and commercialization.

• Support for MBEs – Create an ecosystem that expands the development, launch, and certification opportunities for minority-owned, women-owned, veteran-owned, and other underrepresented businesses in the community.
• Supplier Diversity – Grow the pool of capable diverse-owned firms that offer innovative products, services, and insights for municipalities and corporations looking to meet their supplier diversity spending targets meaningfully.
• Workforce Development – Develop vocational learning opportunities both on the campus and within the virtual community, leveraging joint skilling initiatives to bring more digital and vocational skills to the students and residents of the region.
• Contract Opportunities – Cultivate a next-generation pipeline through programs introducing students and participants to entrepreneurship by enabling partnerships, as member companies can utilize the space to connect with pioneering minority-led startups and small businesses. 
• Nonprofit Support – Provide technical, financial, operational, and procurement support for regional nonprofits and foundations to assist with infrastructure, technology, staffing, curriculum development, and other essential components.