Inclusion of Underrepresented Entrepreneurialminded Postdocs in High-tech Startups Increases U.S. Competitiveness |Biomedgrid

Studies have shown that in the U.S., Black, Hispanic, and women entrepreneurs are given a tiny fraction of venture capital funding, which is vastly disproportionate to their representation in the population. This investment discrepancy is not only socially unjust, but it also deprives the U.S. of the advantages in innovation and global competitiveness that could stem from increasing the participation of these groups in innovative sectors. This is particularly true within transdisciplinary startups, including those focused on smart energy, biomedical, and nanomedical technologies, all of which require cross-disciplinary experts. Every new enterprise in these fields experiences challenges in finding adequate support. These challenges exist at a time in the 21st century when U.S. innovation is facing unprecedented pressures in competition for primacy. In 1960, U.S. R&D expenditure for defense and private industries was approximately 69 percent of global spending on R&D [1]; whereas in 2016, the U.S. share of global R&D expenditure had decreased to just 28 percent [2], due to China's substantial advances in R&D. If this trend continues, both China's GDP and R&D expenditure measured by GDP will outperform those of the U.S. by 2030 [3].