Making the Middle Matter – Trish Cotter

MIT Sloan Entrepreneurship Lecturer Trish Cotter

From Xconomy

Call it the problem of the middle—the middle states and the middle class—two groups that have struggled with problems that, while they are inexorably linked, are different all the same.

Historically, most of the venture capital in America has been active on the coasts, leaving a vast portion of the country without seed money for innovative new startups. At the same time, the Midwest has suffered from a loss of manufacturing jobs and, as a result, has in some ways failed to flourish in the same ways as other parts of the country. And, of course, there is no shortage of news articles outlining the many struggles facing the middle class, in general, in America.

“We live in a fractured society,” argues MIT economist Peter Temin in an MIT News article on America’s two-track economy. “The middle class is vanishing.”

According to Temin, America now features two sectors: an FTE sector, where people who work in finance, technology, and electronics tend to thrive, and a low-wage sector, where workers often struggle. The middle class, traditionally an area of national strength, is starting to disappear. Moreover, the FTE sector, overwhelmingly focused and fixated on both coasts, has for a long time neglected investment opportunities in the Midwest.

Venture capital—specifically venture capital aimed at the oft-ignored middle states—could be part of the solution. The central part of our country is often ignored as an ideas hub. Most accelerators, venture capitalists, and startup programs are focused on a few key cities on the east and west coasts. The Kauffman Foundation, known for its emphasis on education and entrepreneurship, recently published an article focusing on both the middle class and the middle states, asking: “Is the Middle the New Edge?”

It states: “The middle ground is too often dismissed as unremarkable, when it is truly necessary. The middle should be appreciated as an admirable place to be – where people work together to solve big problems and move our nation forward.” Read More »

Wow! That’s Such a Cool Job! – Trish Cotter

MIT Sloan Lecturer in Entrepreneurship Trish Cotter

I have recently been catching up with colleagues from companies past, and when I let them know what I am doing now, I often get the reaction, “Wow! That’s such a cool job.” And it is … I’m fortunate to be the director of delta v, MIT’s student venture accelerator. Each year, we guide a new group of startups through “entrepreneurship boot camp” and help them to launch their startup ventures into the real world. This past summer, I worked with 21 startup teams as they were striving to either gain traction or make the tough decision to regroup. It was an amazing group of students with ideas that address real world problems.

But, I also thought I had a cool job at age 12 when I cleaned up after dogs at a kennel. I had a sense of purpose, got to fulfill a passion of mine by working with animals, and met some great people as well.

The organization I worked at most recently, prior to MIT, was IBM – a company that is trying to bring data analytics insights to companies, so they can address real world problems. The complexity of what both our MIT startups and IBM are doing, albeit in different ways, struck me. Are they so different? I have deep respect for IBM’s CEO, Ginni Rometty, who is moving a company the size of a small nation. However, the leaders of the MIT three-person startups are also scaling difficult challenges and placing bets with tremendous odds of failure.

Read More »

How Educational Accelerators are Aiming to Neutralize Gender Bias for Entrepreneurs – Trish Cotter

MIT Sloan’s Trish Cotter

Gender bias is sneaky. It’s often subtle, yet pervasive – and the effects are far reaching.

We’ve heard a lot this summer about outright sexual harassment and discrimination against women in the tech industry. This is certainly disgraceful and I applaud the actions taken to remove the offenders from their positions. Yet, beyond these blatant examples, there is an implicit gender bias that has a cumulative effect in everyday decisions that stacks the deck against women and minorities.

This blog post will look at how we can help budding entrepreneurs to think differently – and how Educational Accelerator programs, like MIT’s delta v, are making changes to identify and root out these implicit biases.

Gender Bias in the Tech Industry

First, let’s look at some examples of gender bias in established tech industry companies. Susan Wojcicki, CEO of YouTube, wrote an exclusive feature for Vanity Fair on “How to Break up the Silicon Valley Boys’ Club.” She says she was “frustrated that an industry so quick to embrace change and the future can’t break free of its regrettable past.”

Wojcicki brings up sometimes subtle forms of bias that even well-intentioned male colleagues or managers may overlook. These include:

  • being frequently interrupted or talked over;
  • having decision-makers primarily addressing your male colleagues, even if they’re junior to you;
  • working harder to receive the same recognition as your male peers;
  • having your ideas ignored unless they’re rephrased by your male colleagues;
  • worrying so much about being either “too nice” or “sharp elbowed” that it hurts your ability to be effective;
  • frequently being asked how you manage your work-life balance; and
  • not having peers who have been through similar situations to support you during tough times.

Wojcicki states that by employing more women at all levels of a company, it creates a virtuous cycle that has proven to address both explicit and implicit gender discrimination.

So, how can we work with startups to take these biases out of the picture from the very start of a company’s formation?

Read More »

Female Entrepreneurs: Gaining Ground – Trish Cotter

MIT Sloan’s Trish Cotter

Women now make up nearly 40 percent of new entrepreneurs in the United States — the highest percentage since 1996, according to the 2017 Kauffman Index of Startup Activity. And research reported in HBR.com shows that The Gender Gap in Startup Success Disappears When Women Fund Women; encouraging news indeed.

With MIT’s delta v student venture accelerator, the Martin Trust Center MIT Entrepreneurship  welcomes a new group of students each summer and puts them through “entrepreneurial boot camp.” I want to give you a glimpse at some of the inspiring female entrepreneurs I’ve worked with, and how they are succeeding at what they do, shattering glass ceilings at every level:

 

• Take Natalya Brinker, CEO of Accion Systems, an MIT PhD graduate and a member of the 2014 accelerator cohort. Accion is developing revolutionary propulsion for satellites that will make space more accessible and affordable across industries. The company itself is seeing quite a bit of propulsion receiving funding from the Department of Defense and a Series A round and winning numerous awards.

• Or Katie Taylor, the CEO and co-founder of Khethworks, who earned her Master’s degree from MIT’s Department of Mechanical Engineering in 2015 and was part of the accelerator program that summer. Khethworks is a company that supports farmers in eastern India, where more than 30 million farmers tend to an acre or less of land. The company has developed a solar-powered irrigation system that lets these farmers affordably cultivate year-round.

• And Steph Speirs, a member of the 2016 delta v group who is co-founder and CEO of The Solstice Initiative, a nonprofit with a goal of providing solar power to underserved Americans by partnering with communities to share solar power. Speirs graduated from MIT with an MBA this June, and was honored as an Echoing Green Fellow and Soros Fellow during her time here as a student.

Read More »