Entrepreneurial-Minded Postdocs in High-Tech Startups: Their Industry Chances and Success

In launching small businesses, particularly in advanced sectors like artificial intelligence (AI), Internet of Things (IoT), or biotech, disadvantaged groups like low-income people encounter extra challenges in accessing funding and investment. While federal and private sector efforts are underway to support businesses owned by women and minorities, there is still much progress to be made in bridging the investment gap. The Small Business Administration (SBA 2013) started providing $3.5 billion annual support through its Small Business Innovation Research (SBIR) program, with a directive from the Small Business Act to prioritize women and underserved groups. Typically, PhD degrees at US institutions focus on preparing graduates for academic positions, while only 11% of STEM PhDs would successfully achieve tenure-track faculty positions. To foster innovation and increase the participation of underrepresented minorities in emerging industry startups and secure U.S. competitiveness in the global arena, the National Science Foundation (NSF) introduced the Innovative Postdoctoral Entrepreneurial Research Fellowship (IPERF) program managed by the American Society of Engineering Education (ASEE). The first evaluation of the IPERF program shows that one-third of the fellows who joined the STEM entrepreneurial program stayed either in their startups or joined other entrepreneurial fields. This seems to be an interesting indicator of the increased entrepreneurship interest of STEM postdoctoral fellows, especially if the vast majority of them represent underserved communities.