When you hear the word entrepreneur, your first thought might be of billionaires sending rockets into space – whether that be Elon Musk, Jeff Bezos or Richard Branson.
What do these entrepreneurs, who have practically become household names, have in common? Besides the fact that they are all males, the world that they inhabit appears steeped in showmanship, competitiveness and oversized confidence.
Perhaps the perception that innovation is a male-dominated domain has discouraged women from fully embracing entrepreneurship. Studies have shown that only 11.8% of U.S. inventors are women. The same disparity is also seen in the sciences. Women account for only 7% to 13% of awardees of small business grants from the National Science Foundation and the National Institutes of Health (NIH).
Women who decide to become entrepreneurs face stiff challenges. They start companies with 50% less money and raise 66% less capital than their male counterparts, said MUSC chief innovation officer Jesse Goodwin, Ph.D.
"Entrepreneurship is an engine to move something from simply being a great idea into a product or business that is generating beneficial impact. (...) Considering that half of the population of this country are women, if women are not fully participating, we're missing out on significant opportunities."-- Jesse Goodwin, Ph.D.
A new MUSC initiative – STEM-Coaching and Resources for Entrepreneurial Women (CREW) – will begin to address gender inequity in entrepreneurship with funds from a $2.4 million grant from the National Institute of General Medical Sciences. With this funding, STEM-CREW will offer mentorship, coaching and training opportunities to increase the number of women, especially underserved minority women, who not only become entrepreneurs but remain engaged in entrepreneurial activities throughout their careers.
The initiative will be led by Carol Feghali-Bostwick, Ph.D., the Kitty Trask Holt Endowed Chair for Scleroderma Research and director of the Advancement, Recruitment and Retention of Women (ARROW) program at MUSC, which seeks to advance the careers of women scientists. Feghali-Bostwick is an entrepreneur herself, having identified an anti-fibrotic peptide that has been licensed by a company.
"Women don't usually promote themselves and their science as much as men. And some may lack mentors. If they don't see other women as role models and mentors in the entrepreneurship world, they might think it's not feasible for them to get there. We need more women there as role models to show them it's feasible."-- Carol Feghali-Bostwick, Ph.D.
In addition to Goodwin, other STEM-CREW investigators include Angela Passarelli, Ph.D.,Tammy Loucks, DrPH, and Jillian Harvey, Ph.D. Passarelli, an associate professor of management in the College of Charleston School of Business and director of Research at the Institute of Coaching at McLean/Harvard Medical School, will serve as director of coaching. Loucks, the science development officer for the South Carolina Clinical & Translational Research Institute at MUSC, will be the communications director. Harvey, a professor in the MUSC College of Health Professions, will oversee program evaluation. Rachel Simmons will be the program coordinator.
Do we all pay a cost for inequity?
MUSC is one of the few institutions to track the number of women who engage in entrepreneurial activities, and the numbers reflect the disparity seen at the national level. Of MUSC's 800-plus inventors, only 33% are women, and 23% are women scientists.
"Entrepreneurship is an engine to move something from simply being a great idea into a product or business that is generating beneficial impact," said Goodwin. That impact includes not just improved health outcomes but growth of the knowledge economy and the creation of high-paying jobs in the STEM field, she added.
Gender inequity could hamper the knowledge economy, explained Goodwin. "Considering that half of the population of this country are women, if women are not fully participating, we're missing out on significant opportunities," she said.
Why aren't more women becoming entrepreneurs?
Unfamiliar with the details of how an idea is transformed into a product, some women fear the perceived risk. However, other factors also likely play a role in dissuading women from becoming entrepreneurs, said Feghali-Bostwick.
"It might be risk aversion, or it might be that a lot of women don't like competition at that level," she said. "Women don't usually promote themselves and their science as much as men. And some may lack mentors. If they don't see other women as role models and mentors in the entrepreneurship world, they might think it's not feasible for them to get there. We need more women there as role models to show them it's feasible."
How will STEM-CREW increase the number of women entrepreneurs?
Because women often lack entrepreneurial role models, STEM-CREW will pair trainees with successful biomedical entrepreneurs. These mentors will share the wisdom they gained as they navigated the transition from researcher to inventor and started their own companies. They will familiarize them with the procedural aspects of the innovation pathway, helping to alleviate any anxiety over perceived risk.
"Coaching provides a confidential relationship, dedicated time and a skilled thought partner that helps aspiring entrepreneurs step back from their day-to-day responsibilities to explore what they most want to achieve, who they are, what's standing in their way and how to navigate a path to achieving their objectives."-- Angela Passarelli, Ph.D.
But STEM-CREW will then go a step further and pair trainees with professional executive coaches for regular one-on-one sessions. Executive coaching is common in the corporate world, where it helps leaders to build their efficacy and resilience but remains underused in the academic world.
Feghali-Bostwick believes coaching is one of the most innovative aspects of the initiative and is grateful to have Passarelli, a leader in coaching, aboard.
"Coaching makes training four times more effective," said Feghali-Bostwick. "With mentoring, you have role models who have done this and show you the way, but they usually show you the way they did it. In contrast, coaching guides you to come up with your own answers on how to do it. It promotes self-efficacy."
It was Passarelli's idea to strengthen the grant application by enhancing mentoring with coaching because she knew that it offered additional benefits to aspiring women entrepreneurs.
"Coaching provides a confidential relationship, dedicated time and a skilled thought partner that helps aspiring entrepreneurs step back from their day-to-day responsibilities to explore what they most want to achieve, who they are, what's standing in their way and how to navigate a path to achieving their objectives," said Passarelli.
Coaching is particularly crucial when "the mentors' lived experience differs from that of their proteges," she explained.
"Quite frankly, what works for a man doesn't always work for a woman," she said.
In addition to regular meetings with their coaches and mentors, trainees will complete an online entrepreneurship class that was recently created by the College of Graduate Studies and receive lay communications training that will help them learn to make effective pitches to potential investors. STEM-CREW will also organize a quarterly speakers series, featuring successful entrepreneurs in the state and beyond and will hold an annual conference in Charleston.
Who is eligible for STEM-CREW?
Each year, STEM-CREW will accept 20 senior postdoctoral fellows or junior faculty into the program. Applications are encouraged from any institution in South Carolina, as most of the activities and offerings can be completed online. As one of STEM-CREW's goals is to increase the number of underrepresented minority women entrepreneurs, applications from historically black colleges and universities are especially welcome. As the program matures, applicants will also be accepted from institutions in other states in the region that are eligible for Institutional Development Awards (IDeA) because they have historically had low levels of NIH funding.
"For us to have this in South Carolina and make it available to other IDeA states, I think it speaks to the whole concept that MUSC has for innovation and impact and influence. It ties nicely into that overarching mission that we have as an institution and really speaks to the role that we have for the state."-- Tammy Loucks, DrPH
"For us to have this in South Carolina and make it available to other IDeA states, I think it speaks to the whole concept that MUSC has for innovation and impact and influence," said Loucks. "It ties nicely into that overarching mission that we have as an institution and really speaks to the role that we have for the state."
Paying it forward
Beginning in its third year, STEM-CREW will choose five trainees each year to be trained as coaches themselves. These women can then "pay it forward" to other women at their own institutions, helping to increase the number of women who will benefit from the program.
"I want potential applicants to know that they will not only gain training and an entrepreneurship mindset to support their career development, but they have the opportunity to now turn around and become, themselves, the mentors and the coaches," said Feghali-Bostwick.
That is Goodwin's favorite part of the program.
"In addition to liking that this program is designed by women for women, I love that it aims to support a cohort of women down this path, which in turn will create a set of role models for future female entrepreneurs," she said.
How do I apply for STEM-CREW?
The STEM-CREW program will accept applications through Nov. 30. To apply, please visit https://redcap.link/crewprogram
