LGBTQ+ founders gain access to peer network, mentorship and business resources to support long-term growth

March 4, 2024 (NEW YORK) – Today, StartOut and J.P. Morgan welcomed the newest cohort of companies to the Growth Lab Accelerator. With less than one percent of startup funding being allocated toward LGBTQ+ founders in 2023, as found by a recent StartOut study, this five-month program is critical in providing resources and education to help entrepreneurs grow and compete. 

Seventy-four companies have participated in Growth Lab since 2016, raising more than $892 million in funding and creating more than 4,216 jobs. As co-lead sponsor of the program, J.P. Morgan provides Growth Lab participants with access to the firm’s network of global experts and resources.  

“The founders in Cohort 13 are problem solvers, developing unique products and solutions across a range of industries, from technology and software to food and beverage,” said David Barbee, Head of LGBTQ+ Initiatives, J.P. Morgan Commercial Banking. “As they continue to scale, these companies will need access to resources like capital and banking solutions, investors and business advisors. We are proud to join forces with StartOut to provide mentorship and access to our firmwide capabilities to help them reach the next level.” 

The companies selected to join Cohort 13 are:

• Ceemo.ai (Washington, D.C.): Generates custom visual identities and marketing materials for startups. 
• Gay Water (New York, NY): Offers mission-driven lifestyle products that celebrate and empower the LGBTQIA+ community.
• Growbie (Boston, MA): Delivers career support for international students in the United States.
• Hera Solutions, Inc. (Atlanta, GA): Supports delivery companies’ operations with performance tracking, automated coaching and vehicle management.
• Merify (Portland, OR): Empowers people managers through a community-based skills assessment platform. 
• Modica (Louisville, KY): Offers a superfood cocktail and mocktail mix for consumers.
• PopViewers (New York, NY): Provides media consumers a platform to react and engage with TV and movies.
• Rare Candy (New York, NY): Enables card collectors to trade cards on a digital platform. 
• Studious (New York, NY): Helps individuals study through an AI-driven, gamified learning assistant. 

“Each Growth Lab introduces us to an inspiring new cohort of founders, bringing fresh ideas, breaking barriers and expanding our vibrant, global StartOut community,” said Brian Richardson, CEO of StartOut. “We’re delighted to continue this vital work with J.P. Morgan and look forward to another exciting five-month journey.”

To learn more about the StartOut Growth Lab, including details on the application process for the next cohort, visit: startout.org/growth-lab

For more information on the financial solutions available to guide business growth, visit: jpmorgan.com/commercial-banking

Learn more about JPMorgan Chase’s commitment to the LGBTQ+ community at jpmorganchase.com/lgbtq

You can view the original press release here.

About StartOut
Founded in 2009, StartOut, a national 501(c)(3) non-profit organization, is the largest national organization to support LGBTQ+ entrepreneurs with over 28K members nationwide. Its mission is to accelerate the growth of the LGBTQ+ community to drive its economic empowerment, building a world where every LGBTQ+ entrepreneur has equal access to lead, succeed, and shape the workforce of the future. StartOut helps aspiring LGBTQ+ entrepreneurs start new companies; supports current entrepreneurs as they grow and expand their existing businesses; and engages successful entrepreneurs as role models and mentors, on its online portal and through targeted events nationwide. For more information, please visit www.startout.org.

About JPMorgan Chase Commercial Banking
JPMorgan Chase & Co. (NYSE: JPM) is a leading financial services firm based in the United States of America (“U.S.”), with operations worldwide. JPMorgan Chase had $3.9 trillion in assets and $328 billion in stockholders’ equity as of December 31, 2023. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing and asset management. Under the J.P. Morgan and Chase brands, the Firm serves millions of customers in the U.S., and many of the world’s most prominent corporate, institutional and government clients globally. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.

Media Contacts

JPMorgan Chase
Elizabeth Connerat
elizabeth.connerat@chase.com 

StartOut
Jonathan Ochart
jochart@thepostcardagency.com 

SAN FRANCISCO, November 2023 – StartOut, the leading non-profit supporting LGBTQ+ entrepreneurs, proudly announces the appointment of Hernan Lopez (he/him) to its Board of Directors. A visionary entrepreneur, investor, and fierce LGBTQ+ advocate, Hernan brings a wealth of experience and passion to the mission of empowering queer entrepreneurs. 

Hernan is the Founder and former CEO of Wondery, a prominent podcast publisher acquired by Amazon in 2021. Under his leadership, Wondery became the largest independent podcast company, producing immersive storytelling shows such as Dr Death, Dirty John, and Business Wars. With 31 #1 shows on Apple Podcasts and numerous podcast-to-TV adaptations, Hernan’s contributions to the industry are immeasurable, building on his two-decade career in television.

“We are thrilled to welcome Hernan Lopez to the StartOut Board of Directors,” said CEO Brian Richardson. “His remarkable achievements, unwavering advocacy, and commitment to diversity inspire LGBTQ+ entrepreneurs worldwide. With Hernan on board, we are confident that StartOut will continue to empower queer entrepreneurs and foster a more inclusive entrepreneurial ecosystem.”

Following the success of Wondery, Hernan co-founded Danvas, an innovative venture dedicated to merging digital art with the real world, through luxury LED displays and groundbreaking software that were exhibited at Sotheby’s, Christie’s and Pace Gallery and recognized in Fast Company’s Innovation By Design awards. 

In addition to his entrepreneurial endeavors, Hernan is the Founder and Chairperson of the Hernan Lopez Family Foundation, a 501(c)(3) non-profit organization committed to promoting diversity in leadership from the demand side as well as the supply side. The Foundation advances its mission through targeted grants and a dedicated Fellowship program that has worked directly with 20 promising diverse professionals over the last three years. Hernan is also a former member of GLAAD and founding Governor of The Podcast Academy.

“Joining the StartOut Board of Directors is not just an honor;  it’s a profound commitment to championing the dreams of LGBTQ+ entrepreneurs,” Hernan said. “StartOut is the leading force in shaping a more equitable future for queer founders and business leaders. I look forward to working with the Board to ensure this mission continues to flourish and that all entrepreneurs have the same resources to succeed.”

Just last year, Hernan was honored with our 2022 Trailblazer Award at the 11th Annual StartOut Awards.

Hernan’s appointment signifies a significant step forward in StartOut’s mission to support and elevate LGBTQ+ entrepreneurs. His unique perspective, entrepreneurial insight, and passion for advocacy will undoubtedly shape the organization’s future initiatives, ensuring that queer entrepreneurs have the resources and support they need to succeed.

Being an advocate isn’t just a title; it means living your values daily. Advocates believe in change and then work their magic, tearing down barriers, challenging preconceived notions, and paving the way for others to follow. 

This year, StartOut is ready to roll out the rainbow carpet to honor two advocates who have torn down barriers and changed the face of business and marketing for LGBTQ+ entrepreneurs everywhere: David Lauterstein and Frederick Kearney, the couple behind the iconic Nasty Pig brand.

Nasty Pig was founded by David and Frederick (Fred) in 1994. When the two met in New York City, their shared passion for design and love of the LGBTQ+ community inspired them to start a clothing line that fearlessly celebrated queer sexuality – at a time when the AIDS epidemic continued to ravage our communities and queer sexuality was seen by many as a dangerous vulnerability for any new company. 

With an initial investment of fifty dollars without any business experience, the couple began buying fabric and making clothing for their friends in the underground club and leather scenes of the early nineties. David and Fred persisted, growing that fifty dollars into an international juggernaut, changing apparel companies’ approach when designing and marketing their products. Over the last 30 years, they have continued to give back to the community, regularly hosting fundraisers for LGBTQ+ organizations that support youth, people experiencing homelessness, and others. 

“Dave and Fred are a testament to the power of queer innovation, resilience, and drive,” said CEO Brian Richardson. “They challenged conventional wisdom, celebrated sexuality, and transformed an industry. Through every stitch and design, they empower everyone to embrace their unique identities unapologetically.”

Today, Nasty Pig is widely considered the original sex-positive queer sportswear brand. Lauterstein and Kearney, co-founders and husbands of 28 years, never lose sight of why Nasty Pig exists: to design clothing for the community they love and help their customers feel sexy and empowered.

For more information on the 12th StartOut Awards and our 2023 awardees, visit our website.

Are you interested in attending in person? Purchase tickets for October 12th here!

New data and policy insights reveal how multiple states could have created thousands of jobs and raised billions of dollars in additional funding if they passed non-discriminatory laws.

September 26, 2023 (SAN FRANCISCO) – Today, StartOut released the 2023 State of LGBTQ+ Entrepreneurship Report, revealing how specific states and metropolitan areas could have achieved greater economic success if they implemented more inclusive LGBTQ+ public policies. 

Key public policy findings from the report reveal that between 2010 and 2020, there is very strong evidence that:

• Texas could have created 121,000 additional jobs, and
• Florida could have created 55,000 additional jobs

if policies like State Employee Benefits Coverage for Transition-Related Care were implemented.

• Texas could recover $42B in funding,
• Alabama could recover $10B in funding, and
• Oklahoma could recover $10B in funding 

if policies like “Don’t Say Gay or Trans” Laws were repealed.

“Discrimination is harmful to people’s lives and local economies,” said Irene Tang, Director of Data and Insights at StartOut. “Previous studies have shown that areas with higher LGBTQ+ populations also have higher economic outcomes.”

“With the new report, we’ve taken this notion one-step forward by using a difference-in-differences analysis to provide evidence that anti-LGBTQ policies hurt their local economies,” Tang continued. “We analyzed 10 years of economic data, comparing states and metros that did and didn’t pass prejudicial policies to show that LGBTQ-exclusion policies harm entrepreneurship outcomes.”  

The 2023 State of LGBTQ+ Entrepreneurship Report gathered data from a variety of sources, including the StartOut Index, Crunchbase, and Pitchbook, to identify insights about LGBTQ+ entrepreneurs. StartOut analyzed data from 142,000 startup founders and 95,000 companies that have raised at least $250,000 in funding between 2000 to 2022 to develop the report. 

Highlights from the report show that: 

• Only 0.5% of the $2.1 trillion in startup funding was raised by LGBTQ+ founders, while nationwide, 7.1% of the population identifies as LGBTQ+.

• LGBTQ+ founders created 36% more jobs, 114% more patents, and 44% more exits, despite raising 16% less funding compared to the average founder.

• Of the funding raised by LGBTQ+ founders, 85% was raised in only five metros with San Francisco raising six times more than New York City or Los Angeles and 12 times more than Denver, CO, or Austin, TX. 
• The largest metros without any LGBTQ+ founders are Orlando, FL, Charlotte, NC, and Birmingham, AL, all of which are located in states without comprehensive non-discrimination policies for LGBTQ+ people. 

“We’ve set out to measure not just the barriers and challenges facing these entrepreneurs, but the millions of jobs and thousands of life-changing inventions they are already creating across the U.S.,” said Dr. Vivienne Ming, inventor of the StartOut Index and Chair Emeritus of StartOut. “Even beyond those numbers, the StartOut Index maps the potential increase in jobs, innovation, and economic activity that come from passing state and local policies that celebrate how each of us add to our communities rather than how we conform.”

Methodology

The report includes insights from the StartOut Index, an interactive resource that provides data on the landscape of investment in the LGBTQ+ community. The new policy feature in the index reveals how public policies impact entrepreneurship and jobs created. This data offers unprecedented insights for government officials, nonprofits, and economic decision makers, helping them identify key policy changes that can promote or hinder LGBTQ+ entrepreneurship and economic activity.

StartOut collected monthly entrepreneurial data from its own sources as well as Crunchbase and Pitchbook from 2000 onward.

To develop the StartOut Index’s policy feature, StartOut collected data for the years 2010 and 2020. Some data were aggregated through the decade for a cumulative value.  

To view the 2023 State of LGBTQ Entrepreneurship Report, please visit startout.org. To learn more about StartOut’s methodology, please visit startout.org/index/methodology/.

About StartOut

Founded in 2009, StartOut, a national 501(c)(3) non-profit organization, is the largest national organization to support LGBTQ+ entrepreneurs with over 25,000 members nationwide. Its mission is to accelerate the growth of the LGBTQ+ community to drive its economic empowerment, building a world where every LGBTQ+ entrepreneur has equal access to lead, succeed and shape the workforce of the future. To learn more about StartOut, visit www.startout.org.

About Socos

Socos Labs was created by Dr. Vivienne Ming after a career founding companies and nonprofits to overcome challenges in education, the workforce and health. Socos Labs is a mad science incubator that explores messy human problems. Socos experiments with whole new visions of work, education, innovation and inclusive economies to inform more human-centered policy. To learn more about Socos, visit www.socos.org.

About StartOut’s Sponsors

This research was made possible by a grant from Comcast NBCUniversal.

If you’d like to contribute as a data partner, financial sponsor, researcher, or project contributor, you can reach StartOut at info@startout.org.

Media Contact
Jonathan Ochart
jochart@thepostcardagency.com

Five-month program provides entrepreneurs with access to tools and resources needed for long-term success

NEW YORK — Today, StartOut and J.P. Morgan welcomed the newest cohort of ten innovative companies to the StartOut Growth Lab Accelerator. The five-month long program provides LGBTQ+ entrepreneurs with networking, mentorship and education to support business growth and ensure equitable access to the resources and tools needed to compete in today’s business world.

Since 2017, sixty-six early-stage companies have participated in Growth Lab, raising more than $763 million in funding and creating more than 3,650 new jobs. The incoming cohort of companies encompasses a wide range of industries from sustainability to tech and healthcare, and spans across the United States, Canada and Mexico. As the co-lead sponsor of Growth Lab, J.P. Morgan provides the cohort with access to the firm’s network of global experts and resources.

“I am always struck by the level of innovation, determination and leadership that Growth Lab entrepreneurs bring to the table and can’t wait to see all that Cohort 12 will accomplish,” said David Barbee, Head of LGBTQ+ Initiatives, J.P. Morgan Commercial Banking. “These businesses are key players in our economy, creating jobs and developing unique products and services to support local communities. We are energized and excited to kick off this new cohort.”