UCeed accelerator program champions under-represented founders

Standing on stage during Innovation Week in 2024, Raissa Espiritu hosted a role-reversal session where founders acted as investor judges and investors pitched startup ideas. Espiritu was acutely aware that she was the sole woman making pitches that day and noticed that she was being asked different questions than her male counterparts. 

“The questions that the founders were asking me were very direct questions pertaining to my qualifications versus the kind of questions they were asking my male colleagues. I think this highlights what women founders experience all the time.” 

At the end of the session, the audience debrief highlighted how regardless of the positions, there is some form of bias that exists in the entrepreneurial ecosystem. 

Espiritu, a serial entrepreneur, draws on her experience as a woman leading a tech company to fuel her passion for empowering underrepresented startup founders, which led her to her current role as Executive-in-Residence with the UCeed Cenovus Equity, Diversity and Inclusion Accelerator. 

“I try … to focus my work on how to make the experience for founders better; how to support them and address the challenges that are out there for underrepresented founders,” says Espiritu. 

Addressing unique barriers 

The UCeed Cenovus Equity, Diversity, and Inclusion Accelerator Program was launched in 2023 through a generous gift from Cenovus. This initiative was created in recognition of the unique challenges faced by underrepresented startup founders such as immigrant founders learning to navigate the tech industry while adapting to cultural nuances, women founders being treated differently and many other challenges for people who have not traditionally had access to venture capital funding. 

"The data shows that it is more difficult for these founders to raise funding and connect with advisors who share similar experiences," says Espiritu. "Our program aims to address these barriers and support founders in bringing their innovative ideas to the forefront." 

One of the program's most notable accomplishments is its financial support. Last year alone, the program provided financial awards to 13 entrepreneurs. "These financial awards have been crucial in helping them access additional funding they need to continue their innovative work," says Espiritu. 

Mentoring and coaching  

What makes the program stand out amongst other accelerator programs is that it offers one-on-one mentorship and comprehensive coaching. 

"Under-represented founders connect more easily with mentors who share similar experiences," says Espiritu. "Having someone who understands their unique challenges can make a significant difference."  

Future vision 

Espiritu is developing resources such as practical guides to fundraising while also supporting startup-creators to develop their strategies, as well as helping them to prepare for upcoming conferences and pitch competitions where founders will be engaging and connecting with potential investors and stakeholders.  

The UCeed Cenovus Equity, Diversity, and Inclusion Accelerator Program is conducting inclusivity surveys and interviews with participants to identify and address potential biases in the investment processes. 

Reflecting on her own entrepreneurial journey, as a four-time founder with businesses ranging from a company tackling women’s health research to providing yoga services, Espiritu offers valuable advice to aspiring founders.  

"Find your allies, champions and advisors," she says.  

"Having a support system is crucial. Don't let barriers and challenges deter you. Believe in yourself and find those who will say yes." 

Under Espiritu’s leadership, the UCeed Cenovus Diversity, Equity, and Inclusion Accelerator Program is paving the way for a more diverse and equitable future in entrepreneurship. 

For more information about the program, visit the Innovate Calgary website.