API nonprofit Gold House selects 10 women-led companies for accelerator
10 early-stage companies led by Asian women have been selected for an accelerator program from Gold House, a nonprofit aimed at improving representation and achieving cultural equity.
Why it matters: People of Asian descent have faced systemic bias in the U.S. for generations and during the past year have been disproportionately impacted by "twin crises" of the pandemic — women especially.
- Americans of Asian descent have experienced a rise in anti-Asian hate crimes, including the fatal shooting of six women in Georgia, as well as prolonged periods of unemployment compared with other racial and ethnic groups.
- A study cited in the Harvard Business Review found that Americans of Asian descent are not generally considered an underrepresented minority in the workforce, so they are often left out of diversity initiatives.
- The same study found that among white-collar workers, people of Asian descent are the least likely group to be promoted into management.
Enter Gold House: The nonprofit was formed in 2018 by a group of Asian and Pacific Islander leaders in media, entertainment and business. A year later, the group launched its 12-week "Gold Rush" accelerator programs to help Asian founders break the "bamboo ceiling."
- Startups and small businesses led by API apply to the programs, which connect chosen companies to mentors and advisors, such as Twitch co-founder Kevin Lin and beauty brand Tatcha founder and CEO Vicky Tsai, venture capitalists, and alumni from past programs.
- Selected companies also receive marketing and PR support through Gold House's networks.
Consumer, tech and media companies make up this round of 15 participants, 10 of which are women-led. Among those:
- South Asian-focused media company The Juggernaut
- A.I. video platform Rosebud
- Recruiting and hiring platform Searchlight
- Online grocery platform for Asian foods and products Umamicart
Editor's note: This story has been updated to correct the spelling of Kevin Lin's name.