The Material Change Institute Is Bringing Greater Equity To Investment

Women and minorities control only 1.4% of the over $82 trillion managed by the U.S. asset management industry. Yet according to a 2019 McKinsey study, companies in the top quartile for ethnic and racial diversity are 35 percent more likely to receive above average returns when compared with less diverse industry peers. The Material Change Institute aims to balance the scales. Through a year-long fellowship program, the non-profit enables underrepresented investors to reach decision-making positions and achieve greater influence within the asset management industry.

Eve Blossom, the institute’s founder, says, “Through Material Change, each fellow receives a personalized experience on how to grow their skillset within the investment ecosystem. We are extremely proud of the growth we have witnessed in our participants and look forward to the expansion of our comprehensive program and our strategic partnerships.”

Ten people participated in the inaugural class of the Material Change Institute’s year-long executive training program in 2021. Here are four trailblazers who will be fellows in this year’s program, which launches in October 2022.

1. Hagit Alon

Hagit Alon is focused in the health-tech space. As former chief scientist at Joy Ventures, she brings an extensive scientific background to the Material Change program and her investment goals. She holds a PhD in computational biology from the Sackler Medical School in Tel Aviv University, as well as two master's degrees from the Weizmann Institute of Science.

At Joy Ventures, Alon was responsible for evaluating the technological and scientific side of potential portfolio companies, even helping them to design trials to prove efficacy. Her passion lives in the intersection between biology and health, technology and innovation. Currently she is prioritizing supporting and creating businesses focused on women’s access to healthcare, no matter what stage in life they may be.

When asked why she decided to join Material Change’s second class, Alon shared, “Material Change’s program, mission and values really stood out to me. As a fem-tech entrepreneur, I like how the program is designed for anyone on their investor journey to receive comprehensive training on how to begin and scale in investment into any industry.”

2. Spectra Asala

Spectra A. I. Asala is a global executive with nearly two decades leading product, go-to-market, and expansion strategies for tech startups and social impact ventures. The founder of Momentum Tech Leaders, a career and leadership accelerator for under-represented tech talent, and Project Lela, a non-profit that connects individuals experiencing workplace challenges to affordable attorneys, Asala is also a mentor-in-residence at Techstars in Boston and D.C.

Asala's journey into angel investing led them to establish B-Side Ventures, a pre-seed angel fund, to align with their passion for backing mission-driven companies. When asked about the Material Change program, Asala said, “I found Eve Blossom’s mission to equip investors from historically excluded backgrounds with the education and networks to achieve influence within investment inspiring and also pragmatic. I truly believe the next unicorns will be social enterprises. I appreciate that through Material Change’s program, I will be better equipped to support the founders and companies I believe in, and in a way that aligns with my values."

3. Anna Raptis

Anna Raptis is the founder and managing partner of Amplifica Capital, the first female-focused VC fund in Mexico. She invests in early stage companies in Mexico and Latin America where technology drives sustainable growth. Through Material Change, Raptis is interested in broadening her knowledge and connections in venture capital ecosystems outside of Latin America. Her purpose is to demonstrate that investing in women and diverse teams can generate outsized social, environmental and financial returns.

Raptis is also a founding member and former president of Mujeres Invirtiendo, an organization that supports and increases the participation of women in private capital in Mexico, and an investor with 500 Startups. She has more than 15 years of experience working on international energy projects, including seven years in leadership positions within Mexico.

4. Christy Fernandez-Cull

Christy Fernandez-Cull received her MS and PhD in engineering from Duke University and an MBA from MIT. The CEO and founder of DaVinci Wearables, she also serves as a science advisor to multiple VCs and startups in the areas of sensors and systems for mobility applications and autonomous vehicles. She is passionate about investing, supporting and increasing access to venture investment for underrepresented communities, and enjoys mentorship and recruiting in STEM/STEAM.

Previously, Fernandez-Cull led teams in sensing and perception systems at Waymo (formerly Google Self-Driving) and at Lyft. Prior to that, she was a technologist at Apple in autonomous systems. Through the Material Change fellowship, she is looking forward to investing in and inspiring first-generation entrepreneurs and dreamers.

Applications for the Material Change Institute’s third class are open and you can apply today, with the deadline in early 2023.