The Raynier Institute & Foundation, a Seattle-based philanthropic organization with Philadelphia roots, has partnered with Drexel University and the University City Science Center to improve access to capital for minority entrepreneurs in the area. The institutions will collaboratively manage a seed fund created by a $500,000 grant from the Foundation, which was founded by an heir of Philadelphia transportation and real estate magnate Peter Widener, and supports programs of high merit for the betterment of humanity.
February 18, 2021
Seattle-based Raynier Institute & Foundation is supporting minority entrepreneurs at Drexel and University City Science Center with a new seed fund.
The Raynier Institute & Foundation, a Seattle-based philanthropic organization with Philadelphia roots, has partnered with Drexel University and the University City Science Center to improve access to capital for minority entrepreneurs in the area. The institutions will collaboratively manage a seed fund created by a $500,000 grant from the Foundation, which was founded by an heir of Philadelphia transportation and real estate magnate Peter Widener, and supports programs of high merit for the betterment of humanity.
The Raynier seed fund is intended as a step toward addressing persistent inequality in minority business ownership by providing access to funds, guidance and networks early in the entrepreneurship process. A recent study by a pair of venture capital rating groups suggests that while the disparity in s