We’re wrapping up the year hard at work with big plans for 2025. New focus, new guests, new conversations. Thank you for your patience as we are reimagining.

In the meantime, we’re continuing to bring you the “Best of” Access & Opportunity by revisiting my 2021 conversation with NBA champion turned investor, Andre Iguodala.

Andre isn’t just a four-time NBA champ and Finals MVP—he’s the master of the pivot, a key playbook for Access & Opportunity.

While cementing his legacy on the court, Andre began making moves to achieve success off the court, too. In 2010, he ventured into investing, funding companies you know today, like Zoom and Allbirds. In 2021, he doubled down. He started investing in underfunded tech founders as a partner at the Catalyst Fund.

Last year, Andre announced his retirement from the league. But, if his hustle is any indication, he won’t be slowing down anytime soon. Today, he continues to put capital into the hands of overlooked entrepreneurs through MOSAIC, a $200 million early-stage venture capital firm he co-founded.

In this episode, Andre lays out his playbook for building a lasting legacy: by betting on the right people, staying curious, and using every opportunity to open doors for others. It’s a masterclass in making your mark.

The guest speakers are neither employees nor affiliated with Morgan Stanley & Co. LLC. (“Morgan Stanley”). The views and opinions expressed herein do not necessarily reflect those of Morgan Stanley. The information and figures contained herein has been obtained from sources outside of Morgan Stanley and Morgan Stanley makes no representations or guarantees as to the accuracy or completeness of information or data from sources outside of Morgan Stanley. Morgan Stanley is not responsible for the information or data contained in this podcast.

This podcast does not provide individually tailored investment advice and is not a solicitation of any offer to buy or sell any security or other financial instrument or to participate in any trading strategy. It has been prepared without regard to the individual financial circumstances and objectives of persons who receive it.

Apple®, the Apple logo, iPhone®, iPad®, and iPad Air® are trademarks of Apple Inc., registered in the US and other countries. Apple Pay® and iPad mini® are trademarks of Apple Inc. App Store® is a service mark of Apple Inc.

© 2024 Morgan Stanley, All Rights Reserved. CRC 4093280, 12/2024

A whole new vision for Access and Opportunity is coming your way soon. Thank you for your patience and grace. It’s incredibly exciting to reimagine a show six years in the making.

Today, we’re continuing to bring you the “Best of” Access & Opportunity by revisiting one of our favorite conversations, with Nely Galán. Nely embodies the ethos of Access & Opportunity. She’s a savvy woman of color in business who’s written her own story by betting on herself time and again — starting as an Avon saleswoman at just 13 years old, and culminating with becoming the first-ever Latina President of Entertainment for a U.S. television network.

As a titan in media, Nely’s own journey is made for TV. It’s a story full of grit, twists and turns, and lessons learned. And by no means is it done. Today, Nely’s life continues to be too full to fit into a single title. She’s an Emmy award-winning producer, a mother, an entrepreneur, a media mogul and a real estate powerhouse and, Carla's personal favorite — a mentor.

Disclaimers (for web page and RSS feed)

The guest speakers are neither employees nor affiliated with Morgan Stanley & Co. LLC. (“Morgan Stanley”). The views and opinions expressed herein do not necessarily reflect those of Morgan Stanley. The information and figures contained herein has been obtained from sources outside of Morgan Stanley and Morgan Stanley makes no representations or guarantees as to the accuracy or completeness of information or data from sources outside of Morgan Stanley. Morgan Stanley is not responsible for the information or data contained in this podcast.

This podcast does not provide individually tailored investment advice and is not a solicitation of any offer to buy or sell any security or other financial instrument or to participate in any trading strategy. It has been prepared without regard to the individual financial circumstances and objectives of persons who receive it.

Apple®, the Apple logo, iPhone®, iPad®, and iPad Air® are trademarks of Apple Inc., registered in the US and other countries. Apple Pay® and iPad mini® are trademarks of Apple Inc. App Store® is a service mark of Apple Inc.

© 2024 Morgan Stanley, All Rights Reserved. CRC 4049269, 11/2024

American entrepreneurship had been on a 40-year decline. But 2020 is the year that turned around; entrepreneurship is on the rise once again. According to the U.S. Census Bureau, aspiring entrepreneurs filed paperwork to start 5.4 million new businesses in 2021. This recent surge in entrepreneurship has been disproportionally attributed to women and people of color, so for this special two-part series we’re honing in on an intersection of those two identities: Black women. 

In the second of our two-part “Black Women Entrepreneurs” series, available in your feed now, we’re broadening the lens to dig into the cultural and business forces behind the rising tide of Black entrepreneurship and the marketplace changes needed to further empower its growth. Carla joins innovative business leader Melissa Bradley in Washington, D.C. to discuss 1863 Ventures, a national business development nonprofit accelerator and venture capital fund for historically underestimated individuals. The organization is on a mission to generate 100 billion dollars of wealth for founders by 2030. Through 1863 Ventures, Melissa is working to create an entrepreneurial ecosystem where Black founders, including the rising tide of Black women business owners, can thrive. Come on and join us for the ride.

https://www.morganstanley.com/what-we-do/inclusive-innovation-and-opportunity

Disclaimer text

The guest speakers are neither employees nor affiliated with Morgan Stanley & Co. LLC. (“Morgan Stanley”). The views and opinions expressed herein do not necessarily reflect those of Morgan Stanley. The information and figures contained herein has been obtained from sources outside of Morgan Stanley and Morgan Stanley makes no representations or guarantees as to the accuracy or completeness of information or data from sources outside of Morgan Stanley. Morgan Stanley is not responsible for the information or data contained in this podcast.

This podcast does not provide individually tailored investment advice and is not a solicitation of any offer to buy or sell any security or other financial instrument or to participate in any trading strategy. It has been prepared without regard to the individual financial circumstances and objectives of persons who receive it.

© 2023 Morgan Stanley & Co. LLC, Members SIPC.

According to a 2021 report in the Harvard Business Review, 17% of Black women are in the process of starting or running new businesses, compared to 10% of white women and 15% of white men. For this special two-part “Black Women Entrepreneurship” series, Access and Opportunity is on the road in Washington D.C. – recently named the best city for Black entrepreneurs to start a business – to hear from the women driving this Black business boom by putting community at the center. 

On this episode, Carla visits entrepreneur Angel Gregorio at her spice shop turned small business incubator, The Spice Suite. Angel, a former assistant school principal, took the leap into business ownership in 2015 after taking over an open retail space. As Angel became a community fixture, she began letting other Black women use the space for pop-ups to sell their own goods. Soon, a tribe was formed calling themselves the Spice Girls, a community of Black women small business owners who support each other's unique entrepreneurial journeys. We’ll hear from Angel and two of her Spice Girls, Sam Smith and Tiaa Rutherford, about becoming entrepreneurs and how their community has helped them chart paths forward. Come on and join us for the ride.

https://www.morganstanley.com/what-we-do/inclusive-innovation-and-opportunity

Disclaimer text

The guest speakers are neither employees nor affiliated with Morgan Stanley & Co. LLC. (“Morgan Stanley”). The views and opinions expressed herein do not necessarily reflect those of Morgan Stanley. The information and figures contained herein has been obtained from sources outside of Morgan Stanley and Morgan Stanley makes no representations or guarantees as to the accuracy or completeness of information or data from sources outside of Morgan Stanley. Morgan Stanley is not responsible for the information or data contained in this podcast.

This podcast does not provide individually tailored investment advice and is not a solicitation of any offer to buy or sell any security or other financial instrument or to participate in any trading strategy. It has been prepared without regard to the individual financial circumstances and objectives of persons who receive it.

© 2023 Morgan Stanley & Co. LLC, Members SIPC.

An extreme funding gap exists for Black female entrepreneurs who, in 2021, received merely 0.34% of the total venture capital spent in the U.S. in the first half of the year, according to Crunchbase. And while more concerted efforts to diversify capital allocation have come out of these jarring figures, the community of adequately funded Black female founders remains incredibly small.

On this episode, we speak with one of the select few Black female founders who got her funding. In 2021, Monique Rodriguez, founder and CEO of Mielle Organics, broke the glass ceiling for Black female founders, inking a nine-figure, non-controlling investment deal with Berkshire Partners. She shares how she turned her passion for women’s health and a nursing background into a global beauty business, and discusses how her atypical path into entrepreneurship became her biggest asset. Then, host Carla Harris sits down with Monique to discuss the obstacles and opportunities that lie ahead for her as a leader at this pivotal juncture of scaling Mielle. And Carla draws upon leadership insights from her latest book, Lead to Win.

https://www.morganstanley.com/what-we-do/inclusive-innovation-and-opportunity

Disclaimer text

The guest speakers are neither employees nor affiliated with Morgan Stanley & Co. LLC. (“Morgan Stanley”). The views and opinions expressed herein do not necessarily reflect those of Morgan Stanley. The information and figures contained herein has been obtained from sources outside of Morgan Stanley and Morgan Stanley makes no representations or guarantees as to the accuracy or completeness of information or data from sources outside of Morgan Stanley. Morgan Stanley is not responsible for the information or data contained in this podcast.

This podcast does not provide individually tailored investment advice and is not a solicitation of any offer to buy or sell any security or other financial instrument or to participate in any trading strategy. It has been prepared without regard to the individual financial circumstances and objectives of persons who receive it.

© 2022 Morgan Stanley & Co. LLC, Members SIPC.

The barriers to entering and staying in the workforce are complex for disabled people, and magnified for disabled people with additional marginalized identities. This results in long term impacts to their household wealth: in the United States, the median net worth among households with adult members with a disability is $33,318 less than the national median, according to a report from Prosperity Now. 

On this episode, we learn how unemployment drives the disability wealth gap and how advocates and entrepreneurs are working to drive change for the betterment of the disabled community. First we hear from disability scholar and advocate D’Arcee Charington Neal, who draws on his lived experience as a disabled Black person in order to advise companies to reduce ableism and racis in the workplace. Then, host Carla Harris speaks with Inclusively co-founder and CEO, Charlotte Dales, about how their technology is making it easier for companies to hire disabled people.

https://www.morganstanley.com/what-we-do/inclusive-innovation-and-opportunity 

Disclaimer text

The guest speakers are neither employees nor affiliated with Morgan Stanley & Co. LLC. (“Morgan Stanley”). The views and opinions expressed herein do not necessarily reflect those of Morgan Stanley. The information and figures contained herein has been obtained from sources outside of Morgan Stanley and Morgan Stanley makes no representations or guarantees as to the accuracy or completeness of information or data from sources outside of Morgan Stanley. Morgan Stanley is not responsible for the information or data contained in this podcast.

This podcast does not provide individually tailored investment advice and is not a solicitation of any offer to buy or sell any security or other financial instrument or to participate in any trading strategy. It has been prepared without regard to the individual financial circumstances and objectives of persons who receive it.

© 2022 Morgan Stanley & Co. LLC, Members SIPC.

A recent survey commissioned by Nova Credit found that nearly half of immigrants said a U.S. credit card is hard to obtain. Without a credit card or any type of credit history to their name, immigrants are likely to find themselves identified as “credit invisible” and unable to establish their financial identities. On this episode, we learn from those with firsthand experience navigating the American credit system as immigrants and how they’re channeling lessons-learned into solutions that are making the pool of creditworthy people more inclusive.

Host Carla Harris is in conversation with Wemimo Abbey and Samir Goel, two business partners who were inspired by their own immigrant-centered upbringings to break down the barriers that not having a credit score poses. Through their company Esusu, Wemimo and Samir developed technology that shares monthly rent payments with the three major credit bureaus, expanding the types of reportable data used to help immigrants build their credit score.

https://www.morganstanley.com/what-we-do/inclusive-innovation-and-opportunity

Disclaimer text

The guest speakers are neither employees nor affiliated with Morgan Stanley & Co. LLC. (“Morgan Stanley”). The views and opinions expressed herein do not necessarily reflect those of Morgan Stanley. The information and figures contained herein has been obtained from sources outside of Morgan Stanley and Morgan Stanley makes no representations or guarantees as to the accuracy or completeness of information or data from sources outside of Morgan Stanley. Morgan Stanley is not responsible for the information or data contained in this podcast.

This podcast does not provide individually tailored investment advice and is not a solicitation of any offer to buy or sell any security or other financial instrument or to participate in any trading strategy. It has been prepared without regard to the individual financial circumstances and objectives of persons who receive it.

© 2022 Morgan Stanley & Co. LLC, Members SIPC.

Around the world, over 80 million individuals are displaced according to the UN Refugee Agency, with many forced to flee their homes for prolonged periods of time due to protracted internal crises. While emergency aid may provide for their immediate basic needs, it in no way supports their quality of life nor does it create a pathway to building a future in a foreign country. On this episode, we discuss the unique challenges that exist for founders uprooted from their home countries. First we hear from a displaced entrepreneur in Iraq who shares how he started an agritech business called Green Shovel. Forced to flee his home country due to civil war, he found support for his new entrepreneurial pursuits in Five One Labs, a startup incubator dedicated to supporting displaced individuals with operations in Iraq and now Colombia. Carla sits down with the founders of Five One Labs, Alice Bosley and Patricia Letayf. They discuss the hurdles that exist for refugees looking to start their own business abroad and how supporting their endeavors benefits us all. Through education, access to a local network and grant seed funding, Five One Labs seeks to give displaced persons the tools and on-the-ground support to not only survive, but thrive.

https://www.morganstanley.com/what-we-do/inclusive-innovation-and-opportunity

Disclaimer text

The guest speakers are neither employees nor affiliated with Morgan Stanley & Co. LLC. (“Morgan Stanley”). The views and opinions expressed herein do not necessarily reflect those of Morgan Stanley. The information and figures contained herein has been obtained from sources outside of Morgan Stanley and Morgan Stanley makes no representations or guarantees as to the accuracy or completeness of information or data from sources outside of Morgan Stanley. Morgan Stanley is not responsible for the information or data contained in this podcast.

This podcast does not provide individually tailored investment advice and is not a solicitation of any offer to buy or sell any security or other financial instrument or to participate in any trading strategy. It has been prepared without regard to the individual financial circumstances and objectives of persons who receive it.

© 2022 Morgan Stanley & Co. LLC, Members SIPC.

In May of 2022, the U.S. Soccer Federation agreed to a landmark deal awarding equal pay for the women and men of the US National Soccer teams. On this episode, we look at what this move means for other women’s leagues charting the same course towards equity in pay and beyond. 

First, we hear from Los Angeles Sparks player Nneka Ogwumike about her path to becoming a decorated player in the WNBA and how she’s using her platform to engage the league in conversations about equity. Nneka also talks about the importance of unifying all women’s sports leagues to collectively push forward progress for all. 

Then, host Carla Harris sits down with venture capitalist Kara Nortman, owner of Angel City FC, a women-owned soccer team that is raising the bar for investment across the league. Kara gives insight into the power and potential that she sees in women’s sports through fostering fan loyalty and engaging with the community.

https://www.morganstanley.com/what-we-do/inclusive-innovation-and-opportunity

Disclaimer text

The guest speakers are neither employees nor affiliated with Morgan Stanley & Co. LLC. (“Morgan Stanley”). The views and opinions expressed herein do not necessarily reflect those of Morgan Stanley. The information and figures contained herein has been obtained from sources outside of Morgan Stanley and Morgan Stanley makes no representations or guarantees as to the accuracy or completeness of information or data from sources outside of Morgan Stanley. Morgan Stanley is not responsible for the information or data contained in this podcast.

This podcast does not provide individually tailored investment advice and is not a solicitation of any offer to buy or sell any security or other financial instrument or to participate in any trading strategy. It has been prepared without regard to the individual financial circumstances and objectives of persons who receive it.

© 2022 Morgan Stanley & Co. LLC, Members SIPC.

In America, real estate investment has been the primary way for people to build wealth that they can sustain and pass down to their children. But the vast majority of those who get a piece of the real estate pie are white men. Real estate investment has a long history of systemic inequity due in part to racist lending practices and exclusionary urban planning Despite the challenges, there are BIPOC entrepreneurs working to change the exclusivity of this industry. On this episode, we hear from two individuals working to make real estate investing more accessible. First, we hear from real estate consultant Lisa Phillips about how she turned her initial failure in real estate investing into a successful consulting business helping other Black professionals navigate an industry that kept them out. Then host Carla Harris sits down with Ryan Williams, Founder and Executive Chairman of Cadre. Ryan discusses what inspired him to create the fintech platform and how it aims to democratize real estate investment.

https://www.morganstanley.com/what-we-do/inclusive-innovation-and-opportunity

Disclaimer text

The guest speakers are neither employees nor affiliated with Morgan Stanley & Co. LLC. (“Morgan Stanley”). The views and opinions expressed herein do not necessarily reflect those of Morgan Stanley. The information and figures contained herein has been obtained from sources outside of Morgan Stanley and Morgan Stanley makes no representations or guarantees as to the accuracy or completeness of information or data from sources outside of Morgan Stanley. Morgan Stanley is not responsible for the information or data contained in this podcast.

This podcast does not provide individually tailored investment advice and is not a solicitation of any offer to buy or sell any security or other financial instrument or to participate in any trading strategy. It has been prepared without regard to the individual financial circumstances and objectives of persons who receive it.

© 2022 Morgan Stanley & Co. LLC, Members SIPC.

Indigenous voices have been left out of the conversation around climate change, even though they are among the first to face the direct consequences of global warming due to their interconnectedness with the environment and its resources. On this episode, we hear from Indigenous leaders working to uplift Native voices and bring generations of environmental wisdom into the fight against climate change. First we hear from Nikki Cooley of the Navajo Nation. As the co-manager of the Climate Change Program at the Institute for Tribal Environmental Professionals, Nikki combines Native teachings with Western science to advise fellow tribes on how to adapt to climate change. Then, host Carla Harris speaks with Red Lake Nation member Robert Blake, founder and CEO of Solar Bear, a full service solar installation company. Through education, workforce training and demonstration, Robert is on a mission to realize the economic and environmental benefits of including Indigenous perspectives within the transition to clean energy.

https://www.morganstanley.com/what-we-do/inclusive-innovation-and-opportunity

Disclaimer text

The guest speakers are neither employees nor affiliated with Morgan Stanley & Co. LLC. (“Morgan Stanley”). The views and opinions expressed herein do not necessarily reflect those of Morgan Stanley. The information and figures contained herein has been obtained from sources outside of Morgan Stanley and Morgan Stanley makes no representations or guarantees as to the accuracy or completeness of information or data from sources outside of Morgan Stanley. Morgan Stanley is not responsible for the information or data contained in this podcast.

This podcast does not provide individually tailored investment advice and is not a solicitation of any offer to buy or sell any security or other financial instrument or to participate in any trading strategy. It has been prepared without regard to the individual financial circumstances and objectives of persons who receive it.

© 2022 Morgan Stanley & Co. LLC, Members SIPC.

Too many people in the U.S., particularly those from communities of color, live in geographic areas that have little to no access to an affordable and adequate supply of healthy and fresh whole foods. Unequal access to quality food has ripple effects across health, performance in school, and ultimately, the ability to generate wealth. On this episode, we learn about how food industry professionals are working to eliminate food deserts across the country. First we hear from entrepreneur Cassandria Campbell, who co-founded Fresh Food Generation in Boston after moving back in her early 20s to find that her community continued to lack places to get a quick, healthy, delicious meal. Then, host Carla Harris speaks with Something Better Foods founder and CEO, Chef GW Chew, about scaling his plant-based food manufacturing business in order to make securing fresh food a reality for all people.

https://www.morganstanley.com/what-we-do/inclusive-innovation-and-opportunity

Disclaimer text

The guest speakers are neither employees nor affiliated with Morgan Stanley & Co. LLC. (“Morgan Stanley”). The views and opinions expressed herein do not necessarily reflect those of Morgan Stanley. The information and figures contained herein has been obtained from sources outside of Morgan Stanley and Morgan Stanley makes no representations or guarantees as to the accuracy or completeness of information or data from sources outside of Morgan Stanley. Morgan Stanley is not responsible for the information or data contained in this podcast.

This podcast does not provide individually tailored investment advice and is not a solicitation of any offer to buy or sell any security or other financial instrument or to participate in any trading strategy. It has been prepared without regard to the individual financial circumstances and objectives of persons who receive it.

© 2022 Morgan Stanley & Co. LLC, Members SIPC.

We here at Access and Opportunity are hard at work on the next iteration of this show. There will be a lot that’s new, but the heart of the show will always be uplifting the voices and work of those pushing a path forward towards a more equitable future. So today, we’re revisiting our 2021 conversation with educator Betsy Mayotte to discuss how having the right information at the right time can make navigating the student financing industry more manageable.

But first we'll hear from Farrukh Siddiqui, an entrepreneur whose company uses income share agreements, or ISAs, to help student borrowers get out of debt. Come on and join us for the ride.

Disclaimers

The guest speakers are neither employees nor affiliated with Morgan Stanley & Co. LLC. (“Morgan Stanley”). The views and opinions expressed herein do not necessarily reflect those of Morgan Stanley. The information and figures contained herein has been obtained from sources outside of Morgan Stanley and Morgan Stanley makes no representations or guarantees as to the accuracy or completeness of information or data from sources outside of Morgan Stanley. Morgan Stanley is not responsible for the information or data contained in this podcast.

This podcast does not provide individually tailored investment advice and is not a solicitation of any offer to buy or sell any security or other financial instrument or to participate in any trading strategy. It has been prepared without regard to the individual financial circumstances and objectives of persons who receive it.

Apple®, the Apple logo, iPhone®, iPad®, and iPad Air® are trademarks of Apple Inc., registered in the US and other countries. Apple Pay® and iPad mini® are trademarks of Apple Inc. App Store® is a service mark of Apple Inc.

© 2024 Morgan Stanley & Co. LLC, Member SIPC. All rights reserved. CRC 3906185 10/2024

Between the authors landing 6 figure deals to the editors sourcing new talent: the publishing industry in America is much whiter than the general population. While some progress has been made since the #PublishingPaidMe movement of June 2020, there is still a long way to go to make the publishing industry equitable. On this episode, we learn about how industry insiders are breaking down barriers for aspiring authors of color. First, we hear from published author Khalisa Rae about how she found her voice as a poet and, after facing discrimination in her youth, found mentorship and belonging at an HBCU, which ultimately set her on the path to becoming an award-winning writer. Then, host Carla Harris sits down with publishing expert Dawn Michelle Hardy, also known as The Literary Lobbyist. Dawn has spent the last 20 years helping authors of color get published and paid, and shares her insights on what it takes to get a book published, as well as how she is seeing the industry become more accessible for talented writers who’ve traditionally been left off bookshelves, and what more needs to be done.

https://www.morganstanley.com/what-we-do/inclusive-innovation-and-opportunity

Disclaimer text

The guest speakers are neither employees nor affiliated with Morgan Stanley & Co. LLC. (“Morgan Stanley”). The views and opinions expressed herein do not necessarily reflect those of Morgan Stanley. The information and figures contained herein has been obtained from sources outside of Morgan Stanley and Morgan Stanley makes no representations or guarantees as to the accuracy or completeness of information or data from sources outside of Morgan Stanley. Morgan Stanley is not responsible for the information or data contained in this podcast.

This podcast does not provide individually tailored investment advice and is not a solicitation of any offer to buy or sell any security or other financial instrument or to participate in any trading strategy. It has been prepared without regard to the individual financial circumstances and objectives of persons who receive it.

© 2022 Morgan Stanley & Co. LLC, Members SIPC.

On this episode, we’re exploring the potential of the circular economy. First, we hear from Kenyan entrepreneur Nzambi Matee about how she’s tackling the plastic waste problem in Nairobi through Gjenge Makers, her company that creates alternative building products out of the typically disposed of material. Nzambi speaks to the potential for innovative solutions such as affordable housing that come from reframing how we view the waste that we create. Then, host Carla Harris sits down with Garry Cooper, the founder of Rheaply, a platform that connects businesses and organizations to each other to help circulate everything from desktops or chairs to heavy machinery, rather than sending them to the landfill. Garry discusses what he sees as a $630 billion market for unused and underused things.   

https://www.morganstanley.com/what-we-do/inclusive-innovation-and-opportunity

Disclaimer text

The guest speakers are neither employees nor affiliated with Morgan Stanley & Co. LLC. (“Morgan Stanley”). The views and opinions expressed herein do not necessarily reflect those of Morgan Stanley. The information and figures contained herein has been obtained from sources outside of Morgan Stanley and Morgan Stanley makes no representations or guarantees as to the accuracy or completeness of information or data from sources outside of Morgan Stanley. Morgan Stanley is not responsible for the information or data contained in this podcast.

This podcast does not provide individually tailored investment advice and is not a solicitation of any offer to buy or sell any security or other financial instrument or to participate in any trading strategy. It has been prepared without regard to the individual financial circumstances and objectives of persons who receive it.

© 2022 Morgan Stanley & Co. LLC, Members SIPC.

On this special episode, Carla Harris sits down with journalist and fellow Morgan Stanley podcast host Sonari Glinton to discuss their careers, the roles they play in fostering opportunity and their experiences around equity in the economic landscape. 

https://www.morganstanley.com/what-we-do/inclusive-innovation-and-opportunity

Disclaimer text

The guest speakers are neither employees nor affiliated with Morgan Stanley & Co. LLC. (“Morgan Stanley”). The views and opinions expressed herein do not necessarily reflect those of Morgan Stanley. The information and figures contained herein has been obtained from sources outside of Morgan Stanley and Morgan Stanley makes no representations or guarantees as to the accuracy or completeness of information or data from sources outside of Morgan Stanley. Morgan Stanley is not responsible for the information or data contained in this podcast.

This podcast does not provide individually tailored investment advice and is not a solicitation of any offer to buy or sell any security or other financial instrument or to participate in any trading strategy. It has been prepared without regard to the individual financial circumstances and objectives of persons who receive it.

© 2022 Morgan Stanley & Co. LLC, Members SIPC.

On this episode, we’re talking about the push for more representation of Asian Americans and Pacific Islanders in entertainment. First, we hear from musician Charlene Kaye, also known as KAYE, about how the lack of Asian American artists she had to look up to growing up forced her to shy away from her identity. Charlene shares how she is now furthering the conversation through music, and her podcast, Golden Hour. Then, host Carla Harris sits down with Bing Chen, the founder of non-profit Gold House, to learn how he has spent the last four years putting community and capital behind AAPI representation, helping drive the success of films such as Crazy Rich Asians, Parasite and Minari.

https://www.morganstanley.com/what-we-do/inclusive-innovation-and-opportunity

Disclaimer text

The guest speakers are neither employees nor affiliated with Morgan Stanley & Co. LLC. (“Morgan Stanley”). The views and opinions expressed herein do not necessarily reflect those of Morgan Stanley. The information and figures contained herein has been obtained from sources outside of Morgan Stanley and Morgan Stanley makes no representations or guarantees as to the accuracy or completeness of information or data from sources outside of Morgan Stanley. Morgan Stanley is not responsible for the information or data contained in this podcast.

This podcast does not provide individually tailored investment advice and is not a solicitation of any offer to buy or sell any security or other financial instrument or to participate in any trading strategy. It has been prepared without regard to the individual financial circumstances and objectives of persons who receive it.

© 2022 Morgan Stanley & Co. LLC, Members SIPC.

On this episode, we’re talking about America’s high rate of recidivism – with nearly 80% of those incarcerated returning to prison after five years – and what can be done to reduce this figure. First, we hear from Marcus Bullock, the founder and CEO of tech company Flikshop, about the obstacles he faced when transitioning back into society after serving an eight-year prison sentence. Marcus applied for 41 jobs before finally finding employment as a paint mixer, opening the door for him to eventually start his own businesses and find ways to help other formerly incarcerated individuals with their reentry journey. Then, host Carla Harris sits down with Marcus Glover, Managing Partner of VC firm Lockstep Ventures, to discuss the real opportunity in breaking down barriers to employment for formerly incarcerated individuals. Marcus outlines the mechanisms in place that lead to reoffending and offers ways that the VC community can leverage its investments to help stem the cycle of recidivism. 

https://www.morganstanley.com/what-we-do/inclusive-innovation-and-opportunity

Disclaimer text

The guest speakers are neither employees nor affiliated with Morgan Stanley & Co. LLC. (“Morgan Stanley”). The views and opinions expressed herein do not necessarily reflect those of Morgan Stanley. The information and figures contained herein has been obtained from sources outside of Morgan Stanley and Morgan Stanley makes no representations or guarantees as to the accuracy or completeness of information or data from sources outside of Morgan Stanley. Morgan Stanley is not responsible for the information or data contained in this podcast.

This podcast does not provide individually tailored investment advice and is not a solicitation of any offer to buy or sell any security or other financial instrument or to participate in any trading strategy. It has been prepared without regard to the individual financial circumstances and objectives of persons who receive it.

© 2021 Morgan Stanley & Co. LLC, Members SIPC.

Money circulates nearly an unlimited number of times in white neighborhoods, but only once in African-American communities, according to the Selig Center for Economic Growth. On this episode, we ask: how can we keep the Black dollar circulating in Black communities for longer?

First, we hear from Bernard Bronner, President and CEO of Bronner Bros., the Black, family-owned beauty company behind the annual Bronner Bros. Hair Show. After losing their best-selling hair care product because they didn’t manufacture it themselves, the Bronners recognized the importance of ownership for sustaining not only the company, but the broader Black community.

Then, host Carla Harris sits down with Maggie Anderson, author of “Our Black Year: One Family’s Quest to Buy Black in America’s Racially Divided Economy” to discuss her year-long journey to only buy Black. Through her lived experience and supporting data, Maggie unpacks the historical and ongoing factors that prevent Black dollars from circulating through the Black community. And she highlights opportunities that exist for Black entrepreneurs and consumers to reclaim the power of their dollar.

https://www.morganstanley.com/what-we-do/inclusive-innovation-and-opportunity

Disclaimer text

The guest speakers are neither employees nor affiliated with Morgan Stanley & Co. LLC. (“Morgan Stanley”). The views and opinions expressed herein do not necessarily reflect those of Morgan Stanley. The information and figures contained herein has been obtained from sources outside of Morgan Stanley and Morgan Stanley makes no representations or guarantees as to the accuracy or completeness of information or data from sources outside of Morgan Stanley. Morgan Stanley is not responsible for the information or data contained in this podcast.

This podcast does not provide individually tailored investment advice and is not a solicitation of any offer to buy or sell any security or other financial instrument or to participate in any trading strategy. It has been prepared without regard to the individual financial circumstances and objectives of persons who receive it.

© 2022 Morgan Stanley & Co. LLC, Members SIPC.

According to the U.S. Census, roughly one in ten homes in America lack a broadband internet connection, and the city of Brownsville, Texas tops the list of least connected cities in the country.

On this episode, we’ll learn from two people on the frontlines in the battle against this digital divide. We hear from Brownsville high school teacher Mayra Delgado. After seeing her students struggle with connectivity, she co-founded a group called What the Fiber to address the problem.

Then, host Carla Harris sits down with one of the people that are helping to bring broadband to Brownsville, Rene Gonzalez. Rene is the co-founder and Chief Strategy Officer of Lit Communities, a company that helps cities develop their own fiber networks instead of bringing in an outside internet service provider. This not only connects their residents and businesses but allows the city to earn money by charging Internet Service Providers (ISPs) for use of the city network.

https://www.morganstanley.com/what-we-do/inclusive-innovation-and-opportunity

Disclaimer text

The guest speakers are neither employees nor affiliated with Morgan Stanley & Co. LLC. (“Morgan Stanley”). The views and opinions expressed herein do not necessarily reflect those of Morgan Stanley. The information and figures contained herein has been obtained from sources outside of Morgan Stanley and Morgan Stanley makes no representations or guarantees as to the accuracy or completeness of information or data from sources outside of Morgan Stanley. Morgan Stanley is not responsible for the information or data contained in this podcast.

This podcast does not provide individually tailored investment advice and is not a solicitation of any offer to buy or sell any security or other financial instrument or to participate in any trading strategy. It has been prepared without regard to the individual financial circumstances and objectives of persons who receive it.

© 2022 Morgan Stanley & Co. LLC, Members SIPC.

More than half of asset managers still believe that hiring diverse teams comes at the cost of higher

returns, despite data showing otherwise. On this episode, host Carla Harris speaks to Heard Capital

founder and CEO William Heard as he shares his journey to become a successful Black hedge fund

manager and how he’s paving the way for money managers like himself, with less traditional pedigrees,

to achieve their goals in the financial industry.

https://www.morganstanley.com/what-we-do/inclusive-innovation-and-opportunity

Disclaimer text

The guest speakers are neither employees nor affiliated with Morgan Stanley & Co. LLC. (“Morgan

Stanley”). The views and opinions expressed herein do not necessarily reflect those of Morgan Stanley.

The information and figures contained herein has been obtained from sources outside of Morgan Stanley

and Morgan Stanley makes no representations or guarantees as to the accuracy or completeness of

information or data from sources outside of Morgan Stanley. Morgan Stanley is not responsible for the

information or data contained in this podcast.

This podcast does not provide individually tailored investment advice and is not a solicitation of any offer

to buy or sell any security or other financial instrument or to participate in any trading strategy. It has been

prepared without regard to the individual financial circumstances and objectives of persons who receive it.

© 2021 Morgan Stanley & Co. LLC, Members SIPC.

On this episode, we learn about how one woman is working to foster economic equity in the outdoors and how supporting founders of color will improve the outdoor industry for everyone. We hear from founder Patricia Cameron about her nonprofit, Blackpackers, which aims to address the gap in representation in the outdoors by providing gear, outdoor excursions and outdoor education for free or at a subsidized cost. Then, host Carla Harris sits down with Dan Kihanya, REI’s Director of Corporate Development and Racial Equity. Dan explains REI’s latest initiative “Path Ahead Ventures” which was created to invest in founders of color and promote inclusion within the outdoor industry.

https://www.morganstanley.com/what-we-do/inclusive-innovation-and-opportunity

Disclaimer text

The guest speakers are neither employees nor affiliated with Morgan Stanley & Co. LLC. (“Morgan Stanley”). The views and opinions expressed herein do not necessarily reflect those of Morgan Stanley. The information and figures contained herein has been obtained from sources outside of Morgan Stanley and Morgan Stanley makes no representations or guarantees as to the accuracy or completeness of information or data from sources outside of Morgan Stanley. Morgan Stanley is not responsible for the information or data contained in this podcast.

This podcast does not provide individually tailored investment advice and is not a solicitation of any offer to buy or sell any security or other financial instrument or to participate in any trading strategy. It has been prepared without regard to the individual financial circumstances and objectives of persons who receive it.

© 2021 Morgan Stanley & Co. LLC, Members SIPC.

As of 2021, $1.7 trillion in student loan debt is collectively owed by 45 million borrowers. On this episode, we learn about the size and scope of the student debt crisis and how borrowers, educators and policy makers can help stem this growing figure. We hear from entrepreneur Farrukh Siddiqui about his company, Defynance, which works with former students to pay off their loans and replace them with income share agreements. Then, host Carla Harris sits down with Betsy Mayotte, the president and founder of The Institute of Student Loan Advisors. Betsy shares her insights on the student debt crisis and discusses how access to free, neutral and clear student loan advice can empower borrowers to make informed decisions when it comes to financing their education. 

https://www.morganstanley.com/what-we-do/inclusive-innovation-and-opportunity

Disclaimer text

The guest speakers are neither employees nor affiliated with Morgan Stanley & Co. LLC. (“Morgan Stanley”). The views and opinions expressed herein do not necessarily reflect those of Morgan Stanley. The information and figures contained herein has been obtained from sources outside of Morgan Stanley and Morgan Stanley makes no representations or guarantees as to the accuracy or completeness of information or data from sources outside of Morgan Stanley. Morgan Stanley is not responsible for the information or data contained in this podcast.

This podcast does not provide individually tailored investment advice and is not a solicitation of any offer to buy or sell any security or other financial instrument or to participate in any trading strategy. It has been prepared without regard to the individual financial circumstances and objectives of persons who receive it.

Apple®, the Apple logo, iPhone®, iPad®, and iPad Air® are trademarks of Apple Inc., registered in the US and other countries. Apple Pay® and iPad mini® are trademarks of Apple Inc. App Store® is a service mark of Apple Inc.

© 2024 Morgan Stanley, All Rights Reserved. CRC 3914765, 10/2024

We here at Access and Opportunity are hard at work on the next iteration of this show. There will be a lot that’s new, but the heart of the show will always be uplifting the voices and work of those pushing a path forward towards a more equitable future. So today, we’re revisiting Carla's 2022 conversation with Kara Nortman, a venture capitalist who started a National Women's Soccer League team, to make a playbook for all women’s sports leagues to win by. 

But first we'll hear from WNBA star Nneka Ogwumike, President of the Women’s National Basketball Players Association. Nneka will give us context to the WNBA’s ongoing and active discussions around pay. Then, we’ll turn to Carla's conversation with Kara for her playbook to build thriving women’s sports leagues — and the resources and capital required to make lasting change. Come on and join us for the ride.

Disclaimers

The guest speakers are neither employees nor affiliated with Morgan Stanley & Co. LLC. (“Morgan Stanley”). The views and opinions expressed herein do not necessarily reflect those of Morgan Stanley. The information and figures contained herein has been obtained from sources outside of Morgan Stanley and Morgan Stanley makes no representations or guarantees as to the accuracy or completeness of information or data from sources outside of Morgan Stanley. Morgan Stanley is not responsible for the information or data contained in this podcast.

This podcast does not provide individually tailored investment advice and is not a solicitation of any offer to buy or sell any security or other financial instrument or to participate in any trading strategy. It has been prepared without regard to the individual financial circumstances and objectives of persons who receive it.

Apple®, the Apple logo, iPhone®, iPad®, and iPad Air® are trademarks of Apple Inc., registered in the US and other countries. Apple Pay® and iPad mini® are trademarks of Apple Inc. App Store® is a service mark of Apple Inc.

© 2024 Morgan Stanley & Co. LLC, Member SIPC. All rights reserved. CRC 3906185 10/2024

On this episode, we delve into the world of NFTs, cryptocurrency, and blockchain technology. We hear from artist Lauren Washington, a senior at Northwestern University, who is using non-fungible tokens, or NFTs, to help connect with a new and thriving community of collectors and artists of color. Then, host Carla Harris sits down with Erikan Obotetukudo, founder of the Audacity Fund and founding member of Crypto for Black Economic Empowerment. Erikan shares her insights on the inequities of traditional financial systems and the potential for cryptocurrency to change the narrative for entrepreneurs of color and others left behind around the world.

https://www.morganstanley.com/what-we-do/inclusive-innovation-and-opportunity

Disclaimer text

The guest speakers are neither employees nor affiliated with Morgan Stanley & Co. LLC. (“Morgan Stanley”). The views and opinions expressed herein do not necessarily reflect those of Morgan Stanley. The information and figures contained herein has been obtained from sources outside of Morgan Stanley and Morgan Stanley makes no representations or guarantees as to the accuracy or completeness of information or data from sources outside of Morgan Stanley. Morgan Stanley is not responsible for the information or data contained in this podcast.

This podcast does not provide individually tailored investment advice and is not a solicitation of any offer to buy or sell any security or other financial instrument or to participate in any trading strategy. It has been prepared without regard to the individual financial circumstances and objectives of persons who receive it.

© 2021 Morgan Stanley & Co. LLC, Members SIPC.

On this episode, we learn about alternatives to traditional investments that provides access to new groups of investors. We hear from Gerome Sapp, a former NFL player who conceived of Rares, a platform that makes investment more accessible by allowing his fellow sneakerheads to buy and sell shares in particularly notable and rare sneakers. Host Carla Harris then sits down with Glenn Gonzales, a former Air Force pilot who turned his love for aviation into a business opportunity by founding Jet It, a company that is working to open the private aviation industry to a broader demographic. Jet It makes luxury more affordable by allowing clients to own a fraction of a jet. Come on and join us for the ride.

https://www.morganstanley.com/what-we-do/inclusive-innovation-and-opportunity

Disclaimer text

The guest speakers are neither employees nor affiliated with Morgan Stanley & Co. LLC. (“Morgan Stanley”). The views and opinions expressed herein do not necessarily reflect those of Morgan Stanley. The information and figures contained herein has been obtained from sources outside of Morgan Stanley and Morgan Stanley makes no representations or guarantees as to the accuracy or completeness of information or data from sources outside of Morgan Stanley. Morgan Stanley is not responsible for the information or data contained in this podcast.

This podcast does not provide individually tailored investment advice and is not a solicitation of any offer to buy or sell any security or other financial instrument or to participate in any trading strategy. It has been prepared without regard to the individual financial circumstances and objectives of persons who receive it.

© 2021 Morgan Stanley & Co. LLC, Members SIPC.

On this episode, we’re continuing the conversation about the wealth gap through the lens of the Black financial experience. We hear from Eddie Slaughter, a legacy farmer based in Buena Vista, Georgia, who spent thirty plus years fighting the USDA to keep ownership of property that had been in his family for generations. Then, host Carla Harris sits down with Shelley Stewart III, a McKinsey partner who leads the firm’s research on Black economic mobility. We discuss the racial inequities that have kept Black Americans from building wealth and how those affected can prosper in spite of it. Come on and join us for the ride.

https://www.morganstanley.com/what-we-do/inclusive-innovation-and-opportunity

Disclaimer text

The guest speakers are neither employees nor affiliated with Morgan Stanley & Co. LLC. (“Morgan Stanley”). The views and opinions expressed herein do not necessarily reflect those of Morgan Stanley. The information and figures contained herein has been obtained from sources outside of Morgan Stanley and Morgan Stanley makes no representations or guarantees as to the accuracy or completeness of information or data from sources outside of Morgan Stanley. Morgan Stanley is not responsible for the information or data contained in this podcast.

This podcast does not provide individually tailored investment advice and is not a solicitation of any offer to buy or sell any security or other financial instrument or to participate in any trading strategy. It has been prepared without regard to the individual financial circumstances and objectives of persons who receive it.

© 2021 Morgan Stanley & Co. LLC, Members SIPC.

On this episode, we’re talking about the importance of reaching back to help others on their business journey and how alternative sources of investment can help women of color take their companies to the next level. We hear from Maya Penn, founder and CEO of Maya’s Ideas, a slow fashion brand she started at just eight years old. She shares what she's learned about raising funds as a young, black, female entrepreneur, and the help she’s received along the way. Then, host Carla Harris sits down with Maya’s mentor, Phyllis Newhouse, to hear about her role as the first Black female CEO of a special purpose acquisition company, or SPAC, alongside fintech founder and venture capitalist Isabelle Freidheim. We talk about how alternative investment can help bolster women of color owned companies. Come on and join us for the ride.

Disclaimer text

The guest speakers are neither employees nor affiliated with Morgan Stanley & Co. LLC. (“Morgan Stanley”). The views and opinions expressed herein do not necessarily reflect those of Morgan Stanley. The information and figures contained herein has been obtained from sources outside of Morgan Stanley and Morgan Stanley makes no representations or guarantees as to the accuracy or completeness of information or data from sources outside of Morgan Stanley. Morgan Stanley is not responsible for the information or data contained in this podcast.

This podcast does not provide individually tailored investment advice and is not a solicitation of any offer to buy or sell any security or other financial instrument or to participate in any trading strategy. It has been prepared without regard to the individual financial circumstances and objectives of persons who receive it.

© 2021 Morgan Stanley & Co. LLC, Members SIPC.

Rita Soledad Fernandez Paulino and Beatriz Acevedo on how they work to inspire others in the Latinx community to improve their financial literacy. On this episode, we’re tackling the wealth gap from the perspective of two Latina founders who are flipping the script around finance in their communities. We hear from Rita Soledad Fernandez Paulino, the financial literacy influencer behind Wealth Para Todos, an online community that was born of Soledad’s own journey to become debt free. Then, host Carla Harris sits down with media entrepreneur Beatriz Acevedo, a former television host who found her voice in advocating for financial literacy in diverse communities after her own money troubles. She now leads SUMA Wealth, an online platform she co-founded to create financial education content that speaks to Latinx youth. Come on and join us for the ride.

https://www.morganstanley.com/what-we-do/inclusive-innovation-and-opportunity

Disclaimer text

The guest speakers are neither employees nor affiliated with Morgan Stanley & Co. LLC. (“Morgan Stanley”). The views and opinions expressed herein do not necessarily reflect those of Morgan Stanley. The information and figures contained herein has been obtained from sources outside of Morgan Stanley and Morgan Stanley makes no representations or guarantees as to the accuracy or completeness of information or data from sources outside of Morgan Stanley. Morgan Stanley is not responsible for the information or data contained in this podcast.

This podcast does not provide individually tailored investment advice and is not a solicitation of any offer to buy or sell any security or other financial instrument or to participate in any trading strategy. It has been prepared without regard to the individual financial circumstances and objectives of persons who receive it.

© 2021 Morgan Stanley & Co. LLC, Members SIPC.

Dhani Jones is currently the Chairman and Co-Founder of Qey Capital Partners, a strategic consultancy firm that helps companies find investments. After an eleven year career in the NFL and starting several ventures of his own, Dhani helped launch the Hillman Accelerator, which focuses on investing in tech companies with women and people of color in leadership roles. In this episode, he explains how his career as an NFL linebacker taught him to be intentional about his entrepreneurial ambitions and to build a community to support that shared vision. Come on and join us for the ride.

https://www.morganstanley.com/what-we-do/inclusive-innovation-and-opportunity

Disclaimer text

The guest speakers are neither employees nor affiliated with Morgan Stanley & Co. LLC. (“Morgan Stanley”). The views and opinions expressed herein do not necessarily reflect those of Morgan Stanley. The information and figures contained herein has been obtained from sources outside of Morgan Stanley and Morgan Stanley makes no representations or guarantees as to the accuracy or completeness of information or data from sources outside of Morgan Stanley. Morgan Stanley is not responsible for the information or data contained in this podcast.

This podcast does not provide individually tailored investment advice and is not a solicitation of any offer to buy or sell any security or other financial instrument or to participate in any trading strategy. It has been prepared without regard to the individual financial circumstances and objectives of persons who receive it.

© 2021 Morgan Stanley & Co. LLC, Members SIPC.

Edith Dorsen is the founder and Managing Director of the Womens VC Fund, which focuses on investing in companies with diverse leadership. Joining her is Reggie Van Lee, an early believer and advisor to the Fund, as well as the Chief Transformation Officer of the Carlyle Group. Together they work towards fostering equity in the venture capital industry. In this episode, they discuss the inspiration behind the Fund, the challenges they faced early on to persuade skeptics of the value in diversity and the Fund’s plans for the future. Come on and join us for the ride.

Check out the HBR article "Institutional Investors Must Help Close the Race and Gender Gaps in Venture Capital" co-authored by Reggie Van Lee and Ilene H. Lang.

You can take the Access and Opportunity listener survey.

https://www.morganstanley.com/what-we-do/inclusive-innovation-and-opportunity

Disclaimer text

The guest speakers are neither employees nor affiliated with Morgan Stanley & Co. LLC. (“Morgan Stanley”). The views and opinions expressed herein do not necessarily reflect those of Morgan Stanley. The information and figures contained herein has been obtained from sources outside of Morgan Stanley and Morgan Stanley makes no representations or guarantees as to the accuracy or completeness of information or data from sources outside of Morgan Stanley. Morgan Stanley is not responsible for the information or data contained in this podcast.

This podcast does not provide individually tailored investment advice and is not a solicitation of any offer to buy or sell any security or other financial instrument or to participate in any trading strategy. It has been prepared without regard to the individual financial circumstances and objectives of persons who receive it.

© 2021 Morgan Stanley & Co. LLC, Members SIPC.

Carla speaks with investor and three-time NBA champion Andre Iguodala about becoming a venture partner at the Catalyst Fund, which focuses on investing in companies founded by African American, Hispanic and women entrepreneurs.

Andre Iguodala, best known as a three-time NBA champion, is now a venture partner at the Catalyst Fund. Iguodala has leveraged his success in the league to build a prominent career investing in the technology sector, and his work with the Catalyst Fund focuses on supporting startups with founders from diverse, underfunded backgrounds. In this episode, Iguodala takes us back to how he got started in investing, the importance of surrounding yourself with smart, experienced people and how his work with the Catalyst Fund is helping African American, Hispanic and women entrepreneurs secure funding they need for growth and more innovation.

https://www.morganstanley.com/what-we-do/inclusive-innovation-and-opportunity

Disclaimer text

The guest speakers are neither employees nor affiliated with Morgan Stanley & Co. LLC. (“Morgan Stanley”). The views and opinions expressed herein do not necessarily reflect those of Morgan Stanley. The information and figures contained herein has been obtained from sources outside of Morgan Stanley and Morgan Stanley makes no representations or guarantees as to the accuracy or completeness of information or data from sources outside of Morgan Stanley. Morgan Stanley is not responsible for the information or data contained in this podcast.

This podcast does not provide individually tailored investment advice and is not a solicitation of any offer to buy or sell any security or other financial instrument or to participate in any trading strategy. It has been prepared without regard to the individual financial circumstances and objectives of persons who receive it.

© 2021 Morgan Stanley & Co. LLC, Members SIPC.

Carla speaks with investor Chris Lyons, head of the Cultural Leadership Fund at Andreesen Horowitz, a fund that connects Black cultural leaders as Limited Partners to new technology companies, and benefiting organizations working for a greater African Americans presence in tech. 

Chris Lyons is the head of the Cultural Leadership Fund at Andreessen Horowitz, a D.C.-based fund created to connect Black cultural leaders with tech companies while elevating African American creators in the tech industry. Chris began his career as an audio engineer, but found himself catching the startup bug when he started PictureMenu in 2010. He eventually moved to Silicon Valley through the NewMe accelerator. Since then, he has been all-in on the startup world, eventually taking on the role of investor. In this episode, Chris takes us through his journey in the technology industry and how he continues to advocate for increased African-American and diverse representation in tech. Come on and join us for the ride.

https://www.morganstanley.com/what-we-do/inclusive-innovation-and-opportunity

Disclaimer text

The guest speakers are neither employees nor affiliated with Morgan Stanley & Co. LLC. (“Morgan Stanley”). The views and opinions expressed herein do not necessarily reflect those of Morgan Stanley. The information and figures contained herein has been obtained from sources outside of Morgan Stanley and Morgan Stanley makes no representations or guarantees as to the accuracy or completeness of information or data from sources outside of Morgan Stanley. Morgan Stanley is not responsible for the information or data contained in this podcast.

This podcast does not provide individually tailored investment advice and is not a solicitation of any offer to buy or sell any security or other financial instrument or to participate in any trading strategy. It has been prepared without regard to the individual financial circumstances and objectives of persons who receive it.

© 2021 Morgan Stanley & Co. LLC, Members SIPC.

Carla speaks with entrepreneur and former NFL cornerback Shawn Springs, founder and CEO of Windpact, a company focusing on impact protection across industries, including sports, automotive, and the military applications.

Shawn Springs is the founder and CEO of technology company Windpact, a startup focused on something near and dear to him: impact protection. Their technology has applications in industries ranging from sports, to automotive, to the military. In this episode, Shawn tells us how events in his own life inspired him to create technology that can change the lives of others, how he leveraged the relationships and lessons from his 13-year NFL career and how his vision for Windpact has changed as the company has grown. Come on and join us for the ride.

https://www.morganstanley.com/what-we-do/inclusive-innovation-and-opportunity

Disclaimer text

The guest speakers are neither employees nor affiliated with Morgan Stanley & Co. LLC. (“Morgan Stanley”). The views and opinions expressed herein do not necessarily reflect those of Morgan Stanley. The information and figures contained herein has been obtained from sources outside of Morgan Stanley and Morgan Stanley makes no representations or guarantees as to the accuracy or completeness of information or data from sources outside of Morgan Stanley. Morgan Stanley is not responsible for the information or data contained in this podcast.

This podcast does not provide individually tailored investment advice and is not a solicitation of any offer to buy or sell any security or other financial instrument or to participate in any trading strategy. It has been prepared without regard to the individual financial circumstances and objectives of persons who receive it.

Morgan Stanley is acting as financial advisor to General Motors Company (“GM”) in connection with the formation of a strategic relationship between Cruise LLC (“Cruise”) and Microsoft Corporation (“Microsoft”), and Microsoft’s investment into Cruise, as announced on January 19, 2021. The transaction is subject to customary closing conditions and regulatory approvals. General Motors has agreed pay fees to Morgan Stanley for its financial services. Please refer to the notes at the end of this report.

© 2021 Morgan Stanley & Co. LLC, Members SIPC.

We are hard at work on the next iteration of the podcast, which is a great time to revisit a foundational playbook point for Access & Opportunity: the power of mentorship. 

On this 2021 episode, we’re talking about the importance of reaching back to help others on their business journey and how alternative sources of investment can help women of color take their companies to the next level. We hear from Maya Penn, founder and CEO of Maya’s Ideas, a slow fashion brand she started at just eight years old. She shares what she's learned about raising funds as a young, black, female entrepreneur, and the help she’s received along the way.

Then, host Carla Harris sits down with Maya’s mentor, Phyllis Newhouse, to hear about her role as the first Black female CEO of a special purpose acquisition company, or SPAC, alongside fintech founder and venture capitalist Isabelle Freidheim. We talk about how alternative investment can help bolster women of color owned companies. Come on and join us for the ride.

https://www.morganstanley.com/what-we-do/inclusive-innovation-and-opportunity

Disclaimer text

The guest speakers are neither employees nor affiliated with Morgan Stanley & Co. LLC. (“Morgan Stanley”). The views and opinions expressed herein do not necessarily reflect those of Morgan Stanley. The information and figures contained herein has been obtained from sources outside of Morgan Stanley and Morgan Stanley makes no representations or guarantees as to the accuracy or completeness of information or data from sources outside of Morgan Stanley. Morgan Stanley is not responsible for the information or data contained in this podcast.

This podcast does not provide individually tailored investment advice and is not a solicitation of any offer to buy or sell any security or other financial instrument or to participate in any trading strategy. It has been prepared without regard to the individual financial circumstances and objectives of persons who receive it.

Apple®, the Apple logo, iPhone®, iPad®, and iPad Air® are trademarks of Apple Inc., registered in the US and other countries. Apple Pay® and iPad mini® are trademarks of Apple Inc. App Store® is a service mark of Apple Inc. 

© 2024 Morgan Stanley & Co. LLC, Member SIPC. All rights reserved.

CRC 3859285 09/2024

Carla speaks with media entrepreneur Ana Flores, founder and CEO of #WeAllGrow Latina Network, a community that has elevated the voices and stories of Latinas for the past 10 years.

Ana Flores is the creator of the first and largest community of Latina digital influencers, and is among the only 1% of Latina owned companies to ever hit the $1 million revenue mark. In this episode, Ana walks us through her upbringing between El Salvador and Houston, her early career in television, and embracing an entrepreneurial spirit that led her to start her first company. Today, she continues to elevate Latina voices through the power of her community, as she celebrates #WeAllGrow Latina Network’s 10-year anniversary. Come on and join us for the ride.

https://www.morganstanley.com/what-we-do/inclusive-innovation-and-opportunity

Disclaimer text

The guest speakers are neither employees nor affiliated with Morgan Stanley & Co. LLC. (“Morgan Stanley”). The views and opinions expressed herein do not necessarily reflect those of Morgan Stanley. The information and figures contained herein has been obtained from sources outside of Morgan Stanley and Morgan Stanley makes no representations or guarantees as to the accuracy or completeness of information or data from sources outside of Morgan Stanley. Morgan Stanley is not responsible for the information or data contained in this podcast.

This podcast does not provide individually tailored investment advice and is not a solicitation of any offer to buy or sell any security or other financial instrument or to participate in any trading strategy. It has been prepared without regard to the individual financial circumstances and objectives of persons who receive it.

© 2021 Morgan Stanley & Co. LLC, Members SIPC.

----- Transcript -----

Ana Flores: In 2010, really the conversations that we have now of VC funding for women, and especially for Latinas, were just not being had. Because what I created was something so new. People didn't see the value. And I knew that.

Carla Harris: On this episode of Access and Opportunity, we welcome Entrepreneur Ana Flores, Founder and CEO of #WeAllGrow Latina Network. Ana is the creator of the first and largest network of Latina digital influencers and is among the 1% of Latina-owned companies to ever hit the $1 million revenue mark. With no outside investment, she continues to elevate Latina voices through the power of her community as she celebrates #WeAllGrow Latina Network’s 10-year anniversary.

Carla Harris: In this episode, Ana takes us through her upbringing between El Salvador and Houston, her early career in television, and her embrace of an entrepreneurial spirit that led her to start her first company, SpanglishBaby and then ultimately #WeAllGrow. Come on and join me for the ride!

Carla Harris: Ana, thank you so much for being here with me today. It's a pleasure to have you on the show. Let's jump right in. Are you ready?

Ana Flores: I'm ready. Carla, thank you so much for the invitation. Let's do this.

Carla Harris: All right. First, congratulations on your tremendous success, especially as you come up on your 10th anniversary with #weallgrowlatinanetwork. You have been committed to raising Latina voices and scaled and monetize outstanding brands to advance that cause. So now let's go back to the beginning and talk about your path.

Ana Flores: Yes. I was born in Texas. I was born in Houston. My dad still lives there. Both my parents are from El Salvador. And thankfully, they decided to get divorced when I was six years old because that really defined everything and who I am. My mom moved back with myself and my younger sister. Grabbed us, you know, in a pickup van, I think it was, and moved us back to El Salvador — where really I grew up, where I had my formative years. But my formative years weren't only there. They were also in Houston. I grew up between both countries, between two different cultures. I grew up speaking both languages. I don't remember how I learned Spanish or how I learned English. My mom doesn't seem to remember either. I was in an American school in El Salvador, but that really defined this wholehearted 200 percent Latina American person that I am, that it has defined my career as well. And when I was 18, I moved back to Texas. To go to college. I ended up following a boy to Florida. That's the honest truth.

Carla Harris: I was about to ask how you got to Florida.

Ana Flores: He was going to Embry-Riddle, he was a pilot. And I had a lot of friends, actually. There's a really big community of Latinos in Gainesville and a lot of Salvadorians where there also. So, I ended up just finding there. But the thing is that I knew I wanted to end up working in Univision in Miami in the network. I was studying TV production, and I really didn't have role models. I really didn't have a mentor. I really didn't have anybody that I knew that was a producer. But somehow, I knew that that was my path. And so being in Florida got me closer to that. And I did go to University of Florida, again, always surrounded by this huge community of Latinos. And we have to really understand that Latinidad wasn’t really what it is now and what it has been growing to. Even, you know, this was like mid 90s, early 90s. And I got my first job, my internship at Univision in Miami and internships back then for TV, I would have to sit and watch the scrolling credits, right? And like, Oh, that's executive producer, write a letter right and try to get in the door. And they didn't even have an internship program. But I got myself in there and I just started learning everything that I could. And within a year I graduated and a job opened up. And I started my career there. And it was a very exciting time to be in Univision in like 96, 97. It was a youth revolution back then. Latinidad was among us. This was when Shakira had just moved from Colombia. I was learning English. You know, we were the ones listening to, like bootleg copies of the CDs coming from Colombia, Mexico, whatever. This was when Ricky Iglesias was getting started. Ricky Martin did La Vida Loca in the Grammys, which really changed, that was the first time we felt seen. That was the first time we felt our culture really, really in this main stage. I remember where I was and the moment that I was. So it was a very exciting moment to be in Miami, to be part of the Latino culture and creating content by and for us. But then I fell in love with Mexico City. I used to have to go to work to Mexico a lot. And I think I connected with that deep with that part of it. Obviously, my Latinidad my my Latin roots and that love for the culture that I didn't really have. El Salvador is is not as strong culturally as Mexico is. Not many places are. And and this huge city where I saw that I could do my career, I could work in what I love, and do it from there. So I decided to quit. And that was, I guess, my first journey into entrepreneurship, right. We didn't really also have the word entrepreneurship as much back then. I was a freelancer and and I grabbed all the executive producers from Univision, and I told them, “I will be a freelance producer in Mexico.” And I cashed in my 401K. Not that I recommend people do that when they're 28. But I cashed in my 401K and moved and I, you know, it was actually a really good move in the sense of I was making money as a freelancer, which was much more than the $20,000 I was making a year working as an assistant producer. So that really led me on on a path. But then I ended up years later ended up moving to MTV, Latin America. And also continued working with this more Pan-American Latino — because what Univision is U.S. Hispanics, and learning how to talk to U.S. Hispanics and program and create content for U.S. Hispanics is different from creating content for Pan Latin America, where you are broadcasting to everybody from Argentina to the Caribbean through Central America, South America, which can be very different. Like one word can make a huge difference in Spanish or what it means in Mexico, what it means in Argentina. So I learned how to speak to a more global community of Latinos, right? — which, in Latin America we each identify as the country we're from, not as Latinos. And then that ended up moving to L.A. to…I was the the the team that was in charge of opening up the offices here for Mun2, which was a project of NBC and Universal to create content by and for Latino youth. So back over here doing that.

Carla Harris: And what year was this Ana?

Ana Flores: That was 2005, 2006 that we launched it.

Carla Harris: So, 15 years ago. So now these folks are in their 30s or late 20s.

Ana Flores: Yes.

Carla Harris: And you were understanding how to speak to them and how to create content that they would consume.

Ana Flores: Exactly. So, and it's tricky, right? Because I think music is a very universal language, right. But also, how do we speak to Latino youth, which is constantly changing, which navigate into two worlds. They can navigate watching MTV as they can navigate watching Univision with their parents or their grandparents, to wanting to watch sports and then also wanting to connect to their soccer teams locally, but also keep up to date. And that they enjoy everything from rancheras to, again, pop like Shakira, et cetera, and trying to bring us together via that content, via that culture that really speaks to us.

Carla Harris: Had the Eureka moment happen for corporate yet that all things Latino were going to be big? Had it happened yet or had it even happened in your own consciousness yet?

Ana Flores: That's a really good question. It had happened, but the investment wasn't there yet. And it's still slowly trickling in. Right? It's is very much like, Oh, yeah. No, we get it. They're big in numbers. Oh, yeah. We get it. They're growing. Oh yeah. 2010 we see the numbers and the census we need to start reallocating budgets, but we're not ready to allocate the budgets at the real importance that it needs to have to reflect the audience that they're speaking to and the social and economic and cultural power that we have.

Carla Harris: When did you get the ‘Aha!’ moment that this could be more than a niche market? Had you yet had the awakening or that didn't hit you until you started your first baby, SpanglishBaby?

Ana Flores: It started with SpanglishBaby.

Carla Harris: Ok let's talk about that.

Ana Flores: So I actually quit my job because I quit all my jobs because I've always been an entrepreneur at a heart. I did the thing that stereotypes. Moms, women. Right. That you're gonna quit your job once you have a kid. And I actually did do that because I really wanted to be a full-time mom for a while. What I didn't know was that my daughter was born in 2007, so the Recession hit the next year. And since we had both my my husband from is from Mexico. So, all of our families, we were just here alone just with friends. So, it really was hard once I had quit my job and within eight months a recession hit, meaning that he lost his job. It hit really particularly hard in L.A. because there was also a writers' strike. So, at the same time, in 2008, the industry shut down. I then also fell into the realization of how hard or almost impossible it is to want to have a job, even if I was willing to like, get, you know, minimum wage. But that wouldn't pay for daycare. So we were stuck. And what I started discovering then was the world of blogs and mom blogs. That's where I was finding out how to be a mom. I was consuming this content, but also finding a community of women that were like me, that were ambitious, that were driven, that knew how to create content, that knew how to build community. And we're doing it through this fabulous medium that I didn't need money for that. I just needed nap times, my daughter's nap times to be able to get it done at home. So I decided to launch Spanglish Baby because I wasn't seeing content for women like me and my partner who Roxana, whom I launched it with. She was an Emmy-winning producer, was going through the same exact things that I was going through, and we both decided to launch Spanglish Baby as a resource for parents raising bilingual and bi-cultural kids. I needed that. I wasn't seeing that in that community of bloggers. And then just in general, right, if I would Google, if I would search for it. So, I decided that I would launch it, that we would create it. And it hit a nerve right away. It was content that was needed. And we were speaking directly from my mom to other moms. We were bringing in experts, et cetera. But to your question, once I, I started getting deep in that, I first of all, I didn't realize how revolutionary it would be to talk about kids learning a second language, about kids learning Spanish. For me, it was, it's like, Isn’t that what we want? I mean, we have the brain capacity as soon as we're born, even in uterus, to learn this language. Yet we're not teaching it until high school. So that became just the awakening of, OK. Why are people giving us these negative comments about us wanting our children to speak Spanish, about us wanting to keep the culture alive, about us wanting them to really couldn't have a connection with their root and their heritage. And then I started getting into the research of it. And then in 2010, the census came out. And that last census really set the mark that the Hispanic Latino community was growing and was the fastest growing minority. Though I don't like using that word, but that's the term still used in marketing, and that resources would be allocated. So, the more I started seeing and realized that one in four children being born at that time, 10 years ago, and now in some places like California, it's one in three are Latinos. I was like, that is our audience. And who is speaking to these moms and who is understanding the resources that these moms need? And if I was looking at Disney, and I had many conversations with many people in Disney about: How can we make accessible the content in Spanish? How can we make more content that speaks to our children? Where are the Latina Disney princesses? How can it be that such a huge, you know, vast, rich indigenous culture and beautiful culture cannot be represented by a beautiful princess? Can you imagine a beautiful Inca or Mayan princess? So just really realizing that and seeing that, OK, there's a lot of work to be done here. And the beauty of the blogging space of the digital media space was that it democratized our voices, was that it allowed a mom in the middle of the recession almost having to go into food stamps to be able to build something. To build something that spoke to me, and that created content and visibility for a community that was completely not only ignored, but being erased.

Carla Harris: So talk to me about how you were defining success? I'm sure when you started it was like, well if anybody responds that's got to be a success. But as you started realizing so you had a confluence of events. You had a 2010 census that said, you know, this is a big and growing community, the fastest growing community. There is real disposable income there. Your own realization that nobody else was out here having this conversation. You couldn't find any. And you clearly knew there was a big audience. So, somebody needed to provide the content and the information. So, again, never having started a business, you kind of having a little bit of an entrepreneurial itch. How did you define success?

Ana Flores: Listen. It was really hard to define success when nobody was doing that. It was hard when I would talk to the people around me, from family members to people I admired and trusted. And I would say, you know, I'm watching this blog, but I have a really big vision behind it. And it was like, "Ay que cute!" How cute, right? It was like, oh, she's a mommy blogger. That's really cute. It's like no there's so much more to it than this. And we're talking again, 2009, when I launched the blog, 2010 when we had been blogging for a year and a half and really seeing success because the community was responding. That was success to us. If I would receive a comment from somebody saying, you know what, there has been so many myths about raising bilingual children and how we're going to damage them because they're not going to be able to speak any language. You're going to confuse them. And they were like thanks to the information and the resources that you're providing, I understand that I can now raise my child bilingual and I know how to do it now. That was success to us. And it was one mom at a time, one day at a time, one child at a time. And then it transitioned into: we need to monetize. So we had been blogging for about a year. And we had been really building a community of other Latina mom bloggers that were coming. Twitter really helped. Twitter was one where we were put, you know, we would connect, we would find each other. There wasn't Facebook groups. There wasn't Instagram. It was just really that and and email groups and comments on blogs. And that's where we were starting to meet each other. But it was the same thing. Nobody, none of us were monetizing yet at that moment. What we now know as influencer marketing was at its infancy and it was mostly mom bloggers, a handful of them, that were creating these networks where they would work with the brands to try to help them understand this fascinating world of blogging and digital media and in how they could speak to the…reach moms through mom bloggers and the authentic content that they were creating. And they would connect the bloggers with brands. So actually, it was going to conferences like BlogHer and different kinds of conferences that I was able to go to that I started meeting a lot of these women and I did become the token Latina and I understood it. And I knew exactly what I was gonna do with that, because that would allow me to open doors and to learn and to bring opportunities. And they were more than willing to teach me and to push me forward to be why aren't you doing what we are doing. Right? Because they didn't know how to speak to the Latina mom, or they didn't know how to talk to these brands that were not the multicultural agencies to help them understand the importance of reaching this audience. But I could. So, I decided to launch what is now #WeAllGrow Latina. Back then, in 2010, again with a laptop, Google Drive and a Wordpress site. And a logo that a friend did…and I launched Latina Bloggers Connect. And and I basically said, if you want to join this network and I will do my work to work with the brands to bring opportunities to all of us, because unless we start monetizing, we weren't going to be able to have our story shared.

Carla Harris: And you learned how to monetize from going to these conferences and talking to these other moms, or did you just watch what was happening and look at all the different ways that people were monetizing? And I'd love you to speak to that, because an entrepreneur that's out there that has a community that they can talk to that can write, I want them to understand the playbook of how you need to think about monetizing, if this is your journey.

Ana Flores: So I definitely learned by going to the conferences, and that's why eventually I ended up creating my own conference because I knew the benefit that it had bringing all these groups together in one place. So going to those conferences and speaking and meeting the brand representatives, meeting the agencies, et cetera, and then learning how to make the deals. Again, influencer marketing, the term didn't exist. So we were all blogger networks. Budgets were all over the place. We were all trying to figure out. And I did make the mistake, because you need to understand and I know you know this, that about 10 percent of overall marketing dollars are allocated to multicultural marketing. That means multicultural marketing is Hispanic, is African-American, is LGBTQ, it's Asian-American, Native American. I mean, it's all lumped into this group of multicultural. So, and if 10 percent is going to us, it means you start, you know, slicing the pie and what is there for Latinas is less than one percent. So even though I was meeting all these brands, I needed to connect with, it was always the multicultural teams. If it wasn't the multicultural teams, we really probably wouldn't get the door open. So that meant that even though the bloggers that we were working with and the work that we were doing had the same value of the dollar, we were only getting pennies to the dollar. So, as it was, my budgets were much smaller, but I had to learn that along the way. So I could learn from them the techniques and tactics and we were all always sharing with each other what worked and what type of campaigns worked. But the budgets themselves were kind of like the Wild, Wild West.

Carla Harris: So talk to me about the data. Did you have to collect a whole bunch of data to try to convince people that this was indeed a big market? And, you know, look at how much money Latina mom’s spend. And here are the things that they spend their money on. So talk to me a little bit about that.

Ana Flores: Oh, absolutely. There was a lot of convincing. All across the board everywhere. And there was a lot of curiosity because blogging itself was so new and was in its infancies and PR world’s and media and advertising were trying to figure out where it fit in and how to invest in it, right? And what to do. So it was our job to convince them to invest in Latinas and not only Latina moms, because by then there was much more lifestyle bloggers, millennials, et cetera. So basically there wasn't a lot of data and we weren't a research firm. And so it wasn't even whatever we could bring back, which was the data that we had from the audiences that our bloggers were reaching wasn't really that meaningful to them. It had to come from a more authoritative source. And there wasn't a lot, like I said, there was the census. The Pew Research had been doing some research on and some fascinating studies on Latinos. But what really changed the game for us, specifically for Latinas, was the Nielsen Latina report, which came out around 2016, led by Monica Gil, who's now V.P. in Telemundo. And she really, really, really brought forward the force of the Latina consuming power. But in general, we already know that the Hispanic purchasing power is over $1.7 trillion. Actually, if we were a nation, we would be number seven in the world based on our GDP power, that's right behind India. So we definitely have the financial force. But really, we need the data to really showcase how Latinas are overarching and over indexing in consumers, especially when it comes to beauty products, to electronics, moviegoers. Right? We buy the tickets at the box office. And all of that really helped to start to inform that narrative and to understand that this was a valuable proposition, to actually reach the Latino community via people, via these voices that they already looked up to and trusted.

Carla Harris: Yeah. I wanted to bring up that point because especially entrepreneurs that are serving an ethnic demographic for those, as I said, that don't understand that market and haven't played in that market before. They don't realize A.) how big it is and B.) how fast it's growing. So part of what I'm trying to put out there is the playbook that you might, in fact, have to have collaborations and partnerships with people who are doing that research, who can bring it to the market and shed a spotlight on it so that you can have these opportunities, if you will, to serve that market. And it sounds like to me you connected with the right sources that were producing the data. You were able to talk and speak to some of it, but you also connected and collaborated with those who could help bring that that data to the marketplace.

Ana Flores: We were practically just as soon as we would see that data, we would grab it and figure out how to how to be able to put that in our deck and be able to switch the conversation. But a lot of it had to come from really, you know, the impact that our own campaigns were having and really start to build upon that and the data that was meaningful. And the thing is that it's very difficult in social media as well, because we know that the impact that something like a conference can create and these in real life connections can have to continue building our economic and social and cultural power is really hard to translate into hardcore data. Right? It's that qualitative data. So, it’s, we definitely have now in our 10th year, just is growing a lot more and figuring out how we can also become that place to be able to serve those different partners and understanding really where Latinos are going, what we're thinking, where we put our dollars, because that continues to shift. And the Latina 2.0 report and many others since then have now really showcased that. And not only do we have the consumer power, but we're really conscious and we're becoming much more and where we invest our dollars and we want to invest our dollars on those brands and organizations that are actually speaking to us, that we really have taken the credo and the mantra of representation matters very seriously, especially the last five years when the erasure has become so clear and we want to invest in those that are seeing us and those that are investing in us. It became so important because we created a safe space for us to come together. But it was also that space for the brands to authentically show up in a place that mattered to us.

Carla Harris: So let let's talk about five years. You were now making a million dollars a year and there are very few women owned businesses that and even that short period of time are producing that kind of revenue. Now, help me understand, you did all of that without any outside investment, correct?

Ana Flores: Zero.

Carla Harris: Wow. Okay, so that was just really being of the mind to reinvest whatever profits you were making back into the business to drive it to growth?

Ana Flores: Exactly. Yes. It was all brand campaigns. Absolutely brand campaigns. Again, we were able, since we were the first ones in the space, in the Latino space. We quickly had competition within a year. And it came from men. And trying to reach this audience who saw the potential — right? — saw the potential enough not to want to invest, but to want to create it themselves. And that was good. Competition was really healthy, and it was great. But it definitely came from the brand partnerships and reinvesting into the company. See, the thing is that we didn't sell a product. We sold a service. So, I didn't have collateral. So even if I wanted to go to the banks and to get a line of credit, I was denied completely because I didn't have any collateral.

Carla Harris: Let's talk about what the brand campaigns look like. The economics around that. So, can you describe for someone who doesn't understand how the influencer market works, what you were doing with those brands and how the conversation worked?

Ana Flores: So those brand campaigns and specifically what became influencer marketing is actually very transactional. So basically, it's knowing what their budget is, what their goals are and profile of the influencer they want. And then we would be able to go back with that budget and the type of deliverables. So a blog post isn't the same as an Instagram post. An Instagram post isn't the same as a tweet. They all have a different value. So we would actually assign a dollar value to each post. And it also depends on the level of reach and engagement. And those metrics continue to shift. But usually, it will be impressions that they're looking for per influencer that we're working on. So, it's either a hashtag impression, if it's a hashtag heavy campaign, or it is per deliverable per influencer and then the formulas to add up, and then our profit margins, we would try to have them around 50 percent. So it's 50/40 percent profit margin for each campaign.

Carla Harris: Wow. Outstanding. So we went from television producer to blogger to someone who had a business blog into monetizing that, who now has a business full of connectors that can influence very, very large markets. You've done over a million dollars. Now, do you need outside capital? Or have you ever raised outside capital for the business?

Ana Flores:  You know. So again, in 2010, really the conversations that we have now of VC funding for women and especially for Latinas, were just not being had. Because what I created was something so new. And in a market that was still considered in a way like an emerging market or, again, multicultural market. People didn't see the value. And I knew that. So I had to make a decision. Am I going to spend my very precious time as a mom and as an entrepreneur — I had a team of 12 by then — creating and meeting the needs of my community and of my clients? Or am I going to spend my time trying to get. I was already about 40 years old trying to get into accelerators and having to spend six months there? Or am I going to just keep doing what we're doing so well and count on that money and count on that growth. And I decided the latter, that we would keep going. I have had several offers for acquisitions, again, from men, who saw the impact of what we were doing but needed to check it off as their Latina initiative. And we became so community driven. We became so mission driven. And once we truly understood the impact of what we were doing at-large for the community and our overall visibility and representation, that I wasn't willing to give that up.

Carla Harris: So you pivoted, you evolved from connections and influencing to the conference, as you said earlier, because you saw the real value in bringing everybody together and, you know, being able to make these connections. Right? So that's what the business looks like today, the influencing and the event driven businesses. Is that right? With the real focus around Latinos and the size of that market.

Ana Flores: Yes, completely. So, it is creating safe spaces for us to connect in person and in real life and online. And we've always been able to manage both. And we still do the campaigns and the influencer. But as part, not as one-off campaigns, and not the 20 that we used to do per month, because we went to have more integrated marketing campaigns where we can really move the needle for the community and do it with the help of the brands. Right? And that was a slow move. So I knew, and this is this is interesting. So, part of the story was that when we launched the conference in 2015, I did it to meet a need not only because I knew that that's where I had learned, but also because every time I would go to to these conferences, I was still just a handful of Latinas there. And I was like, I am learning so much here. I need more women to get the benefit. But then more and more Latinas would ask me, like, “When are you going to do the conference?” And then I would get brands around Q3, Q4 were there. You know, our clients were they were working on their budgets for the next year, asked me: “Are you going to do a conference? Should we allocate something there?” And I was like, OK. Obviously there's a need and obviously I have the resources to make it happen. By then, we had built a solid reputation in the industry. And I launched the conference. I announced it. Neutrogena was our title sponsor. And I actually I talked to them, to the agency. I explained what I wanted to do. And they were like, well, if you build, it will be there, but you have to build it. So they didn't sign on the dotted line. They just told me, “We'll stand by you.” But I had to announce it. I had to make it happen. I had to show because when you're creating a conference for the first time, you don't have proof, right? You don't have a product that you're selling a product that I can go pitch and Shark Tank somewhere. It's an idea. It's a concept. It's a deck. So you have to have credibility and you have to have already earned that confidence within the brands who are going to be the ones monetizing that and the community who's going to buy tickets. So I announced it. I set a date. I didn't even have a venue. Don't do this. That's how I did it. But that's not how I recommend people do it. And within a week, we had sold over 100 tickets. Neutrogena signed on the dotted line and we had the first conference for 250 people sold out within the next ten months. And then by the next year, it grew to five hundred. We changed venue, location, and it just continued growing where we would sell out within hours, ten months in advance. So the community was helping us monetize as well because it was that, them buying the tickets, et cetera, that would help us say, like, OK, we're ready to, you know, dedicate the next 10 months to build this conference. We wouldn't even announce speakers. The conference would just sell on its own because of the reputation it already had and the magnitude of the ripple effects that would come out of what people would learn and who they would connect with while there.

Carla Harris: Right, and your validation that people needed a place to meet, to be able to ideate, to be able to learn from each other. So, it had almost nothing to do with the speakers and everything to do with the fact that you created the space and you were smart enough to also know what content was going to be of value, which added value on top.

Ana Flores: Well, listen, it was crazy how people didn't expect it. People already had, you know, the stereotypes within the Hispanic community. They knew that if it was a Latina conference, the bar was set really low. So my job was to set the bar really freaking high and to create something. And that's something that's a mode that our communities function in, not only at work, but as entrepreneurs and everything. We're always expected to underperform. Not only are we at the bottom of the totem pole when it comes to equal pay, but those women that are making 46 cents to the dollar that a white, non-Latino man makes, are expected to over perform. Us as, you know, creating a conference, we were expected to deliver something really big. And we did with half the dollars then, you know, a community or a company or a conference similar to ours that would be in the general market would be able to do with five times the funds.

Carla Harris: So what's next? Ana, we are post COVID. So assume that we're sitting in August of 2021 now and you're thinking about what the future looks like. What’s next for #WeAllGrow Latina network?

Ana Flores: You know, it's the community. We want to be the go to community for Latinas to really feel seen, to really feel heard. But from there be able to grow our power and our generational wealth. We really want to focus on our finances because there is this big disconnect between our consumer power, our GDP, our purchasing power and where it's going back, right? We're not building wealth yet. And we're not keeping that wealth within our communities. And we're not securing the generational wealth. So all the work that we're doing right now and that we're putting forward cannot be lost with this generation. We need to create a better future for our children and their children, and their children, because we know that that is how wealth is built in this country. So that is what we see. We see a place where we can continue building our confidence. We never say that we want to empower Latinas because we have the power. We just want to help you unleash it, and see it, and feel the confidence to use it and to put it forward. And we really want to be that place where you will learn not only from finances but doing it from that lifestyle place. And hopefully we'll be back in person really soon. But we want this to become a global movement.

Carla Harris: So there’s two pieces: you want to help them figure out how to get more money. So how to make sure that you get your worth. That's one piece. The other piece is, how to invest it and grow it.

Carla Harris: All right. So, we have a tradition on Access and Opportunity, Ana, where we have a lightning round of questions, where we hopefully will have our listeners have an opportunity to know you, Ana, the woman. So, are you ready? I'm going to give you some questions and then you give me the first thing that comes to your mind.

Ana Flores: Let's do it.

Carla Harris: Twitter or Instagram?

Ana Flores: Instagram.

Carla Harris: What's your personal mantra?

Ana Flores: I can do this.

Carla Harris: What's your favorite Salvadorian dish?

Ana Flores: Ay pupusas of course!

Carla Harris: City or countryside.

Ana Flores: Countryside these days.

Carla Harris: Winter or summer?

Ana Flores: Summer.

Carla Harris: Coffee or tea?

Ana Flores: Coffee in the morning. Tea in the afternoon.

Carla Harris: In the office building. Or working from home?

Ana Flores: Working from home.

Carla Harris: If you had a talk show, who would be your first guest?

Ana Flores:  My daughter.

Carla Harris: One word that you want to describe your legacy.

Ana Flores: Love.

Carla Harris: Oh wow. Ana Flores, thank you so much. It has been my pleasure, privilege..

Ana Flores: Oh no thank you so much for having me. I'm really excited and I've been loving your podcast.

Carla Harris: Thank you. Well, listen. On a different note, as you continue to evolve and you want the partnerships to help educate the women and to help them understand how to grow wealth, then, you know, consider us as you think about partners.

Ana Flores: I will. Thank you. Thank you so much. Very important to have allies.

Carla Harris: Thank you.

Carla Harris: Thank you all for joining us on this episode of Access & Opportunity. Be sure to stay tuned this season as we speak to more influencers in the sports, media and entertainment fields who've committed to reframing the narrative for women and people of color. You won’t want to miss it.  

What did you learn today from Ana Flores? Send us your thoughts at carlapod@morganstanley.com. We would love to hear from you. Subscribe to Access & Opportunity on Apple Podcasts or wherever you listen. Thanks for coming along!

Carla speaks with media entrepreneur Morgan DeBaun, Founder and CEO of Blavity, a voice for Black millennials in the media and marketing landscape, about staying true to your vision as you grow and evolve.

Morgan DeBaun is one of the first African-American women to raise over $1 million in venture funding. Now she has raised more than $9 million for her company, Blavity, and its brands reach over 80 million monthly users. In this episode, Morgan takes us through her roots in St. Louis, the struggles of bootstrapping your own business, and what she’s learned about fundraising along the way. All this began when, at age 24, Morgan noticed that mainstream media was lacking a voice for Black millennials. Come on and join us for the ride.

https://www.morganstanley.com/what-we-do/inclusive-innovation-and-opportunity

Disclaimer text

The guest speakers are neither employees nor affiliated with Morgan Stanley & Co. LLC. (“Morgan Stanley”). The views and opinions expressed herein do not necessarily reflect those of Morgan Stanley. The information and figures contained herein has been obtained from sources outside of Morgan Stanley and Morgan Stanley makes no representations or guarantees as to the accuracy or completeness of information or data from sources outside of Morgan Stanley. Morgan Stanley is not responsible for the information or data contained in this podcast. 

This podcast does not provide individually tailored investment advice and is not a solicitation of any offer to buy or sell any security or other financial instrument or to participate in any trading strategy. It has been prepared without regard to the individual financial circumstances and objectives of persons who receive it.

© 2020 Morgan Stanley & Co. LLC, Members SIPC.

From immigrant kid, with a love of movies, to media entrepreneur, with a deep connection to the hip-hop community, Sanjay Sharma's professional journey has taken him across the American legal, tech and media landscapes. Carla welcomes him, on this first episode of a new season of Access & Opportunity focused on innovators working for equity in the media and entertainment industries.

Now the Founder and CEO of Marginal Mediaworks, a media brand that’s all about genre storytelling from marginalized voices, Sharma’s perspectives are both familiar and radical. A serial entrepreneur, he has launched seminal ventures, including Machinima and ALL DEF Media, tuned in to underserved communities far from mainstream representation. In this episode, Sharma takes us through his eclectic journey from lawyer to screenwriter to CEO, and how he continues to advocate for the unheard stories in the margins. Come on and join us for the ride.

https://www.morganstanley.com/what-we-do/inclusive-innovation-and-opportunity

Disclaimer text

The guest speakers are neither employees nor affiliated with Morgan Stanley & Co. LLC. (“Morgan Stanley”). The views and opinions expressed herein do not necessarily reflect those of Morgan Stanley. The information and figures contained herein has been obtained from sources outside of Morgan Stanley and Morgan Stanley makes no representations or guarantees as to the accuracy or completeness of information or data from sources outside of Morgan Stanley. Morgan Stanley is not responsible for the information or data contained in this podcast.

This podcast does not provide individually tailored investment advice and is not a solicitation of any offer to buy or sell any security or other financial instrument or to participate in any trading strategy. It has been prepared without regard to the individual financial circumstances and objectives of persons who receive it.

© 2020 Morgan Stanley & Co. LLC, Members SIPC

Welcome back for Season 7 of Access & Opportunity! We're staying focused on the challenges faced by women and multicultural-led businesses in accessing capital, and the overlooked opportunities they represent for investors. 

This season we’re speaking to influencers in the sports, media and entertainment fields who've committed to reframing the narrative for women and people of color. Stay tuned for Episode 1, launching December 2nd!

On this episode of Access & Opportunity, we welcome investor Soraya Darabi. A former serial entrepreneur, Soraya is a founder and General Partner at Trail Mix Ventures, an early-stage investment firm focused on the future of living well. We are also joined by Sarah Sheehan, the co-founder and COO of Bravely, a startup that remotely connects employees with certified coaches.

In 2017, Soraya and Trail Mix Ventures invested in Bravely’s seed round and the two organizations have been close partners ever since. Throughout this episode, Soraya and Sarah share how they respectively became an investor and an entrepreneur, what Soraya saw in Sarah and her company, the key steps they took during, and after “the deal,” and how they’re each adapting to the ever-changing business landscape brought by Covid-19.

https://www.morganstanley.com/what-we-do/inclusive-innovation-and-opportunity

Disclaimer text

The guest speakers are neither employees nor affiliated with Morgan Stanley & Co. LLC. (“Morgan Stanley”). The views and opinions expressed herein do not necessarily reflect those of Morgan Stanley. The information and figures contained herein has been obtained from sources outside of Morgan Stanley and Morgan Stanley makes no representations or guarantees as to the accuracy or completeness of information or data from sources outside of Morgan Stanley. Morgan Stanley is not responsible for the information or data contained in this podcast.

This podcast does not provide individually tailored investment advice and is not a solicitation of any offer to buy or sell any security or other financial instrument or to participate in any trading strategy. It has been prepared without regard to the individual financial circumstances and objectives of persons who receive it.

© 2020 Morgan Stanley & Co. LLC, Members SIPC.

Guest host Ian Folau turns the tables on Carla and her co-head in the Multicultural Innovation Lab, Alice Vilma, asking why they do the work they do to level the funding landscape for women and multicultural entrepreneurs. Ian brings his perspective as a founder, a graduate of the Multicultural Innovation Lab, and now as a VC, to bear on the work of the lab and the paths that brought Carla and Alice to the work they now do in support of emerging tech-enabled companies.

Carla speaks with VC Miriam Rivera, founder of Ulu Ventures, and Ritu Narayan, co-founder of Zūm, a new kind of ride service for kids aimed at families and schools. They discuss their journeys and how a consistent model of decision-making can lead to better choices, help level the playing field, and increase entrepreneurial and business diversity.

On this episode of Access and Opportunity, we welcome investor Mallun Yen, partner and founder of Operator Collective. Operator Collective is a disruptive new approach to venture capital which brings senior operating leaders from diverse backgrounds together with founders of startup companies. We also hear from one of the leaders of those startup companies, Kieran Snyder, the co-founder and CEO of Textio, an augmenting writing platform that analyzes text to find the patterns that cause some to succeed, where others fail. In this episode, Mallun and Kieran take us on a journey where we explore what it takes to build a diverse and well-rounded portfolio company, what leadership looks like during a time of crisis and why having the right tone when sharing messaging means everything. Come on and join us for the ride.

https://www.morganstanley.com/what-we-do/inclusive-innovation-and-opportunity

The guest speakers are neither employees nor affiliated with Morgan Stanley & Co. LLC. (“Morgan Stanley”). The views and opinions expressed herein do not necessarily reflect those of Morgan Stanley. The information and figures contained herein has been obtained from sources outside of Morgan Stanley and Morgan Stanley makes no representations or guarantees as to the accuracy or completeness of information or data from sources outside of Morgan Stanley. Morgan Stanley is not responsible for the information or data contained in this podcast.

This podcast does not provide individually tailored investment advice and is not a solicitation of any offer to buy or sell any security or other financial instrument or to participate in any trading strategy. It has been prepared without regard to the individual financial circumstances and objectives of persons who receive it.

© 2020 Morgan Stanley & Co. LLC, Members SIPC.

On this episode of Access and Opportunity we welcome investor Natalia Oberti Noguera, founder and CEO of Pipeline Angels. Pipeline is changing the face of angel investing by lowering the barriers to entry and bringing more non-traditional investors into the angel ecosystem, providing capital for more women, non-binary and femme entrepreneurs. Also joining us is the co-founder and CEO of the maternal health startup Mahmee, Melissa Hanna. As the daughter of an obstetrics nurse, Melissa grew up knowing the challenges that women, and specifically women of color, face when confronting the healthcare system. Pipeline Angels first invested in Mahmee in 2015—serving as its friends & family round—and additional members participated in Mahmee's 2019 follow-on round.

https://www.morganstanley.com/what-we-do/inclusive-innovation-and-opportunity

The guest speakers are neither employees nor affiliated with Morgan Stanley & Co. LLC. (“Morgan Stanley”). The views and opinions expressed herein do not necessarily reflect those of Morgan Stanley. The information and figures contained herein has been obtained from sources outside of Morgan Stanley and Morgan Stanley makes no representations or guarantees as to the accuracy or completeness of information or data from sources outside of Morgan Stanley. Morgan Stanley is not responsible for the information or data contained in this podcast.

This podcast does not provide individually tailored investment advice and is not a solicitation of any offer to buy or sell any security or other financial instrument or to participate in any trading strategy. It has been prepared without regard to the individual financial circumstances and objectives of persons who receive it.

© 2020 Morgan Stanley & Co. LLC, Members SIPC.

On this episode of Access and Opportunity, we welcome investor Jesse Draper, founding partner of Halogen Ventures. With Halogen Ventures, Jesse has committed to investing in early stage consumer technology startups that have a woman as a member of the founding team. We also hear from one of those founders, Esther Crawford, the co-founder and CEO of Squad, an online platform that helps connect people all over the world through screen-sharing. Jesse and Esther take us on a journey from their very first encounter, to their individual commitments going into the deal, and to their respective shifts in priorities during COVID-19. Come on and join us for the ride.

https://www.morganstanley.com/what-we-do/inclusive-innovation-and-opportunity

The guest speakers are neither employees nor affiliated with Morgan Stanley & Co. LLC. (“Morgan Stanley”). The views and opinions expressed herein do not necessarily reflect those of Morgan Stanley. The information and figures contained herein has been obtained from sources outside of Morgan Stanley and Morgan Stanley makes no representations or guarantees as to the accuracy or completeness of information or data from sources outside of Morgan Stanley. Morgan Stanley is not responsible for the information or data contained in this podcast. 

This podcast does not provide individually tailored investment advice and is not a solicitation of any offer to buy or sell any security or other financial instrument or to participate in any trading strategy. It has been prepared without regard to the individual financial circumstances and objectives of persons who receive it.

© 2020 Morgan Stanley & Co. LLC, Members SIPC.

Latino Americans’ purchasing power hit $3.4 trillion in 2021, according to a report from the Latino Donor Collaborative, and is expected to account for over one-third of growth in apparel spending in the next five years, according to the 2021 Claritas Hispanic Market Report. With Nielsen noting that women are largely in control of household spending in this demographic, designers and retailers are working to make their sectors more inclusive to Latinas as consumers. But it’s a tough hill to climb given they remain underrepresented in leadership roles in both fashion and retail, with Women’s Wear Daily calling out our guest, Sandra Campos, as one of the only Latina CEOs in global fashion during her tenure at Diane von Furstenberg.

On this episode, we hear from Sonia Smith Kang, an AfroLatina mother who left a career in nursing to start the multicultural children’s clothing line, Mixed Up Clothing, after struggling to find representative clothing for her own kids. Then, Carla speaks to Sandra Campos, a leading Latina voice in retail and the co-founder of Latina Disrupters, an annual networking event for entrepreneurs. They discuss the need to empower Latinas working in retail and fashion so they can take on leadership positions in the space, as well as how US retailers can better serve the rapidly growing Latino population.

https://www.morganstanley.com/what-we-do/inclusive-innovation-and-opportunity

Disclaimer text

The guest speakers are neither employees nor affiliated with Morgan Stanley & Co. LLC. (“Morgan Stanley”). The views and opinions expressed herein do not necessarily reflect those of Morgan Stanley. The information and figures contained herein has been obtained from sources outside of Morgan Stanley and Morgan Stanley makes no representations or guarantees as to the accuracy or completeness of information or data from sources outside of Morgan Stanley. Morgan Stanley is not responsible for the information or data contained in this podcast.

This podcast does not provide individually tailored investment advice and is not a solicitation of any offer to buy or sell any security or other financial instrument or to participate in any trading strategy. It has been prepared without regard to the individual financial circumstances and objectives of persons who receive it.

© 2024 Morgan Stanley & Co. LLC, Members SIPC.

Welcome to Access and Opportunity, Season 6. This season, we are looking at the relationships behind the deal. We'll be talking to women venture capitalists who are working to change the funding landscape and a founder of one of their portfolio companies. In this episode, we welcome venture capitalist Kesha Cash, who has spent nearly a decade focused on impact investing. Currently, Kesha serves as the Founder and General Partner of Impact America Fund, the largest black-women-led impact VC firm in the U.S., and a fund that invests with a racial equity lens. We also welcome Diishan Imira, Founder and CEO of Mayvenn, the technology platform that not only provides high-quality beauty products, but that also empowers beauty professionals to grow their business, while providing their clients with exceptional customer support.

Kesha and Impact America Fund first invested in Mayvenn back in 2014. Since then, Mayvenn has become the fund's largest investment. Kesha and Diishan share with us the importance of investing in the black small-business community, the ways in which they've managed to build a healthy relationship as entrepreneur and investor, and the strategic decisions that guided them through the unexpected impacts of the COVID-19 pandemic. Come on and join us for the ride.

https://www.morganstanley.com/what-we-do/inclusive-innovation-and-opportunity 

The guest speakers are neither employees nor affiliated with Morgan Stanley & Co. LLC. (“Morgan Stanley”). The views and opinions expressed herein do not necessarily reflect those of Morgan Stanley. The information and figures contained herein has been obtained from sources outside of Morgan Stanley and Morgan Stanley makes no representations or guarantees as to the accuracy or completeness of information or data from sources outside of Morgan Stanley. Morgan Stanley is not responsible for the information or data contained in this podcast.

This podcast does not provide individually tailored investment advice and is not a solicitation of any offer to buy or sell any security or other financial instrument or to participate in any trading strategy. It has been prepared without regard to the individual financial circumstances and objectives of persons who receive it.

© 2020 Morgan Stanley & Co. LLC, Members SIPC.

Welcome back for Season 6 of Access & Opportunity! We're staying focused on the challenges faced by women and multicultural-led businesses in accessing capital, and the overlooked opportunities they represent for investors. But this season Carla is looking at the issue through the lens of six successful relationships.  

In each episode we'll talk, together, with a woman investor who is working to change the funding landscape and the leader of one of her portfolio companies. These relationships will offer new perspectives (and playbook points!) on how to make the entire investment ecosystem more inclusive. Stay tuned for Episode 1.

The guest speakers are neither employees nor affiliated with Morgan Stanley & Co. LLC. (“Morgan Stanley”). The views and opinions expressed herein do not necessarily reflect those of Morgan Stanley. The information and figures contained herein has been obtained from sources outside of Morgan Stanley and Morgan Stanley makes no representations or guarantees as to the accuracy or completeness of information or data from sources outside of Morgan Stanley. Morgan Stanley is not responsible for the information or data contained in this podcast.

This podcast does not provide individually tailored investment advice and is not a solicitation of any offer to buy or sell any security or other financial instrument or to participate in any trading strategy. It has been prepared without regard to the individual financial circumstances and objectives of persons who receive it.

© 2020 Morgan Stanley & Co. LLC, Members SIPC.

Today communities of color are in pain as they are forced to navigate the confluence of the Covid-19 pandemic and the continued murder of and violence against black lives. Join us for a special episode of Access & Opportunity, as we continue to try to bridge the gap between the social and economic injustices that oppress communities of color. 

In this new episode we revisit conversations with black entrepreneurs and investors who have shared their playbook points for how to overcome barriers to success that exist for entrepreneurs because of the color of their skin. Through listening to and elevating their stories we can help identify the economic manifestations of racism, learn from each other and work towards a more equitable society.

Welcome back to Access & Opportunity. In these unprecedented times of COVID-19, we're checking in with some of our favorite guests from previous seasons to understand how they're adjusting their schedules, their businesses, their outlook, and their investing styles. In this episode, Carla welcomes back Hope Knight, President and CEO of the Greater Jamaica Development Corporation and a member of the New York City Planning Commission.

Ms. Knight was the inaugural guest on Access & Opportunity almost two years ago. We wanted to see how, despite the current circumstances, she continues to nurture opportunities for businesses in the Jamaica neighborhood of Queens, in New York City. We discuss how she's supporting her partner businesses and tenants, how she's managing the challenges of remote leadership, and her hopes for a relatively rapid recovery.

https://www.morganstanley.com/what-we-do/inclusive-innovation-and-opportunity

The guest speakers are neither employees nor affiliated with Morgan Stanley & Co. LLC. (“Morgan Stanley”). The views and opinions expressed herein do not necessarily reflect those of Morgan Stanley. The information and figures contained herein has been obtained from sources outside of Morgan Stanley and Morgan Stanley makes no representations or guarantees as to the accuracy or completeness of information or data from sources outside of Morgan Stanley. Morgan Stanley is not responsible for the information or data contained in this podcast.

This podcast does not provide individually tailored investment advice and is not a solicitation of any offer to buy or sell any security or other financial instrument or to participate in any trading strategy. It has been prepared without regard to the individual financial circumstances and objectives of persons who receive it.

© 2020 Morgan Stanley & Co. LLC, Members SIPC.