UBS and Luminary, a New York City-based, global career and personal growth platform, recently announced the launch of the second annual UBS x Luminary Fellowship Program. The program will support women of color-owned businesses impacted by and/or created during the pandemic. It will deliver the necessary tools to manage and grow their companies. In 2022, UBS and Luminary will award 75 fellowships, up from 55 fellowships awarded last year.
Research shows that more than 1.5 million new business applications were filed in 2020-2021. Women submitted over 40 percent of those applications. In 2020, nearly half of all businesses started by women were minority-owned.
“The pandemic is not over and small businesses, particularly those owned by women and women of color, still need support,” said Cate Luzio, Founder and CEO of Luminary. “Programs like this are not only necessary, but essential and we are thrilled UBS is recommitting and reinvesting in our effort for another year. Our continued partnership broadens our ability to help businesses owned by women of color to not only survive but propel them on the path to sustainability and profitability.”
Empowering women of color entrepreneurs
Over the past year, Luminary has hosted more than 1,500 programs and workshops to support women. These programs have reached members in over 30 countries. The pandemic-born Fellowship Program has helped more than 800 women-owned businesses in 2021. Program partners include UBS, Unilever, Verizon and Indeed.
“UBS is proud to continue to work with Luminary on this program, building on our commitment to support women of color business owners,” said Carey Shuffman, Head of the Women’s Strategic Client Segment at UBS Wealth Management USA. “We look forward to taking what we’ve learned from the previous cohort and further developing this initiative to help the founders and their businesses thrive.”
According to an impact survey of the 2021 UBS x Luminary fellows, 58 percent developed a new client relationship out of the Fellowship Program within the first six months. Additionally, more than half said the fellowship helped them through one of the worst periods of their company and delivered new business connections.
Candidates interested in the 2022 cohort will need to have an established business at any revenue stage. A woman of color must own and operate the business. Those awarded fellowships will have access to Luminary’s extensive global community, workshops, coaching and mentoring.
Each fellow will also receive best-in-class thought leadership and insights from UBS. Specific support will come from the UBS Business Owners, Multicultural Investor and Women’s Strategic Client Segments. This includes access to the extensive resources from the UBS Business Owner Resilience Center and the UBS Own Your Worth offering. It will also include the accompanying Financial Participation educational content for women.
The application process is now open and will close on December 15, 2021. All fellowships will have a commencement date of January 1, 2022 and end on January 1, 2023.
Luminary is a global membership-based career and personal growth platform founded by former finance executive Cate Luzio. Its mission is to uplift, upskill and propel women forward through all phases of their professional journey. Whether entering or re-entering the workforce, a seasoned executive stuck in the middle, embarking on a career transition or entrepreneurship, Luminary is their ultimate career advocate providing “real world” advice, tools and resources to advance, build, connect and develop. Its members are a multigenerational and intersectional community of individuals, intrapreneurs, entrepreneurs, corporations and organizations. Each has access to a vast ecosystem of expert-led thought leadership programs and services and other perks and amenities. The company has grown to more than 2,000 individual and 40+ corporate members (representing more than 500,000 employees worldwide). Members include UBS, JPMorgan Chase, Unilever, Verizon, Goldman Sachs, Mastercard, Spotify, ViacomCBS and ADP.
UBS provides financial advice and solutions to wealthy, institutional and corporate clients worldwide, as well as private clients in Switzerland. UBS is the largest truly global wealth manager, and a leading personal and corporate bank in Switzerland. It boasts a large-scale and diversified global asset manager and a focused investment bank. The bank focuses on businesses that have a strong competitive position in their targeted markets, are capital-efficient and have an attractive long-term structural growth or profitability outlook.
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