A survey by the Black Innovation Alliance reveals that Black entrepreneurs are creating more wealth through digital businesses, closing the gap usually faced. Black Innovation Alliance (BIA) reported that the survey findings breathe new life into their belief that the digital economy could serve as a leveler for the Black community. Black people receive approximately 1% of venture capital funding, although they comprise 13% of the US population. However, the findings show that emerging technologies will create new wealth and digital worlds for the Black community. Black Liberation and the
Wellington Access Ventures (WAV) has raised $150 million for its debut, with the backing of limited partners, including state pension plans and banks. Led by four Black investors, WAV seeks to become a go-to investor for early-stage founders from underrepresented backgrounds. Wellington Access Ventures Founded in 2021, Wellington Access Ventures is the corporate venture capital arm of Wellington Management, based in Boston, Massachusetts. Investors include the fund’s leaders, Jackson Cummings, Frederik Groce, Van Jones, and Sasha McKenzie. All four investors were involved in some capacity in BLCK VC, the non-profit
Black Girls Code (BGC) has announced international storyteller Cristina Jones as their new CEO. Black Girls Code BGC is a nonprofit organization that focuses on engaging African American girls and other youth of color with computer programming education to nurture their careers in tech. The organization offers computer programming, coding, website, robot, and mobile application building, intending to place one million girls in tech by 2040. Founded in 2011, the organization ignites interest, activates potential, and nurtures careers in tech for girls and women of color ages 7 to 25.
Clean energy company Husk Power Systems has raised $103 million in equity and debt to launch over 1,000 new solar minigrids, electrifying rural Sub-Saharan Africa and South Asia communities. Solar mini-grids Husk Power Systems Husk Power is the leading rural energy services company in weak-grid and off-grid communities in Africa and Asia. The company was founded in 2008 to provide reliable power to rural communities and businesses from renewable energy sources at affordable prices. The company does this through solar minigrids – a set of small-scale electricity generators and energy
Some of the most high-profile AI chatbots generate responses that perpetuate false or debunked medical information about Black people, a new study has found. While large language models (LLMs) are being integrated into healthcare systems, these models may advance harmful, inaccurate race-based medicine. Perpetuating debunked race myths A study by some Stanford School of Medicine doctors assessed whether four AI chatbots responded with race-based medicine or misconceptions around race. They looked at OpenAI’s ChatGPT, OpenAI’s GPT-4, Google’s Bard, and Anthropic’s Claude. All four models used debunked race-based information when asked
Microsoft and the Harlem Globetrotters have unveiled the Harlem CODEtrotters, a new platform to bridge the educational gap within Black and Brown communities. The web-based platform and coding curriculum fuses basketball-themed programming with cutting-edge technology to teach Black and Latinx teenagers key skills in a culturally relevant way. The Harlem Globetrotters Goodwill Ambassador Initiative Their aim includes advancing excellence in tech education while empowering Black and Brown youth communities. In August 2023, The Harlem Globetrotters launched its corporate social responsibility arm, the Harlem Globetrotters Goodwill Ambassador Initiative. The initiative aims
Nigeria’s Federal Ministry of Communications, Innovation, and Digital Economy (FMoCDE) has announced a three-year partnership with IHS Nigeria to empower Nigerians with critical digital skills. IHS Nigeria is one of the world’s largest independent owners, operators, and developers of shared communications infrastructure. The partnership supports the recently launched 3 Million Technical Talent (3MTT) initiative to train three million Nigerians with technical skills in four years. The Partnership The three-year partnership aims to establish the 3MTT Learning Community and facilitate the setting up of learning communities in Nigeria’s 36 states and
As he retires from the NBA, former professional basketball player Andre Iguodala is set to lead Mosaic, his venture capital (VC) fund. Iguodala had an established reputation for nearly two decades as one of the NBA’s most versatile players, an All-Star, and an Olympic gold medalist. He has now announced his retirement from pro basketball to DealBook to focus on his other career as a startup investor. “It’s been a blessing to play for that long,” he told DealBook. Mosaic Mosaic is Iguodala’s $200 million venture capital fund raised with
Black founders raised only 0.13% of all capital allocated to US startups in Q3 of this year, Crunchbase has reported. A decline in funding Only 0.13% of venture dollars allocated between July and September went to Black founders. This equates to about $39.7 million of the total $29.9 billion allocated, a massive year-over-year drop for Black founders. In Q3 2022, Black founders raised $1 billion out of around $81.7 billion in venture dollars, approximately 1.2%. TechCrunch also reported a massive quarter-over-quarter drop as in Q2 of 2023, Black founders raised
Diversity, equity, and inclusion (DEI) commitments have seen a downward trend from its high point in 2020. New data from ROI communications has shed light on the state of DEI-related budgets, diversity officer roles, and predictions for the future of corporate DEI. A Decline From 2020’s high point Roles for DEI first increased following the Black Lives Matter protests in 2020, with tech companies, in particular, pledging to boost their diversity efforts. A global leadership consulting firm, DDI found that many companies are regressing their DEI programs. According to Bloomberg,
