Does Y Combinator invest in Black-owned companies? A question asked back in 2011 by online user prime0196. A time when diversity in tech was awful. It was also the year CNN published a long piece on how Silicon Valley was fighting to keep its diversity data secret. CNNMoney had filed a Freedom of Information request in August seeking EEO-1 data from 20 companies: The tech industry’s 10 biggest firms by annual sales and 10 smaller but influential firms, including Facebook and Twitter. The EEOC denied the request in full, saying
Ebay UK is launching a new hub on its website called Black in Bloom to connect consumers to Black-owned SMEs. The new initiative comes sometime after a report by the major marketplace revealed that one in five Gen Z consumers want to purchase from a business that supports people from underrepresented groups. It also follows a series of collaborations between Ebay and Black Girl Fest (BGF), a festival and platform designed for Black women, girls, and non-binary people. Back in April, the two launched an academy to nurture entrepreneurs with
Black-owned investment accelerator, 1863, has unveiled its investment strategy for “New Majority” entrepreneurs, a term that they use to describe Black and Brown business owners who have been historically marginalized. The investment funding will go towards helping early-stage entrepreneurs develop their businesses to achieve generational wealth and hit their target goals. 1863, founded by Melissa Bradley in 2020, is a business development program designed to bridge the gap between entrepreneurship and equity. The platform works with marginalized entrepreneurs to help accelerate them from high potential to high growth. The firm
Amazon’s Alexa Startups has announced the first cohort for this year’s Black Founders Build with Alexa program. Seven North American startups founded by Black entrepreneurs were selected based on their ability to innovate with Alexa and build the next generation of voice, artificial intelligence (AI), and ambient experiences. The application opened in April and will see up to 10 Black-founded startups partake in panel discussions, demo showcases, and mentorship programs. In addition, the initiative, which will span four months, will give all business owners the chance to develop their Alexa skills. The
On July 11, New York’s mayor, Eric Adams, announced that the city will be boosting its STEM programs with the help of a $1.5 million grant from Pfizer, a biopharmaceutical company known for developing a COVID-19 vaccine. Pfizer’s donation to the Mayor’s Fund to Advance New York City will specifically support students in two STEM-related initiatives, Exploring Futures and College Now for Careers. The programs help support the city’s science, technology, engineering, and math (STEM) educational programs. The extra funding will also go towards building a career pathway for students to help them break into the industry. “Thanks
Sexual harassment, bullying, and racist stereotyping are common in the technology industry, creating a culture that drives underrepresented employees out of their jobs. This is something we’ve known for a while due to the extensive studies and investigations. A 2017 survey of more than 2,000 people who left tech jobs in the last three years found that 1 in 10 women in tech experience unwanted sexual attention, and nearly 1 in 4 people of color face stereotyping. The same year the study was published, Qichen Zhang quit her job at
Banking platform BMO recently announced its partnership with the Black Professionals in Tech Network (BPTN), North America’s largest community of Black tech and business professionals. The partnership will focus on supporting and providing opportunities for Black professionals in the financial services industry. It will also help the banking platform increase representation of Black colleagues by bridging the network gap. BMO’s recent announcement with BPTN falls under their Zero Barriers to Inclusion Strategy, highlighting its critical goals for the year. The Inclusion Strategy includes reaching new hiring targets and providing access
The National Football League has announced its partnership with Ice Cube’s Contract With Black America Institute (CWBA) to support Black-owned businesses and increase diversity amongst NFL vendors. In addition, the partnership aims to boost the economic equity within Black communities by tackling the wealth gap and offering various opportunities in the financial, tech, and production sectors. The CWBA was launched in 2020 by rapper, actor, and filmmaker Ice Cube, alongside his business partner and entertainment lawyer, Jeff Kwatinetz, and works to address the systemic racism in the sports industry. In
Tech giant Apple has celebrated the inauguration of the first class to graduate from their US Developer Academy program. The program was launched as part of Apple’s $100 million Racial Equity and Justice scheme and is the first of its kind to take place in North America. The scheme has provided students with the necessary skills and knowledge to land some of the most prestigious jobs in the tech industry. The Detroit-based academy offers members of the community a free program to teach them the fundamentals of coding, design, marketing, and
Black-owned beauty and tech company Mayvenn has announced that it raised $40 million in a Series C funding round. Leading investments came from Chicago-based venture fund Cleveland Avenue, with participation from the Growth Equity business within Goldman Sachs Asset Management and a16z. Mayvenn allows consumers to search for and book hair stylists in their local area. In addition, stylists are able to operate their businesses on the platform, including selling products and marketing their salon-based services. The company says it is now home to over 50,000 hair stylists across the
