RUNWAY, a Black-women led financial innovation firm, launched its first in-house integrated capital investment fund. The RUNWAY ROOTED Fund is committed to investing $50 million into businesses, cooperatives, and grassroots organizations that are building wealth in Black communities across select regions in the United States. A New Paradigm in Reparative Finance The RUNWAY ROOTED Fund represents a significant shift from traditional investment models. It serves as a vessel of restitution and revitalization, aiming to address the systemic issues that have long fueled the racial wealth gap. “For too long, the
Venture capitalist (VC) Brittany Davis has shared a list of 80 Black-led VC funds in the US, highlighting the growing presence and influence of Black investors. The Black VC ecosystem Despite the increasing number of Black entrepreneurs, only 2% of VC funds are Black-led according to Davis. In return, Black founders in the US only received 0.48% of all venture dollars in 2023, about $661 million out of $136 billion. Realizing she could not find a recent list of Black-led VC funds, Brittany Davis, a General Partner at Backstage Capital,
The Minority Business Development Agency (MBDA) has partnered with Urban Strategies Inc. (USI) to enhance opportunities and access for minority businesses across the US. Acting Under Secretary of Commerce for Minority Business Development at the MBDA, Eric Morrissette, and USI President, Esther Shin, marked the partnership with the signing of a memorandum of understanding. Expanding Access to Resources for Minority Entrepreneurs The USI’s federally designated Community Development Financial Institution (CDFI) fund aims to promote racial and economic equity by offering resources and capital. By working together, the the MBDA and
Goodie Nation, an organization dedicated to empowering Black tech professionals, has secured over $150,000 in grants from the Kapor Center, Emory Philanthropy Lab, and the Community Foundation for Greater Atlanta’s GoATL Economic Inclusion Fund. This funding will enhance the ATL BLK TCH program, which aims to foster a robust and interconnected Black tech community in Atlanta. Building Bridges in the Black Tech Community The ATL BLK TCH program is designed to help Black tech professionals in Atlanta, offering a platform for networking, mentorship, and growth. With the new influx of
Brand new Techish! This week, hosts Michael and Abadesi dive into: • Microsoft lays off a DEI team (00:00:20)• AI bias in performance reviews (00:08:16)• The myth of meritocracy (00:12:31)• The UK has a new government (00:15:00)• Make politics attractive again (00:19:12) Listen on Spotify or Apple podcast also. Watch On YouTube Extra Reading & Resources • Microsoft Faces Backlash After DEI Team Layoffs [POCIT]• We asked ChatGPT to write performance reviews and they are wildly sexist (and racist) [Fast Company]• Black Man Who Got A Job Interview After Using A Fake Name On Resume Files Lawsuit [POCIT]
Jackson State University (JSU) has become the first Historically Black College and University (HBCU) and the first institution in Mississippi to receive the prestigious Founders Award from the National Academy of Inventors (NAI). A Landmark Achievement for JSU and HBCUs JSU’s journey with the National Academy of Inventors began in 2011 as a charter member. Over the years, multiple faculty members have been inducted as NAI fellows, with groundbreaking inventions that have impacted both society and the economy. For example, Dr. Ernest Izevbigie, the first NAI fellow from JSU, was
Meta, the tech giant formerly known as Facebook, is under scrutiny for using public Instagram posts to train its generative AI model without notifying users in Latin America, according to Rest of the World. The company’s decision has particularly impacted artists in the region, who rely heavily on social media to showcase their work but cannot opt out of this data usage. Lack of Notification and Opt-Out Options On June 2, many Latin American artists discovered that Meta had not informed them about its plans to use their public posts
The Ford Foundation is committing more than $20 million to enhance the field of public interest technology. This initiative includes up to $1.5 million specifically earmarked for the establishment of a pioneering public interest technology institute at a Historically Black College or University (HBCU). Advancing Technology for Public Good The invesment was announced as part of the Biden-Harris Administration’s efforts to advance a diverse and inclusive tech ecosystem at an event by the White House Office of Science and Technology Policy (OSTP). As well as celebratinh the vital role of
Escala, a CRM platform for Hispanic small and medium-sized businesses (SMBs), has raised $12 million in its latest funding round. This milestone, led by IGNIA and Alaya Capital, marks a step in the company’s mission to empower Hispanic businesses in the United States and Latin America. High Alpha and other investors also participated in the round. Revolutionizing SMB Marketing and Sales Founded by renowned tech entrepreneur Andrés Moreno, also the founder of Open English, Escala offers a marketing and sales platform. The platform addresses critical challenges faced by Hispanic SMBs
Stand with Asian Americans (SwAA), the nation’s premier civil rights organization dedicated to combating anti-Asian workplace discrimination, has introduced its Workplace Justice Fund. The fund aims to provide legal support and resources for Asians in America facing workplace discrimination. The Workplace Justice Fund The Workplace Justice Fund aims to raise $1 million by year-end, having already secured $100,000 from anonymous donors. This initiative arrives at a crucial moment, with recent studies indicating that Asian American and Pacific Islander (AAPI) employees are considering lawsuits at higher rates than other employees of
