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By Freada Kapor Klein, Founding Partner of Kapor Capital and Allison Scott, CEO of Kapor Foundation The Supreme Court’s decision banning affirmative action in higher education on June 29, 2023, is part of a larger series of organized attacks on momentum and progress towards racial equity, particularly in the tech industry–including the lawsuit and recent injunction against Fearless Fund, for alleging racial discrimination and temporarily halting the VC firm from awarding its grants exclusively to Black female entrepreneurs; lawsuits against Perkins Coie and Morrison Foerster for their diversity law fellowship programs; the overturning of the Small Business Association’s focus on minority businesses; 13 State Attorneys General threatening Fortune 100 companies regarding their DEI programs and initiatives; legislation in Texas and Florida banning DEI offices in higher education and restricting related courses; backlash against organizational diversity statements; and tech diversity...
The venture capital world can be quite intimidating for ambitious founders looking for funding, especially those among underrepresented groups that are often left out of those opportunities. Back in 2015, Backstage Capital founder, Arlan Hamilton set out to create a venture capital fund that offered more opportunities for people like her –– Black, people of color, women, LGBTQIA+. In turn, she founded a company that in five short years has invested in over 150 underserved founders. As Backstage Capital celebrates its fifth impactful year in business, the firm has also released a five-year recap report — developed by The Plug and its contributors Sherrell Dorsey, Ashley Black, and Gizelle Clemmons — detailing all the progress it’s made in the venture capital world and its communities. Commissioned by Backstage and prepared by @Sherrell_Dorsey and @tpinsights , our 5 Years of Impact Report is live! It details our impact from 2015-2020 and what’s next for us. Check it out:...
TIAA — a Fortune 100 financial services company and pension fund giant — has been a longtime supporter of diverse and unique suppliers, but now has plans to strengthen its commitment by spending more on goods and services from those minority firms. According to a statement from the company, TIAA launched its Supplier Diversity Program nearly 30 years ago to support the need to build relationships with diverse and diverse-conscious enterprises. TIAA recently published its Supplier Diversity Economic Impact Report , in which it includes initiatives to develop strong working relationships with suppliers owned by minorities of unique backgrounds, including women, veterans, disabled people, and lesbian, gay, bisexual and transgender (LGBT) individuals. “We are proud of the work we’ve done to support and celebrate diverse and minority-owned businesses, but we know we must do more,” said Glenn Richter, Chief Financial Officer at TIAA, in a statement . “As our nation continues to reel from...
Morgan Stanley recently released a study called “ The Trillion-Dollar Blindspot” showing that trillions of dollars are left on the table by venture capital (VC) firms who won’t invest in women and minority founders. “I think it’s important that people start to think to themselves that we could be in fact cheating our LPs if we don’t give ourselves full access to all of the opportunities that are out there,” Carla Harris, vice chairman at Morgan Stanley told Bloomberg’s Alix Steel on “Bloomberg Daybreak: Americas.” The report shows that only 17 percent and 18 percent of investors say they “very frequently” review startups and businesses led by women and minorities, respectively. “When VCs are thinking about investing they say ‘no’ in most cases to women and multicultural entrepreneurs is because the product or the process or the opportunity doesn’t fit,” Harris said. The study reports 46 percent of investors said traditional business sectors were a compelling factor when assessing a...