Despite what numbers might show, some venture capitalists are quite serious in their commitment toward diversity, equity, and inclusion are not going away. The New York City Economic Development Corporation (NYCEDC) on Wednesday announced the launch of Venture Access Alliance, a group of 70 investors who have promised to boost diversity in the Big Apple’s startup ecosystem. It is part of the city’s Venture Access NYC initiative, which also provides fellowships and a career program for diverse talent looking to enter venture capital.
Technology accelerator groups in Ohio and Michigan are launching a joint program to bring the benefits of the clean energy transition to more people from underrepresented groups.
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Over the past three years driven in part by pandemic-related challenges and downsizing there has been a sharp uptick in startup businesses founded by women and minority entrepreneurs.
Women accounted for 49% of new businesses in the U.S. in 2021, up from 28% in 2019, according to data from the World Economic Forum. Three times more Black-owned businesses were founded over the same time frame.
Despite those positive trends, both women and minority groups remain largely underrepresented when it comes to receiving venture capital.