Precursor's Hudson: The venture industry has a systemic race problem - Business Insider

— have announced new funds that will be charged with backing startups founded by African-Americans or people from other under-invested communities.

"There's a lot of positive awakening going on where people are seeing problems that I think both black entrepreneurs and black investors have seen for a long time," Hudson told Business Insider this week. "I think the flip side, though, is I hope some of these firms realize how far they have to go."The tech industry in general has a long history of excluding black and Latino people. But the venture industry in particular has been even worse.

Instead, the venture industry as a whole seems to have outsourced the problem of investing in people of color to the very few black or Latino-led firms like Precursor, he said. But limited partners generally haven't made it a point to back those firms or give them a whole lot of funding. In recent years, the industry has become somewhat more open to Asian people and to women in both founder and investor roles. But that general hasn't extended to black or Latino people. And a big part of that is that the people who run venture firms likely don't know many such people and aren't encountering them in the places they look for new founders or employees, Hudson said. Stanford and other prestigious schools are typically not very diverse places.

of how it has treated women when she wrote publicly about her experiences with sexual harassment at Uber. Following Fowler, numerous women in the industry came forward to talk about their own experiences.

There is no “systemic racism” in America.

Let's hope so but we see anybody drafting legislations, do you?... 🤔

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