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

  • 📰 BusinessInsider
  • ⏱ Reading Time:
  • 74 sec. here
  • 3 min. at publisher
  • 📊 Quality Score:
  • News: 33%
  • Publisher: 51%

United States News News

United States United States Latest News,United States United States Headlines

One of Silicon Valley's few black VCs says the industry has a systemic problem with race, but he's hopeful the George Floyd protests are finally going to spark real change

— 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.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 729. in US
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

There is no “systemic racism” in America.

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

United States United States Latest News, United States United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Inside McDonald's response to George Floyd protests - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
Source: BusinessInsider - 🏆 729. / 51 Read more »

Look inside a modern Colorado ranch home made of shipping containers - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web. That is so nice!
Source: BusinessInsider - 🏆 729. / 51 Read more »

The ad industry has a longstanding diversity and transparency problem - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
Source: BusinessInsider - 🏆 729. / 51 Read more »

Experts share how to fix energy industry's diversity problem - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
Source: BusinessInsider - 🏆 729. / 51 Read more »

Related and Oxford offer Neiman Marcus's Hudson Yards store as offices - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web. The billionaires who put together Hudson Yards finally figuring out that the 90s are over - too bad they can’t update the architecture
Source: BusinessInsider - 🏆 729. / 51 Read more »

Menlo Ventures-backed Credit Sesame laid off 14% of its workforce - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
Source: BusinessInsider - 🏆 729. / 51 Read more »