What to consider before publishing your diversity memo – TipsClear

In the past A few weeks, several venture capital firms have published different forms of the same pledge: We will do better by supporting the black community.

My time period, and I believe yours too, is replete with statements from non-black venture capitalists, stating that they will rethink how to become more inclusive with their hiring and wiring.

There is no need to commend companies for taking long-term steps to treat others equally. What is it More important After a history of inaction, we will be accountable for how to take these firms forward.

In a memo published on Friday, Matchstick Ventures outlined a series of commitments to fight racism and subjugation. The firm, which manages about $ 37 million dollars and is headed by Ryan Brocher and Natty Zola, went to black entrepreneur Clarence Bethia for advice on how to proceed.

The pledge came out for two firm reasons: It is more robust than most of the promises we have seen by high-profile firms, and has real numbers and a time frame, which are important for benchmarking progress.

Disclose your current diversity figures

Machis says 7% of companies have black founders or members of the founding team, which is seven times the industry average. Portfolio diversity data needs to be released more widely by the VC community as the only way to determine whether progress is being made. So far, beyond the matchbox, we’ve only seen the initial capital Release Variation Matrix. Union Square Ventures said that for more than 100 investments, only a few are in self-identified black founders.

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