Yet corporate activism will amount to little if tech firms and their financiers do not change how they operate, says Sydney Sykes, co-founder of BLCK VC, a group on a mission to swell the ranks of black venture capitalists in America. Companies must make more of an effort to promote and retain minority employees. VC firms have to examine why they often reject pitches by minority entrepreneurs; a simple “just can’t get excited about this” is no longer enough. They should also broaden their professional networks beyond the usual lily-white crowd, argues Elliott Robinson of Bessemer Venture Partners, a big vc firm.
Since diversity, particularly on gender, became a hot topic in the tech industry a few years ago, progress has been slow. But Ms Sykes believes things will speed up now. Customers and employees want it. And the firms have started to twig that lofty statements and charity do not suffice. Facebook’s chief diversity officer, Maxine Williams, now reports directly to Sheryl Sandberg, the firm’s number two (though not to its boss, as some would like). At Reddit, a popular discussion website, a white co-founder, Alexis Ohanian, stepped down from the board to make way for a black replacement, Michael Seibel, boss of Y Combinator, a startup school. On June 17th Apple said it would replace its diversity chief.
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