Intel complies with federal regulations and uses post-employment records to identify the gender, race, and ethnicity of individuals who do not self-identify. All times are ET. Intel Capital Diversity Fund is a closed private equity fund managed by Intel Capital. "It is primarily marketing," Morrill said. Brit + Co - Media and e-commerce platform aimed at women and young girls. Additionally, it found that 87% were white, 9% were Asian, 2% were black or Hispanic, and 2% were "mixed-race.". All Rights Reserved. © 2020 CBS Interactive. Here's why it matters. The Intel fund is in addition to the $300 million its CEO Brian Krzanich pledged for diversity programs in January. "Minority funds for minority businesses are a perfect fit to know how to target and service the minority customer -- looks like a recipe for success.". © 2020 Cable News Network. "This is real business and we believe in it.". We've prepared answers to frequently asked questions that'll help entrepreneurs understand the Diversity Initiative. Intel says the fund is the largest of its kind. "There's certainly been a lot of news on the subject lately," said Lambert, citing the heavily covered Ellen Pao gender discrimination trial and major companies releasing their diversity figures. The $125 million dollar fund will be led by Lisa Lambert, the vice president of Intel Capital. Launched in 2015 to invest $125M over five years, our Diversity Initiative surpassed that target more than two years ahead of schedule while expanding the groups it targets. Factset: FactSet Research Systems Inc.2019. "Our goal with this new fund is to meaningfully support a technology startup workforce more reflective of society, and ultimately to benefit Intel and the broader economy through its success," Intel CEO CEO Brian Krzanich said in a press release. ", "The greater the number of diverse investors and entrepreneurs at the table, the greater capacity we have as a nation to innovate and bring the best ideas to bear. Yesterday, they announced the Intel Capital Diversity Fund – the largest venture fund dedicated to startups led by women and underrepresented minorities – and four new portfolio companies. So why are companies acting now? It speaks to an issue many female founders, such as Partpic CEO Jewel Burks, have experienced firsthand. Intel Capital is establishing a new $125 million Diversity Fund designed to bankroll technology startups led by women and underrepresented minorities. For more information, visit the Global Summit press kit in Intel Newsroom. "If the industry doesn't move in this direction, I think we'll all suffer from it," she said. "It's not a social cause, this isn't charity," said Lambert. He was formerly a Senior Editor for TechRepublic. Intel (Nasdaq: INTC) is an industry leader, creating world-changing technology that enables global progress and enriches lives. Even though studies indicate that diversity leads to innovation, Silicon Valley has a poor track record when it comes to investing in diverse companies. Intel Capital Diversity Initiative. If studies don't push the industry to change, Lambert hopes more success stories will. Top programming languages: C reigns supreme but third-ranked Python gains on Java, iPhone 12 wish list: The 3 new things business pros need, Google's G Suite adds new features, changes name to Google Workspace: Here's what's new, Amazon Alexa: How developers use AI to help Alexa understand what you mean and not what you say, Raspberry Pi: Five handy home office projects to try. You see better profits. Disclaimer. Intel is the latest tech company to announce big plans for tackling technology's diversity problem. Some would even say that the technology space is hostile to women who are interested in it. Courtesy of Intel Capital Last June, Intel rolled out its Diversity Fund, a $125 million fund that seeks to invest in female, black, Hispanic, and Native American entrepreneurs . ", "The greater the number of diverse investors and entrepreneurs at the table, the greater capacity we have as a nation to innovate and bring the best ideas to bear.

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