The tech world may be innovative when it comes to products and services, but not when it comes to diversity. Only 15% of early stage companies have a woman on the executive team according to a 2014 report from Babson College and the numbers are even lower for African-American and Hispanic executives of either gender. I think it's fair to say that, when it comes to leadership and indeed even rank and file engineering jobs, Silicon Valley is pretty much a Caucasian and Asian boys club.
Intel has pledged to do something about that. In January Intel announced its Diversity in Technology Initiative and today Intel Capital launched the Intel Capital Diversity Fund, which will invest $125 million in businesses led by women and underrepresented minorities. Initial fundees are Brit + Co, CareCloud, Mark One, and Venafi.
“We believe that a diverse and inclusive workplace is fundamental to delivering business results,” said CEO Brian Krzanich in an emailed statement. “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.”
To be eligible for funding, the CEO or at least three members of the company's senior management team must be a woman or a member of a underrepresented minority (African-American, Hispanic or Native American).
The company will invest in every stage, but most investments will be in "companies ready for growth," according to an Intel Capital FAQ. Investments will be global but the firm is focusing on the U.S. market for the first year.
The Diversity Fund will be led by Lisa Lambert.
