Finance Knuggets

Apr 21, 2024

In recent news, there has been a significant shift in venture capital support for startups founded by people of color. Former SoftBank exec Marcelo Claure and tech veteran Paul Judge are aiming to redefine how the investing world thinks about diversity. They have taken over SoftBank’s $100 million Open Opportunity Fund and are looking to raise $200 million for Open Opportunity Fund 2. They are focusing on backing entrepreneurs from underrepresented backgrounds, with the goal of proving that Black and Hispanic entrepreneurs are as good as anybody else. This comes at a time when corporate America’s embrace of diversity and inclusion is being quietly walked back.

Additionally, JPMorgan Chase CEO Jamie Dimon has expressed his “full-throated” backing for diversity initiatives, despite the backlash that many companies are facing. Dimon has touted a range of programs aimed at helping entrepreneurs of color, investments in rural communities, and recruiting efforts at historically Black colleges and universities. He has emphasized that these diversity efforts are not only good for business, but also for bridging social and economic gaps.

These developments highlight the ongoing conversation around diversity and inclusion in the financial and investment sectors, as well as the efforts being made to support underrepresented entrepreneurs and communities.

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