The Great Rollback is here. The phrase refers to Big Tech starting to cut some of the diversity, equity, and inclusion (DEI) programs implemented shortly after the killing of George Floyd. Recently, Zoom announced it would Fired up its DEI team. Google and Meta Funding started to dry up Their DEI program, and funding Black founders The decline continues. lawsuits has been filed DEI programs are being targeted, forcing companies to hide their inclusion efforts while billionaires Arguing over X about whether D.E.I. initiatives are discriminatory.
It’s clear that this year will be a turning point for DEI, especially for the states Restrictions continue With affirmative action measures looming and the presidential election approaching, here are all the stories you should read to stay updated on developments regarding tech’s ongoing DEI backlash.
This list will be updated, so keep checking it.
Read about the AAER vs. Fearless Fund lawsuit
In August 2023, the American Alliance for Equal Rights (AAER), founded by Edward Blum, the man who helped overturn affirmative action in education, filed suit against the venture fund Fearless Fund for offering business Grants to Black WomenAAER alleged that the grant discriminates against white and Asian American founders. The Fund and AAER Fighting a case in courtAnd currently, Fearless Fund is prohibited Grants were prevented from being awarded to any more black women.
But InstagramThe fund’s CEO Ariane Simone said the lawsuit financially hurt The fund lost millions of dollars in potential commitments and faced staff cuts, reduced cash, expensive legal bills and threatening letters. However, the impact of the lawsuit could go far beyond just affecting one fund and could have ramifications for the entire ecosystem.
But the Fearless Fund isn’t the only one that has been sued. The Small Business Administration, the Minority Business Development Agency, and even small companies like Hello Alice have also been sued. being targeted and he was prosecuted for attempting to implement various subsidy schemes.
Read what critics are saying about DEI
The rhetoric against DEI has increased dramatically. Many big names in the venture world, such as Elon Musk, Peter Thiel, and Y Combinator founder Paul Graham, have shared anti-DEI sentiments, while only a few, such as Mark Cuban, have expressed support for it. This divide is likely to continue for a long time and will only deepen as billionaires continue to exert their power – and influence – Share your opinion,
At the same time, there are many people who are genuinely trying to make a difference. Be more inclusiveHowever, change takes time and some of the promises made have not been fulfilled.
Read how governments are handling DEI
California passed a bill last year that will soon require venture capital firms in the state to ensure they Reveal variety fragmentation Some see the bill as progress in a notoriously opaque industry.
However, California Not the only state to address diversityMassachusetts is looking to pass a bill that would extend workplace laws to the venture industry; New York City venture firms gathered informally to build a coalition to support greater diversity. There is enthusiasm about these initiatives, but also some hesitation.
Representative Emmanuel Cleaver, who co-chairs the Congressional Black Caucus, is attempting to pass a bill in Congress that would Endowment investments more transparentHe said that some educational institutions in the country were adopting a completely “bad” attitude towards him and his efforts.
DEI has become a bigger issue in red states, as many have banned affirmative action measures. Many tech hubs are really just blue cities, meaning more liberal-leaning cities in red or more conservative-leaning states. These include Tulsa, Atlanta, Miami, and Austin, and all of them rank near the bottom. At the forefront of helping make technology more accessible For those outside the Bay Area. But will the states they rule hinder all that progress?
For example, Governor Ron DeSantis is a leader Passing anti-D.E.I. measuresFrom banning books to restricting speech, he is one of the few governors to take aim at ESG investing, and has proposed a move that could impact various fund managers in the state of Florida.
on one National levelThe Congressional Black Caucus (CBC) has been trying to find out more about what’s happening in the tech sector. It recently wrote to OpenAI and the Department of Labor to try to find out how the tech industry is trying to support Black talent during this time.
OpenAI actually did this respond We told CBC and we found out what happened next.
Read the latest DEI funding data
Funding for Black founders has continued to decline since 2020, and last year was no different.
Read DEI perspectives from abroad
Industry abroad Look to the StatesWhich also discusses how marginalized founders are treated. Stay updated on how the global enterprise ecosystem is handling DEI and what it says about progress in the US
France is a notorious country Difficult ecosystem for Black foundersLearn how the country is navigating one of the most opaque business landscapes for people of color.
Meanwhile, Britain has done a lot Progress About this Financing for Black Founders,
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