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ISSUE – Jan. 20 | Ellen Pao: Obama Should Start a Venture Capital Fund

After he leaves office, he will be one of few people who could truly boost underrepresented entrepreneurs. I would love to see Barack Obamabring his remarkable empathy and courage to the tech world—to drive social change in the largest, fastest growing sector in the world. I hope he starts a $1 billion fund focused on underrepresented entrepreneurs who have not yet seen the economic and social benefits of this phenomenal global transformation.

Today, there is a gaping hole in the tech ecosystem, a vacuum with a dearth of black, Latinx, women of color and transgender entrepreneurs and employees. These groups are at a huge disadvantage; bias prevents people from hiring, funding and supporting them. ProjectDiane recently showed that only 2,200 startups are led by women—and only 88 startups are led by women of color. Obama should focus on funding them. With his influence, he could build an inclusive ecosystem that gives these teams the same network advantages and opportunities as their white male peers have under today’s almost completely homogenous, monolithic system.
[ Time ]