The Consumer Technology Association (CTA) announced an overall investment commitment in women, people of color, and other underrepresented entrepreneurs within the tech industry.
The CTA’s $10 million diversity investment that was announced at the Consumer Electronics Show (CES) in 2019 now includes venture firm MaC Venture Capital, which shares money with entrepreneurs to create the next generation of technology and consumer products. The association announced the investment commitment during a diversity webinar on Wednesday.
“We’re thrilled to invest in with MaC Venture Capital, which has unlocked opportunities for more than 100 diverse founders in our country,” Tiffany Moore, the senior vice president of political and industry affairs at CTA, said in a statement. “Data shows that underrepresented founders — including women and people of color — are at a disadvantage because they don’t have access to funding from investors. CTA is committed to working toward creating change in the VC landscape.”
The CTA is the owner and producer of the CES, the world’s largest tech event. As part of its investment commitment, the CTA said it would engage more diverse startup founders at future CES events and create a forum for CTA member companies to share best practices on creating greater access for underrepresented communities.
“CES is an excellent platform for the VCs we invest in to connect and do business with future partners and customers,” Moore said. “CTA is committed to setting an example, and we hope our investment commitment is a catalyst to move the industry forward.”
During the webinar, the CTA explained that reports reveal that diverse entrepreneurs, particularly women and people of color, receive lower funding levels.
Underrepresented tech employees have been encouraging diversity and inclusion in the tech industry for years, such as Kimberly Bryant, the founder of Black Girls Code.
“I think that places even more of a spotlight on an industry such as technology … where there is such a lack of diversity in terms of who’s getting funded, who’s in the pipeline, who is creating the technology,” Bryant previously told Digital Trends.
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