How private equity can catalyze diversity, equity, and inclusion in the workplace
Business leaders hear a lot about disruption. But 2020 redefined the term. By March, the novel coronavirus had completely changed ways of life and work for billions of people. In May, the death of George Floyd produced an equally seismic shift in cultural awareness of systemic racism and set in motion urgent calls for racial equity-globally. …
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We Must Address Power To Achieve Real Impact: A Letter to Peer Funders
Nathan Cummings frequently said that “nothing will ever be attempted if all possible objections must be first overcome.” That entrepreneurial guidance served us well in November 2017, when our Board took a major leap of faith to advance our mission of creating a more just, vibrant, sustainable, and democratic society. Breaking from foundations’ long standing …
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To expand the economy, invest in Black businesses
This article is from Brookings.edu. For the descendants of enslaved Africans in the United States, entrepreneurship represents more than just owning a business and pursuing the proverbial American Dream. Instead, the ability for Black people to participate in local, regional, and global markets represents a dream deferred by systemic racism and discrimination. Consequently, an analysis …
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It’s Time for a New Approach to Racial Equity
To see how companies continued their commitments below in 2021, we took an updated look at monetary commitments from November 1, 2020, to May 19, 2021, analyzing the announced financial commitments of more than 1,100 companies and philanthropic institutions. All in all, we found that during that time period, companies committed nearly $134 billion. Combined with …
Opinion: The 2-cent solution to close the racial wealth gap: A call for U.S. companies to invest in Black communities
If just 2 cents of every dollar earned by U.S. corporations was reinvested in Black communities, the racial wealth gap would close at a pace and scale never before seen in this country. Referred to as “The 2% Solution,” this premise, championed by Vista Equity Partners founder Robert Smith is bold, yet simple. He proposes …
Building supportive ecosystems for Black-owned US businesses
Black business owners have been disproportionately affected by the pandemic-linked economic downturn, partly because they were more likely to already be in a precarious position, including more likely to be located in communities with business environments that are more likely to produce poor business outcomes. Indeed, about 58 percent of Black-owned businesses were at risk …
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Investing to Advance Racial Equity: Second Edition
Since we published the first edition of this report in 2018, there has been a widespread increase in the general public’s awareness about structural racism and the many ways people of color have been systematically denied access to social and economic opportunity since the earliest days of European arrival to what is now the United …
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Fortune 100 companies commit $1.6 billion to fight inequality
The 100 largest U.S. companies have so far committed $1.63 billion to organizations fighting racism and inequality, according to company announcements and an Axios analysis. What’s happening: Since protests began over the death of George Floyd at the hands of Minneapolis police officers, companies have released statements of support for black communities and pledged donations to …
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Have We Reached The Tipping Point In Racial Equity Investing?
In the past few weeks, racial equity and justice have been the central rallying cry, across the world. This has prompted many individuals and institutions to speak out against racial injustice, not least in the investing industry. On June 10, Confluence Philanthropy, a membership network of foundations and impact investors, launched a pledge for racial equity. The pledge …
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