President Obama hosted the first ever White House Demo Day on his birthday. The purpose of Demo Day was to accelerate diversity in the U.S. tech sector and highlight the administration’s dedication to this goal.
The event hosted more than 90 entrepreneurs from 30 different companies. Many participants were expecting to see and demonstrate start up technology efforts from various entrepreneurs. The diverse group of participants represented the spectrum of women and minorities struggling to get recognition from the established tech community. In a show of support the White House and ventures capitalist announced several programs and initiatives to advance diversity in tech.
One group of 40 top venture capital firms representing over $110 billion dollars invested in almost 7,000 start ups announced their commitment to a more inclusive entrepreneur environment. In a letter from the New Enterprise Association, a group that includes Andreessen Horowitz, Intel Capital, and Kleiner Perkins Caufield Byers, committed to monitor diversity within their individual firms and the companies they invest in. The significance of this letter cannot be understated when women and African-Americans face huge obstacles to employment and investment in Silicon Valley.
Big name technology companies also made their presence known. IBM, Microsoft, Airbnb and Indiegogo are falling in step with the likes of Apple, Intel, Facebook and Pinterest by announcing that they will adopt the Rooney Rule. The rule comes from the NFL and states that a women or minority must at least be interviewed for senior positions in their companies. As many as 45 venture capital firms have adopted the Rooney Rule. But there are some who believe that even though the rule is well meaning it won’t work.
Google and Facebook announced a new program aimed at improving their diversity. Facebook launched the Supplier Diversity Program, that will focus on increasing the number of women and minority-owned business in the company’s supply chain.
In another announcement the U.S. Small Business Administration (SBA) announced the expansion of its InnovateHER 2016: Innovating for Women Business Challenge. The program is national competition intended to identifying products and services designed to uplift and empower women and families. The contest is conducted through a string of local business competitions that includes a final round of live presentations. The idea is to spur innovative efforts by and for women.
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