Two years ago, a number of L.A.'s leading tech investors gathered for a swanky party to launch a program called PledgeLA. Its purpose: to change the mostly white, mostly male face of the tech industry in Southern California.
With support from the mayors office and the deep pockets and local connections of the Annenberg Foundation, PledgeLA has been asking venture capitalists and tech companies to sign a pledge to diversify their companies at all levels and increase community engagement. Members also pledged to measure and report their progress.
The need for the initiative was clear. In L.A., only 11% of venture capital partners the investors who sign the checks to fund tech start-ups were women, and only 2% identified as African American or Latino. Nationwide, the ranks of venture capitalists are even less diverse still. And despite years of diversity initiatives at tech companies, the percentages of Black, Latino and Native American employees and managers at every major tech company remain low compared to state and national demographics.
In the two years since it launched, PledgeLA has more than doubled in size, from 87 to 222 signatories, including a majority of the regions venture capital firms and a number of its largest tech employers, such as Snap, Honey, Beyond Meat and Dollar Shave Club.
Dozens of students from underrepresented groups have gone through its internship program at L.A. VC funds, and in the next year a mentorship program in partnership with UCLA Anderson will pair 50 first-generation college students with L.A. tech leaders. To bring more candidates from underrepresented groups into L.A.'s start-up scene, PledgeLA and the VC fund Crosscut Ventures launched a regional tech job board. This summer, PledgeLA will launch a new $500,000 fund for tech founders in South L.A., to be split up among 20 companies that compete in a pitch competition this fall.
The organizations annual report, which it released Wednesday, also provides a new set of data showing how well its member companies are living up to their pledges.
L.A. VC funds invest in start-ups founded by women at twice the rate of top VC funds (most of which are based in the Bay Area) nationally, and invest in start-ups founded by Black and Latino founders at more than double the national rate. The national industry sets the bar low: a 2019 analysis of the top 135 VC funds found that only 9% of the companies they invest in have women founders and less than 5% have Black or Latino founders, while 18% of the companies that L.A. VCs invest in have women founders, 7% have Black founders, and 6% have Latino founders.
The self-reported data from individual tech employees in the PledgeLA survey also highlights some of the factors underlying the industrys poor performance on diversity. White employees, for instance, are much more likely to have been recruited through personal recommendations, while employees of color typically go through the formal application process. Recruiting experts say reliance on personal networks can be a mechanism for perpetuating patterns of exclusion.
But the nature of the program, and the research that goes into the study, makes it difficult to draw strong conclusions about how the industry is faring as a whole.
Only 65% of the companies and VC funds that have signed up for PledgeLA responded to the survey, and none were asked to provide comprehensive data on their own workforce, only on their policies and practices. Of the companies that did respond, 47% reported having a staff member devoted to diversity and community engagement who meets directly with leadership, and 46% reported designating a portion of their annual budget to diversity and inclusion efforts.
The rest of the survey results on experiences and identities are based on the experiences of individual employees, managers, and venture capitalists. All results, both at the company level and for individuals, are anonymized.
The people leading PledgeLAs work note the program is still in its early days. Sixty-five percent participation is incredible, said Cinny Kennard, executive director of the Annenberg Foundation. Were following a model of signing the pledge, then data, then action, then impact.
Kennard described the foundations work on PledgeLA as an extension of its similar initiatives in other sectors, such as the USC Annenberg Inclusion Initiative, which tracks gender, racial and ethnic inclusion in the film and music industries.
The reliance on self-reporting is a feature, not a bug, said Jasmine Hill, PledgeLAs scholar-in-residence.
Weve made a decision to lead with a carrot as opposed to a stick to make sure that people have the tools they need to move forward, Hill said. We were very intentional about that.
As a regional initiative with nonprofit backing, PledgeLA can serve as a sort of impartial United Nations for the typically competitive industry, according to one VC participating in the program, providing resources to companies and investors that want to change how they operate but dont know where to start.
As somebody who spends a fair amount of time thinking about these issues and wants to be on the side of progress and change, PledgeLA gives me a platform to continue to have those conversations, either internally or externally, said Nick Kim, an investor at Crosscut Ventures. People want to do the right thing, and they need someone whos an expert to validate the efforts theyre putting out there.
Read the original:
LA tech pledged more diversity. Is it making progress? - Los Angeles Times
- Progress Lighting - Home [Last Updated On: December 22nd, 2016] [Originally Added On: December 22nd, 2016]
- Home - Progress Lighting Outlet - Authorized Progress Dealer [Last Updated On: January 13th, 2017] [Originally Added On: January 13th, 2017]
- What does progress mean? - Definitions.net [Last Updated On: January 13th, 2017] [Originally Added On: January 13th, 2017]
- Progress Fire Company Harrisburg, PA [Last Updated On: January 13th, 2017] [Originally Added On: January 13th, 2017]
- Homepage Center for American Progress [Last Updated On: January 13th, 2017] [Originally Added On: January 13th, 2017]
- Progress being made on possible grocery store co-op in Winston-Salem - myfox8.com [Last Updated On: February 7th, 2017] [Originally Added On: February 7th, 2017]
- Nioh Review-in-Progress: FromSoftware's Formula Evolved - Shacknews [Last Updated On: February 7th, 2017] [Originally Added On: February 7th, 2017]
- Deutsche Bundesbank Cites Progress With Blockchain-Based Settlement - CryptoCoinsNews [Last Updated On: February 7th, 2017] [Originally Added On: February 7th, 2017]
- IMF: Greece's debts are still unsustainable despite progress - The Seattle Times [Last Updated On: February 7th, 2017] [Originally Added On: February 7th, 2017]
- Think Progress Editor Mocks Audi for Equal Pay Super Bowl Ad - Breitbart News [Last Updated On: February 7th, 2017] [Originally Added On: February 7th, 2017]
- Progress apparent on defense - Pittsburgh Steelers - Steelers.com [Last Updated On: February 7th, 2017] [Originally Added On: February 7th, 2017]
- IMF: Greece's Debts are Still Unsustainable, Despite Progress - Voice of America [Last Updated On: February 7th, 2017] [Originally Added On: February 7th, 2017]
- Can US disrupter-in-chief trigger some progress? - Jerusalem Post Israel News [Last Updated On: February 7th, 2017] [Originally Added On: February 7th, 2017]
- The Cost of Progress - Slate Magazine [Last Updated On: February 7th, 2017] [Originally Added On: February 7th, 2017]
- Cavaliers' pitching rotation a work in progress | Cavalier Insider ... - The Daily Progress [Last Updated On: February 8th, 2017] [Originally Added On: February 8th, 2017]
- High schoolers create 'zines for progress' with WolfsonianFIU - FIU News [Last Updated On: February 8th, 2017] [Originally Added On: February 8th, 2017]
- Cries of 'dictator' show Pope Francis is making progress - Crux: Covering all things Catholic [Last Updated On: February 8th, 2017] [Originally Added On: February 8th, 2017]
- Officials: City is making progress in effort to address opioid crisis - The Union Leader [Last Updated On: February 8th, 2017] [Originally Added On: February 8th, 2017]
- IN OUR VIEW: Work Ready in Progress for Carter - The Independent [Last Updated On: February 8th, 2017] [Originally Added On: February 8th, 2017]
- BP's Earnings Keep Showing Progress, Even if the Headline Results Don't Say So - Motley Fool [Last Updated On: February 8th, 2017] [Originally Added On: February 8th, 2017]
- Women's Progress in the Boardroom Took a Hit in 2016 - Inc.com [Last Updated On: February 9th, 2017] [Originally Added On: February 9th, 2017]
- Blight Elimination Progress, Uplifting - MyWabashValley [Last Updated On: February 9th, 2017] [Originally Added On: February 9th, 2017]
- Rauner 'heartened' by progress in Springfield - Bloomington Pantagraph [Last Updated On: February 9th, 2017] [Originally Added On: February 9th, 2017]
- David Johnson showed off the insane progress he's making in rehab from his knee injury - USA TODAY [Last Updated On: February 9th, 2017] [Originally Added On: February 9th, 2017]
- Through the looking glass: Tower view showcases progress on Amazon's unique biospheres - GeekWire [Last Updated On: February 9th, 2017] [Originally Added On: February 9th, 2017]
- Britney Spears Says Niece Maddie Is 'Making Progress' After ATV Accident: 'Let's All Keep Praying' - PEOPLE.com [Last Updated On: February 9th, 2017] [Originally Added On: February 9th, 2017]
- Progress on vet's Mustang to be unveiled - Indianapolis Star [Last Updated On: February 9th, 2017] [Originally Added On: February 9th, 2017]
- Evgeni Malkin making 'progress,' could return Saturday in Arizona - Pittsburgh Post-Gazette [Last Updated On: February 9th, 2017] [Originally Added On: February 9th, 2017]
- Forecasters See Slow Progress in Labor-Market Measures Favored by Trump Administration - Wall Street Journal [Last Updated On: February 9th, 2017] [Originally Added On: February 9th, 2017]
- 'Paper boys' were the lifeblood of The Daily Progress - The Daily Progress [Last Updated On: February 10th, 2017] [Originally Added On: February 10th, 2017]
- Cliffs Natural Resources Is Showing a Lot of Progress on Its Return to Profitability - Motley Fool [Last Updated On: February 10th, 2017] [Originally Added On: February 10th, 2017]
- ATA says states' telemedicine progress a mixed bag ... - FierceHealthcare [Last Updated On: February 10th, 2017] [Originally Added On: February 10th, 2017]
- Seltzer's Notebook | Colangelo Encouraged by Sixers' Progress - Sixers.com [Last Updated On: February 10th, 2017] [Originally Added On: February 10th, 2017]
- The Trump administration can't entirely roll back progress on climate change here's why - Washington Post [Last Updated On: February 10th, 2017] [Originally Added On: February 10th, 2017]
- Colts position review: OL showed legit progress, but work remains - Indianapolis Star [Last Updated On: February 10th, 2017] [Originally Added On: February 10th, 2017]
- Egyptian Economy Making Slow, Tentative Progress - Voice of America [Last Updated On: February 10th, 2017] [Originally Added On: February 10th, 2017]
- ATA: States show mixed progress with telemedicine | Healthcare Dive - Healthcare Dive [Last Updated On: February 11th, 2017] [Originally Added On: February 11th, 2017]
- Louisville City notes: McCabe making progress - The Courier-Journal [Last Updated On: February 11th, 2017] [Originally Added On: February 11th, 2017]
- Jeremy Lin: Progress but no timetable - NetsDaily [Last Updated On: February 11th, 2017] [Originally Added On: February 11th, 2017]
- Marginal progress for Turkish-backed forces in north Syria - LA Daily News [Last Updated On: February 11th, 2017] [Originally Added On: February 11th, 2017]
- Jimmy Cheek: UT chancellor appreciative of hard work, progress on journey - Knoxville News Sentinel [Last Updated On: February 12th, 2017] [Originally Added On: February 12th, 2017]
- Syria Regional Crisis 2016 Emergency Appeal - Progress Report - Reliefweb [Last Updated On: February 12th, 2017] [Originally Added On: February 12th, 2017]
- CWLP officials: Bailout repayment would set back progress - The State Journal-Register [Last Updated On: February 12th, 2017] [Originally Added On: February 12th, 2017]
- Pistons' Johnson making halting but definite progress - The Detroit News [Last Updated On: February 12th, 2017] [Originally Added On: February 12th, 2017]
- Clairton works: Real progress is coming to the former steel town - Pittsburgh Post-Gazette [Last Updated On: February 12th, 2017] [Originally Added On: February 12th, 2017]
- The Democrats' Strategy: Hindering Progress For Partisan Politics - Daily Caller [Last Updated On: February 13th, 2017] [Originally Added On: February 13th, 2017]
- The surprising progress stoppers on the Dallas Cowboys defensive line - Cowboys Wire [Last Updated On: February 13th, 2017] [Originally Added On: February 13th, 2017]
- Gender Progress in Ballet - Huffington Post [Last Updated On: February 13th, 2017] [Originally Added On: February 13th, 2017]
- Foyt pleased with progress, regrets lack of time - Motorsport.com, Edition: Global [Last Updated On: February 13th, 2017] [Originally Added On: February 13th, 2017]
- Progress Made, but Threat Lingers at California's Oroville Dam - Wall Street Journal [Last Updated On: February 13th, 2017] [Originally Added On: February 13th, 2017]
- Adele, Beyonc, and the Grammys' Fear of Progress - The Atlantic [Last Updated On: February 13th, 2017] [Originally Added On: February 13th, 2017]
- North Korea Claims Progress on Long-Range Goal With Missile Test - New York Times [Last Updated On: February 13th, 2017] [Originally Added On: February 13th, 2017]
- How Travel Bans Can Impede America's Progress - Forbes - Forbes [Last Updated On: February 13th, 2017] [Originally Added On: February 13th, 2017]
- Jeff Sessions' appointment threatens decades of civil rights progress - The Hill (blog) [Last Updated On: February 14th, 2017] [Originally Added On: February 14th, 2017]
- Ionis Earns $75M Milestone from Bayer for Progress of Antisense Drug Program - Genetic Engineering & Biotechnology News (press release) [Last Updated On: February 14th, 2017] [Originally Added On: February 14th, 2017]
- Guilford Schools annual report shows mixed results on progress - Greensboro News & Record (blog) [Last Updated On: February 14th, 2017] [Originally Added On: February 14th, 2017]
- Sniper Elite 4 review in progress - PC Gamer [Last Updated On: February 14th, 2017] [Originally Added On: February 14th, 2017]
- For Honor Review In Progress - GameSpot [Last Updated On: February 14th, 2017] [Originally Added On: February 14th, 2017]
- China's military progress challenges Western dominance, says IISS - Deutsche Welle [Last Updated On: February 15th, 2017] [Originally Added On: February 15th, 2017]
- PFW in Progress Recap 2/14: Patriots Offseason Outlook | New ... - Patriots.com [Last Updated On: February 15th, 2017] [Originally Added On: February 15th, 2017]
- Daily Progress, chamber establish regional business Hall of Fame - The Daily Progress [Last Updated On: February 15th, 2017] [Originally Added On: February 15th, 2017]
- Huntsville-based Progress Bank to acquire Birmingham's First Partners Bank - Birmingham Business Journal [Last Updated On: February 15th, 2017] [Originally Added On: February 15th, 2017]
- City, UF sign partnership for progress - Gainesville Sun [Last Updated On: February 15th, 2017] [Originally Added On: February 15th, 2017]
- California officials lift evacuation order for 200000 threatened by damaged dam - CBS News [Last Updated On: February 15th, 2017] [Originally Added On: February 15th, 2017]
- 5G progress at Ericsson could help enterprises work worldwide - Computerworld [Last Updated On: February 16th, 2017] [Originally Added On: February 16th, 2017]
- Officials making 'great progress' on California dam repairs, remind residents to stay vigilant - Fox News [Last Updated On: February 16th, 2017] [Originally Added On: February 16th, 2017]
- Halo Wars 2 Review in Progress - IGN [Last Updated On: February 16th, 2017] [Originally Added On: February 16th, 2017]
- CUGNON: Forward progress - Yale Daily News (blog) [Last Updated On: February 16th, 2017] [Originally Added On: February 16th, 2017]
- F-35 Program Makes Significant, Solid Progress, Official Says - Department of Defense [Last Updated On: February 16th, 2017] [Originally Added On: February 16th, 2017]
- Lenovo's data center ambitions remain work in progress following Q3 results - ZDNet [Last Updated On: February 16th, 2017] [Originally Added On: February 16th, 2017]
- PFW in Progress Recap 2/16: Free Agency and Potential Patriots - Patriots.com [Last Updated On: February 16th, 2017] [Originally Added On: February 16th, 2017]
- S&P 500: 'Blow-off' Phase in Progress - DailyFX [Last Updated On: February 16th, 2017] [Originally Added On: February 16th, 2017]
- Combine invites are another sign of progress at Michigan - Big Ten ... - ESPN (blog) [Last Updated On: February 16th, 2017] [Originally Added On: February 16th, 2017]
- Halo Wars 2 review in progress - PC Gamer [Last Updated On: February 17th, 2017] [Originally Added On: February 17th, 2017]
- 'Hero' film produced just for Charlottesville featured the mayor, The Daily Progress - The Daily Progress [Last Updated On: February 17th, 2017] [Originally Added On: February 17th, 2017]
- Republicans' health care overhaul still a work in progress - Press Herald [Last Updated On: February 17th, 2017] [Originally Added On: February 17th, 2017]
- Trump Boasts Of 'Incredible Progress' In 4 Weeks Of Presidency - NPR [Last Updated On: February 17th, 2017] [Originally Added On: February 17th, 2017]
- Donald Trump touts promise progress at press conference - PolitiFact [Last Updated On: February 17th, 2017] [Originally Added On: February 17th, 2017]
- Mild winter helping crews make significant progress on East End Connector - WRAL.com [Last Updated On: February 18th, 2017] [Originally Added On: February 18th, 2017]
- Committee updates Legislature on precinct consolidation progress - Chicago Tribune [Last Updated On: February 18th, 2017] [Originally Added On: February 18th, 2017]