Apple to Open Developer Academy, Provide Funding for Minority Entrepreneurs
By Sarah E. Needleman
Apple Inc. is launching several projects to extend education and
funding opportunities to minority entrepreneurs, part of the $100
million pledge it made in June to help combat racism in response to
the national outcry over George Floyd's killing.
The iPhone maker on Tuesday said it would open a
software-developer academy in Detroit later this year and launch
two venture-funding initiatives for young "Black and Brown
entrepreneurs," with the goal of helping to build the next
generation of diverse leaders.
"We are all accountable to the urgent work of building a more
just, more equitable world," Apple Chief Executive Tim Cook said in
a statement. "And these new projects send a clear signal of Apple's
Last year, Apple and fellow tech titan Alphabet Inc.'s Google,
major banks such as JPMorgan Chase & Co., toy company Hasbro
Inc. and others collectively pledged tens of millions of dollars
toward racial-equity efforts. The moves came after Mr. Floyd, a
Black man, was killed by police in May, inciting a national debate
about systemic racism. At the time, the companies said the money
they pledged would go toward boosting the net worth of Black
families, creating professional opportunities for minorities and
diversifying their own ranks, among other outcomes.
Apple is among the first to follow through on its plans, which
include investing $10 million in Harlem Capital, a New York
early-stage venture-capital firm, to support its investments in
1,000 companies with diverse founders over the next 20 years. Apple
said Harlem Capital would provide support to students at Apple's
new developer academy in Detroit, a hub being built in
collaboration with Michigan State University.
Write to Sarah E. Needleman at email@example.com
(END) Dow Jones Newswires
January 13, 2021 10:31 ET (15:31 GMT)
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