Accenture Launches Black Founders Development Program to Support Black Entrepreneurs
September 10 2020 - 07:59AM
Business Wire
New Accenture Ventures program to invest in and
develop Black technology startup founders and CEOs
Inaugural advisory council members Kay
Koplovitz and Corey E. Thomas to provide strategic program guidance
and support
Accenture (NYSE: ACN) has launched the Black Founders
Development Program, a new initiative that will invest in and
support Black technology startup founders and entrepreneurs. Led by
Accenture Ventures, the program will seek to help Black business
owners and leaders advance and grow their technology businesses
through greater, more direct access to venture capital, corporate
mentorship and strategic connections with Accenture business
partners and clients.
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Accenture launches Black Founders
Development Program
As part of the new program, Accenture Ventures is establishing
the Black Founders Development Fund. The fund will make strategic
investments in early-stage, Black-founded and -run software
startups and other market development initiatives, applying
Accenture’s vast technology, innovation and investment expertise,
and powerful network of technology ecosystem partners. To help
Black entrepreneurs achieve their goals and make a meaningful
impact, the commitment of investment funds and a strong mentoring
effort will be commensurate with Accenture Ventures’ approach with
its most strategic funds. The fund will have an initial focus on
North America, with plans to expand globally at a later date.
“Our Black Founders Development Program will help drive economic
inclusion and create new advancement opportunities for Black
business owners and leaders by bringing to bear the full power of
our global technology business and extensive relationships with
clients, partners and the venture capital community,” said Kathryn
Ross, global Open Innovation lead and the Black Founders
Development Program lead for Accenture Ventures. “Leadership,
resources, technology and investment knowledge are all areas where
Accenture can deliver significant support to Black entrepreneurs,
helping them to accelerate innovation and further grow their
businesses.”
According to a study by RateMyInvestor and VC Diversity, Black
founders of companies receive less than 1% of all venture capital
funding, which in the U.S. alone, totaled approximately $130
billion. Similarly, a Kauffman Foundation analysis of U.S. Census
Bureau data found that 28% of Black entrepreneurs’ profits were
limited by lack of access to capital, compared to just 10% of white
entrepreneurs.
“Black entrepreneurs continue to innovate, but face bias and
lack access to capital and opportunity in the venture capital
community, receiving a disproportionately small amount of funding,”
said Paul Daugherty, group chief executive – Technology and chief
technology officer at Accenture. “Big change is clearly needed, and
Accenture Ventures will help lead that change.”
To help guide its future investment strategy, Accenture Ventures
has established a Black Founders Development Advisory Council made
up of diverse, established business leaders and partners to help
guide and mentor Black founders and CEOs. The first two council
members appointed are Kay Koplovitz, founder of USA Networks and
the current chairman and co-founder of Springboard Enterprises, a
community of nearly 800 women founders and leaders of emerging
growth companies spanning the globe and across all industries; and
Corey E. Thomas, chairman and CEO of Rapid7, Inc. (Nasdaq: RPD), a
leading provider of security analytics and automation, who
previously served on the U.S. Commerce Department's Digital Economy
Board of Advisors.
“We intend to play a meaningful role in creating the next
generation of Black technology startups, and the demonstrated
business leaders on our Black Founders Development Advisory Council
are equally committed to sharing their experiences, insights and
connections to help Black founders achieve their business
objectives,” explains Ross. Accenture Ventures plans to announce
additional advisory council members and its first participating
founders in the coming months.
The Black Founders Development Program is part of Accenture’s
broader effort to fight racism. On September 1, 2020, Accenture CEO
Julie Sweet announced that by 2025 the company would increase the
representation of African American and Black people in the
organization from 9% to 12%; and increase the number of African
American and Black managing directors from 2.8% to 4.4%. Other
recent company actions include Ms. Sweet’s role as co-chair of the
new 27-member New York Jobs CEO Council, a non-profit coalition of
CEOs from leading companies that have pledged to hire 100,000
low-income New Yorkers from under-served communities over the next
decade.
Launched in 2015, Accenture Ventures makes targeted equity
investments in emerging technology startups, matching their
capabilities with the business needs and priorities of Accenture’s
clients. Its Open Innovation arm acts as a bridge to the global
innovation ecosystem by bringing Accenture’s clients together with
best-in-class, enterprise-relevant startups to unlock their growth
potential and accelerate digital transformation.
About Accenture
Accenture is a leading global professional services company,
providing a broad range of services in strategy and consulting,
interactive, technology and operations, with digital capabilities
across all of these services. We combine unmatched experience and
specialized capabilities across more than 40 industries — powered
by the world’s largest network of Advanced Technology and
Intelligent Operations centers. With 513,000 people serving clients
in more than 120 countries, Accenture brings continuous innovation
to help clients improve their performance and create lasting value
across their enterprises. Visit us at www.accenture.com.
This document makes descriptive reference to trademarks that may
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assertion of ownership of such trademarks by Accenture and is not
intended to represent or imply the existence of an association
between Accenture and the lawful owners of such trademarks.
Copyright © 2020 Accenture. All rights reserved. Accenture and
its logo are trademarks of Accenture.
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Hannah Unkefer Accenture +1 206 839 2172
hannah.m.unkefer@accenture.com
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