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Does Silicon Valley Have A Race Problem? — Shocklee Entertainment Universe ● The Future Frequency

Does Silicon Valley Have A Race Problem?

shockleewebpic_siliconvalleyraceprobAs the tech industry led by Silicon Valley continues to grow, the boom has some people examining some issues of inequality, whether locally around San Francisco or in the venture capital circuit, how can we fix the gap and allow diversity to fuel innovation?

A recent Nielsen report estimated African Americans’ buying power at more than a trillion dollars, and growing rapidly. The Pew Research Center found, in October, that a higher percentage of black adults used smart phones than white adults. Last year, Pew found that twenty-six per cent of black Internet users were on Twitter, compared with fourteen per cent of non-Hispanic white users and nineteen per cent of Hispanic people. A higher proportion of black respondents used Instagram, the photo-sharing service, too. But the diversity among tech users isn’t reflected among the founders of Silicon Valley companies backed by venture capitalists. One study, conducted in 2010 by CB Insights, showed that only one per cent of venture-capital-backed founders were black; eighty-three per cent of founding teams were all white. From 2009 to 2011, per capita income rose by four per cent for white Silicon Valley residents and fell by eighteen per cent for black residents.

Read Addressing Silicon Valley’s Race Problem from the New Yorker.

photo: waynesutton

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