Venture Capital: NYCEDC Launches Venture Access Alliance To Boost Diversity In New York Tech

“New York City is committed to building an equitable tech and venture capital ecosystem that reflects the diversity of New Yorkers throughout the five boroughs.” – NYCEDC President & CEO Andrew Kimball on Venture Access Alliance.

The New York City Economic Development Corporation (NYCEDC) has introduced the Venture Access Alliance, a collaboration involving more than 70 startup investors in New York City. This initiative aims to enhance diversity within the city’s technology and venture ecosystem. The Alliance’s mission includes fostering diverse workforces, sourcing deals from Black, Indigenous, People of Color (BIPOC), and female founders, reevaluating due diligence procedures, tracking improvements in diversity data annually, and providing direct mentorship to founders. Key leaders of this effort include Fred Wilson of Union Square Ventures and Jarrid Tingle of Harlem Capital Partners, with support from the Ford Foundation, Annenberg Foundation, and Tech:NYC.

The Venture Access Alliance emphasizes the importance of venture capital firms setting achievable goals to boost diversity in their teams and investments. It is centered around tracking diversity, setting targets, and committing to actions that improve diversity within New York City’s venture investments and decision-makers. This initiative will have a lasting impact on the city’s venture and tech community, supporting diverse and underrepresented founders and promoting inclusivity.

Additionally, the NYCEDC has released a report titled “Diversity in Venture Capital: Challenges and Opportunities for New York City,” which provides insights and benchmark data on diversity within the venture capital industry. The report highlights that diverse founding teams have higher returns on investment, emphasizing the business sense of funding diversity.

The Venture Access Alliance aligns with Mayor Adams’ economic recovery blueprint, prioritizing increased access to capital for diverse entrepreneurs. New York City has become a major player in the global tech startup scene, with a growing number of tech-enabled startups and venture capital firms. Despite these positive trends, the Alliance seeks to address the disparities in funding for minority and women-led startups, aiming to create a more equitable tech ecosystem in the city.

This initiative is part of NYCEDC’s broader Venture Access NYC program, which also includes the Venture Access Founder Fellowship designed to support underrepresented founders in accessing capital and networks. Applications for the 2024 Founder Fellowship cohort are currently open until December 5, 2023.

Related Story: Laphair Capital Partners Launches $100M Alpha Fund I, Targeting Companies Focused On Social Responsibility

Photo by Christina @ on Unsplash

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