Moving the conversation about racial equity and inclusion to action, Accenture is launching a new entrepreneurial initiative.
Led by the professional services firm’s VC arm Accenture Ventures, the tech-focused Black Founders Development Program is an effort help Black founders and business owners grow their companies and find more access to venture capital and mentorship.
“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,” Kathryn Ross, global Open Innovation lead and the Black Founders Development Program lead at Accenture Ventures, said in a statement.
Part of the program includes the launch of the Black Founders Development Fund, which will focus on early-stage software startups created and led by Black founders.
According to a recent study, Black founders receive less than 1 percent of VC funding in the U.S. And only about 3 percent of VCs are Black.
In order to help guide the fund’s investment strategy, Accenture Ventures has established a Black Founders Development Advisory Council, which will also provide mentorship to the startups it invests in. So far, Accenture Ventures has named Springboard Enterprises co-founder Kay Koplovitz and Rapid7 CEO Corey Thomas.
“We intend to play a meaningful role in creating the next generation of Black technology startups,” Ross said.
With the initial launch the Black Founders Development Program will focus on startups in the U.S. but plans to expand the program internationally in the future.
Internally, Accenture is also looking to boost diversity within its team. The company announced the by 2025 it plans to increase Black representation within its ranks from 9 percent to 12 percent, including increasing representation in managing director positions from 2.8 percent to 4.4 percent.
“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, in a statement. “Big change is clearly needed, and Accenture Ventures will help lead that change.”
