In early 2015, Intel Capital, the investment arm of Intel Corporation (NASDAQ: INTC), announced the Diversity in Technology Initiative, to encourage greater diversity within its offices. It has taken the first step in this direction by launching a Diversity Capital Fund worth $125 million to fund promising new entrepreneurs. What is this fund all about? Why is Intel investing in entrepreneurship?
Who will the fund benefit?
The Diversity Capital Fund is aimed at encouraging entrepreneurs in the field of technology and gaming, who show promise of creativity and innovation. The main beneficiaries of the fund would be women entrepreneurs and those from minority communities who fit into the technology or gaming space. Technology start-ups by women and minorities who are underrepresented in the technology sector and within Intel offices in the United States will be preferred for funding.
The minority communities in the United States who will be considered for funding are:
- African Americans
- Native Americans
Asian Americans have not been included in the list of minorities, since they are already overrepresented in the technology industry in the United States.
The start-ups should be innovative, addressing an important technology issue and look promising to win funding. The fund was announced with the selection of four start-ups, which will be the first projects to benefit from the Diversity Capital Fund.
The four start-ups who will be the first to be funded are:
- Brit + Co
- Mark One
The industries that the fund plans to support include the Maker movement, healthcare, the Internet of Things and cyber security, among others.
Why Intel started the Diversity Capital Fund?
Intel believes that a company can only progress to be really productive and innovative only if the workplace is inclusive and diverse. Diversity encourages people to be more open to new ideas, leading to more innovation and better productivity. Through the fund, the corporation wants to get more talented women and minorities into the technology sector and into its offices in the United States.
Intel has been trying to make its workplace more inclusive and balanced by recruiting more women and people from minorities within the United States, which has only 15 percent women in executive positions in the technology and gaming field. The company aims to make the technology sector friendlier towards underrepresented communities and groups. It is the first step towards achieving these goals and making the technology playing field more equal.