"We're venture capitalists, not activists," the firm said in its post. The firm will invest in exchange for equity in the business, but all returns will stay in the fund to finance future entrepreneurs, which aims to back products from underserved communities that also have an "interesting model, niche market, and/or a little traction to indicate the promise and potential." Ben and Felicia Horowitz will match up to an additional $5 from other donations as well. The initial capital will come from $2.2 million in donations from partners. However, the timing of the news this week is fortunate for an industry with a serious diversity problem.Ī16z plans to fund a small group of founders in the first year, then expand after that. In a blog post, the firm says it has been working on the fund for six months. One of Silicon Valley's most prominent venture capital firms announced Wednesday it is launching a new fund designed for entrepreneurs who have the talent, drive and ideas to build great businesses, but lack the background and resources to do so. Net income over the same period was down 68% from the year prior, however, as most of the company's business units have been battered by the coronavirus pandemic.Ī16z VC firm launches fund to target diverse foundersīen and Felicia Horowitz will match up to an additional $5,000,000 total in any other donations. In its quarterly earnings released last month, Disney reported nearly $40 billion in revenue in the six months to March 28, 2020. In a statement, the company pointed to its previous social justice initiatives, including providing "millions of dollars in grants to help students from underrepresented groups make the dream of higher education a reality, including $2.5 million to the United Negro College Fund." Disney also noted that it matches employee donations to "eligible organizations" and that on Tuesday it re-aired two "monumental and timely episodes" of Black-ish on its ABC television networks before a primetime special titled "America in Pain: What Comes Next?" "This $5 million pledge will continue to support the efforts of nonprofit organizations such as the NAACP that have worked tirelessly to ensure equality and justice." "The killing of George Floyd has forced our nation to once again confront the long history of injustice that black people in America have suffered, and it is critical that we stand together, speak out and do everything in our power to ensure that acts of racism and violence are never tolerated," said Disney chief Bob Chapek in a statement. The Walt Disney company announced Wednesday that it will donate $5 million to nonprofit groups fighting for social justice, starting with a $2 million donation to the NAACP.
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Disney will donate $5M to Social Justice GroupsĪBC's TV sitcom Blackish aired two "monumental and timely episodes" this week.