Apple in the most recent announcement said to have invested a huge amount of $100 Million, which is roughly Rs. 730 crores into a brand-new round of projects aimed at challenging systemic racism. The project includes its very first foray into venture capital funding to brace entrepreneurs of color.
As per Apple, they would be investing $10 million, roughly Rs. 73 crores in a fund with a New York-based early-stage venture firm, Harlem Capital. Their major goal is to help fund 1,000 companies over 20 years. Apple will also be putting $25 million, roughly Rs. 180 crores a clear Vision Impact Fund by Siebert Williams Shank. The firm supplies financing to small-scale and mid-sized businesses, with emphasis on minority-owned firms.
There’s a lack of diversity among venture capital and banking funders,” “We looked for where we thought there was an opportunity for our resources to do good things.Lisa Jackson, Apple’s vice president of environment, policy and social initiatives
All these efforts are part of Apple’s $100 million racial equality and justice initiative, which was actually announced last year after the tragic death of two black people killed by cops, George Floyd and Breonna Taylor.
Apple will further be contributing $25 million, roughly Rs. 180 crores a 50,000-square-foot facility, to the Propel Center in Atlanta, where black universities and colleges will collaborate on app development, programs in entrepreneurship, and more topics. The company is also initiating 2 grant programs to help design a curriculum in hardware and silicone engineering for historically Black schools.
Apple will also be setting up an app development academy in Detroit, which will be the very first in the US. The academy offers free of charge 10-to-12-month course. It will also be aiming to educate 1,000 students a year on skills in design, coding, and marketing. The facility in Detroit will also be work with Michigan State University.
We wanted to see more Black and brown developers
They tend to be focusing on the southeastern part of the United States. But Detroit has over 50,000 small businesses that are owned by Black and brown people. And so it seemed to us that there was an entrepreneurial opportunity.Jackson