7 min READ

PART 1 OF A 2 PART SERIES

WEB SUMMIT STATS

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160+ countries

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42% women

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1000+ speakers

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2300 startups

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1000+ investors

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340+ partners

〰️

71000+ attendees

WEB SUMMIT STATS 〰️ 160+ countries 〰️ 42% women 〰️ 1000+ speakers 〰️ 2300 startups 〰️ 1000+ investors 〰️ 340+ partners 〰️ 71000+ attendees

Last year I attended the global tech conference Web summit in Lisbon, Portugal. Summits like this one are great places for companies, presenters, and investors to meet each other and share ideas that are shaping the world around us. Some of the biggest tech companies and media outlets from 160 countries focusing on the future of technology like Web3 and AI were present. I have always been interested in the possibilities of digital and where it will take our society which is why I was so keen on attending.

What struck me was how few black people were in attendance. This peeked my interest and gave me purpose at the summit. Now don’t get me wrong there was diversity in the array of speakers at the summit. What I was keen on finding out however was how minorities especially black and brown people are represented in the tech world. So, I combed through the conference’s 3-day schedule to find speakers and events which tackled just that. What a are the barriers of entry? Here are some of the takeways from this part 1 of a 2 part series.

BUILDING INCLUSIVE ECOSYSTEMS

The roundtable discussion hosted by Black Innovation Alliance, Building Inclusive Ecoystems examined how building inclusive ecosystems is crucial for creating a diverse and thriving tech industry that benefits the whole.

*Tunji Fadiora, Manager Ecosystem & Experiential at BIA, Kunbi Tinuoye, Founder and CEO at Urbangeekz, Torin Brazzle, Executive Director and Founder at IGNITE!*

The panel agreed that one of the main barriers to entry for people of color in tech is economical. Building a successful startup requires a lot of money. Without access to capital, many talented black founders are not able pursue their entrepreneurial dreams. That’s why it is important to identify who the connectors are within the community and create a supportive ecosystem that encourages collaboration and the sharing of resources.

A lack of community is also a major problem. People may be scared of working together or simply lack the resources to connect with other. Making it a huge hurtle to build a thriving ecosystem that fosters innovation and growth.

Access to capital is another crucial factor, particularly outside of major cities. In the wake of George Floyd's death, investments from VC firms for black founders has remained low. It is ever more crucial to identify alternative sources of funding, like angel investments and crowdfunding, to provide what is needed for them to truly succeed.

The panel concluded by agreeing that leveraging technology is essential. Without access to the latest tools and technologies, black people in tech risk falling behind. There is a need to ensure that they have access to the latest resources and support networks to help them succeed.

So, what can be done? First and foremost, it is important to close the relationship gap between founders and investors within the community. This requires building trust, transparency, and shared values.

They also said that removing barriers to entry and creating paths and opportunities for allyship is key. This means investing in training, mentorship, and support networks that will help black entrepreneurs succeed.

Finally the panel ended by saying that it is necessary to recognize that building inclusive ecosystems is an ongoing process that requires continuous effort and dedication. By prioritizing diversity and inclusion, we can create a thriving tech industry that benefits everyone.

IS THE ECONOMIC STRUCTURE OF TECH RACIST?

The Web Summit session, Is the Economic Structure of Tech Racist? brought together Kelly Burton, co-founder and CEO of Black Innovation Alliance and Veena Dubal Professor of Law at UC Hastings. Expertly moderated by Raina Kelley who is VP and Editor-in-Chief of Andscape a Black media platform dedicated to creating and highlighting the diverse stories of Black identity. They discussed the issues surrounding the venture capital world and the broader economic structures of technology.

*Raina Kelley VP and Editor-in-Chief of Andscape, Kelly Burton, co-founder and CEO of Black Innovation Alliance and Veena Dubal Professor of Law at UC Hastings*

Key takeaways from the conversation include the need to address the systemic inequities that exist within the venture capital space and the ways in which race gets talked about at the very bottom of the tech infrastructure.

Burton pointed out that the venture capital sphere is broken and that the current model prioritizes a very small few. While Dubal highlighted the need to build power elsewhere to push back on the current structures of power within the tech industry. This involves building labor movements, empowering entrepreneurs and innovators of color, and developing a policy agenda that brings these conversations to the streets.

One of the key issues highlighted in the conversation was the fact that less than 1% of venture capital goes to black founders, a number that has actually gone down even since the racial uprising. When asked, it was not necessarily agreed upon by Burton that the venture capital world is inherently racist. Burton noted that venture capitalists are however not anti-racist, as they are slow to respond to systemic inequities within the space. That the lack of diversity in the tech industry is a major issue. The data shows that diverse startups are more successful and that very data has not yet caused the venture capital community to change their behavior.

The conversation led by Dubal looked at the broader economic structures of technology and the ways in which capitalism has changed since the 1970s to benefit primarily shareholders. Since the 2000s, there has been a shift towards data sale and surveillance, which has become the core of the business model of tech. To change these structures of power she said, there needs to be a shift in the current economic structures, involving power and profit sharing.

Do you work in tech and if so what are your experiences as a person of color (poc) or non-poc person?

Join the conversation, share in the comments!

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