California's new law forces venture capital firms to report who they invest in
“We're really risking a shift here where my kids, my grandkids won't see entrepreneurs or tech innovators that look like them."Marquesa Finch
Silicon Valley is as much a hub of innovation as it is a gated community. It’s known for the many iconic startups that have launched there, but most of those companies were — and continue to be — founded by white men. Data shows that only 2% of venture capital investments in the country went to all-female founding teams in 2022. Black women and Latina founders received less than half that — a mere 0.8%.
A new California law could change this disparity — by requiring the venture capital industry to do something it has never done before: disclose the demographics of the founders they fund.
In this interview, we hear from Hanisha Harjani, a reporter from the Fuller Project who's been covering this story.
This interview aired in the October 19, 2023 episode of Crosscurrents.