In the aftermath of the Black Lives Matter movement we have seen businesses across the U.K. being scrutinised for their lack of diversity. Whilst steps have been taken and commitments made one of the frequent rebuttals is a lack of industry data. Ground-breaking new research carried out by 10×10, a group of early-stage black founders and venture capitalists have launched “The Black Report” in partnership with Google. The report surveyed 60 black owned businesses in the UK asking questions about team composition, funding and problems they face. One of the key takeaways from the report was that on average these ventures tend to have more diversity across teams both in terms of race and gender.
This is a positive step in the right direction as we explore why ethnic minorities are not only under represented as employees within businesses but also the issues they face in starting a business. Andy Davis, co-founder of 10×10 said ”We felt it was important to create The Black Report, as we wanted to start painting a picture of black founders, a growing population with incredible value. The diversity stats are particularly interesting as we know from previous studies that there is a huge business case for hiring diverse teams. Black founders could become key in closing the national gap in regards to the lack of diversity in business”.
The report is in conjunction with Google for Startups who have had active involvement putting together the report and have recently committed to creating a $2m Black Founders Fund as part of their pledge for a more equitable future. Marta Krupinska, Head of Google for Startups UK said: “Having spent years in the startup world, I’ve remained shocked at how little we understand – and do – to support Black founders, despite obvious
BERLIN (Reuters) – SAP will try to allocate 5% of its procurement spending to social enterprises and diverse businesses by 2025 to encourage greater social and environmental responsibility.
The German software group, which has 440,000 clients, appealed on Tuesday to other companies to join it in supporting small businesses owned and run by women or minorities.
SAP’s procurement initiative follows its launch in June of a product to help firms track greenhouse gas emissions in supply chains, backing a view that being transparent about their carbon footprint will be good for business.
Video: Seeing an acceleration in digital transformation, says IBM Services (CNBC)
The new initiative relates to so-called addressable spend, the share of a company’s procurement budget that can be allocated to social or diverse enterprises, which in SAP’s case equated to up to $60 million a year.
“We all need soap in our washrooms, landscaping for our offices, food and drink in our cafeterias, marketing services and office supplies. These and many more are all products and services provided by social enterprises and diverse businesses,” SAP board member Adaire Fox-Martin said.
“This is money we are spending anyway. Why not spend it with suppliers who are delivering social impact as well?”
(Reporting by Douglas Busvine; Editing by Alexander Smith)