THIS IS CRAZY....
President Obama hosted more than 30 startup companies at the White House as part of an initiative to boost racial and gender diversity.
He called it "Demo Day" Obama “On a typical demo day, entrepreneurs, like many of you, pitch your ideas to potential investors in venture capital or elsewhere, and it is a high stress make-or-break moment that could change the course of your life,” Obama said. “Today was much more relaxed because you just had to pitch the President of the United States.”
More than 40 leading venture capital firms, including Andreessen Horowitz, Intel Capital and Kleiner Perkins Caufield and Byers have committed to concrete actions to advance opportunities for women and minorities within both their firms and their portfolio companies to help address the diversity problem.
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Many of these venture capital outfits will be adopting some version of the NFL’s Rooney Rule, which will require women and minority candidates be interviewed for both entry-level and senior positions. Amazon, Microsoft, Xerox, and several other tech giants have made similar commitments for filling senior executive roles.
These moves follow recent, forceful pledges by Pinterest and Intel to increase the ethnic and gender diversity of their workplaces by measurable percentages by 2016 and 2020 respectively. Members of the Congressional Black Caucus also traveled to Silicon Valley this week to pressure many of the industry’s giants to develop and publish their diversity hiring plans.
The Obama administration and business executives consider the push for inclusion a necessary and urgent corrective. According to U.S. Chief Technology Officer Megan Smith, less than three percent of all American companies backed by venture capital are led by women, and only one percent of venture backed businesses are helmed by African Americans.
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