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systemic racism
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Last summer, the Black Music Action Coalition (BMAC) called out major record labels and streaming services in the music industry to do more to address their racial inequities. One year later, the U.S.-based organization has launched their own “report card” to grade various companies in the industry on how much progress they’ve made so far. Over the past year, many companies and corporations have announced their own initiatives and multi-million dollar funds to tackle systemic racism in America, but the BMAC didn’t think that was enough to create change in the industry. In an attempt to hold companies accountable, the organization decided to publish a report measuring all public pledges and promises made in the wake of George Floyd’s murder and the music industry’s widely-observed initiative, #TheShowMustBePaused. According to its website, the BMAC shared that it sent out a brief survey to over 60 executives at more than 20 companies. Their results reported that “five replies came...
In response to protests for racial justice, venture firms are racing to support the Black community. 645 Ventures , a leading early-stage venture capital firm, released a detailed statement outlining their long-term plan to combat systemic racism. “After taking time to reflect on our own personal experiences with racial injustice…we developed and initiated a plan for how our organization will respond,” wrote co-founders Aaron Holiday and Nnamdi Okike, and CFO Abe Spence. “We have listened to and spoken with leaders in the black community, our LPs, and our advisors and mentors, all of whom have provided valuable input and perspective.” Subsequently, the Black-led and diverse VC firm — whose portfolio includes Squire , AptDeco, and expense management software Abacus, among others — will meet their new commitment through three key initiatives. First, 645 Ventures pledges to support organizations directly and on an ongoing basis, starting with the Center for Policing Equity (CPE) . They...