The social unrest that occurred back in June inspired a lot of major corporations to step up with multi-million dollar initiatives aimed at bridging the gap between racial inequality and justice in America.
Of those companies, Apple launched their own $100 million Racial Equity and Justice Initiative to help to disrupt systemic barriers for opportunity and fight against injustices faced by communities of color.
The unfinished work of racial justice and equality call us all to account. Things must change, and Apple's committed to being a force for that change. Today, I'm proud to announce Apple’s Racial Equity and Justice Initiative, with a $100 million commitment. pic.twitter.com/AoYafq2xlp
— Tim Cook (@tim_cook) June 11, 2020
As part of this financial pledge, Apple announced a rollout of a new set of projects designed to support the Propel Center’s learning hub for HBCUs, an Apple Developer Academy for coding and tech education for Detroit students, and venture capital funding for Black and brown entrepreneurs by way of VC firm Harlem Capital.
According to its announcement, Apple shared that it plans to invest $10 million with Harlem Capital to support its investments in 1,000 companies led by diverse founders over the next 20 years.
“Ever since I got my first iPod in middle school, I have been an avid Apple fan. To have Harlem Capital and Apple partner is truly a dream come true,” said Managing Partner Henri Pierre-Jacques in a LinkedIn post. “Getting to know the team has confirmed why they continue to be leaders. Looking forward to learning from them and building together.”
Black Enterprise reports that in addition to providing funding to entrepreneurs of color, Harlem Capital will also be instrumental in helping Apple reach its larger economic advancement goals in underserved communities.
The early-stage VC firm will also serve as mentors in Apple’s first-ever Detroit Developer Academy — a program designed to help empower young Black entrepreneurs, creators, and coders to cultivate the skills needed for jobs in the rapidly growing iOS app economy.
Moreover, Harlem Capital will offer support to participants in Apple’s week-long Entrepreneur Camp, which will provide lab sessions, one-on-one expert guidance, and insights from Apple leaders.
In exchange for this assistance, Apple will lend its support to Harlem Capital’s competitive internship program that has attracted thousands of applicants and provided valuable experiences to over 50 interns, Black Enterprise shares.
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For more information about Apple’s new slate of projects, click here.