Global search stalwart Google has declared an economic support package worth $175 million to promote firm owners, startup founders, job seekers and developers of color.
The move follows a familiar action taken by YouTube last week as it announced a $100 million fund to promote creators and artists of color.
Google and Alphabet CEO Sundar Pichai sent out a message to all employees yesterday discussing the violent and racist attacks against the colored community. In this note, he also elaborated on a roadmap for Google and proclaimed both internal and external plans to support the cause.
Few of the internal plans include improving the representation of the colored community at senior levels and leadership by 30 percent by 2025. Mr. Pichai said, “We’ll do more to address representation challenges and focus on hiring, retention, and promotion at all levels.”
The tech firm is also considering setting several anti-racism educational programs and will also focus on strengthening the mental and physical health and well-being of Google’s colored community.
In terms of external plans, Google desires to focus on products and programs to make them more helpful in the moments that matter most to the company’s colored users.
The new commitments proposed by Mr. Pichai in his message includes:
$50 million in financing and grants for small businesses, focused on the colored community and in partnership with Opportunity Finance Network.
$100 million in funding participation in colored community-led capital firms, startups and organizations supporting colored entrepreneurs, including increased investments in Plexo Capital and non-dilutive funding to colored founders in the Google for Startups network.
$15 million in training through partners like the National Urban League, to help colored job seekers grow their skills.
$10 million+ to help improve the colored community’s access to education, equipment and economic opportunities in our developer ecosystem, and increase equity, representation and inclusion across our developer platforms, including Android, Chrome, Flutter, Firebase, Google Play and more.
Google is also working on a Google for Startups Accelerator for colored Founders. This will be a three-month digital accelerator program for high potential Seed to Series A startups and provide mentorship, networking and training they require to improve.
