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Illustration: Eniola Odetunde/Axios

Venture capital is not the primary cause of, nor primary solution to, America's racial inequities. But as a major driver of wealth and opportunity, it does exacerbate them.

How it works: Black men are woefully underrepresented within VC firms at just 2%, based on the most recent data. Black women don't even rank a percentage point.

  • Only 1% of VC-backed founders between 2013 and 2018 were black.
  • Historically black college and university endowments are rarely limited partners in VC funds.

The big question: How can this change?

The past week does seem to have shaken many in the VC community. Or maybe slapped them in the face.

  • There have been the obligatory tweets of solidarity.
  • There have been large, personal donations made to organizations focused on racial justice. This includes more than $200,000 now pledged to the NAACP Legal Defense & Education Fund for our Peloton ride this Saturday (full details on that tomorrow).
  • SoftBank today announced a $100 million fund, backed by its balance sheet, "to invest in companies led by founders and entrepreneurs of color."

It's all important. Laudable. Could help begin to reduce economic inequality in the short and long terms. But, moving forward, there's another thing to do that doesn't cost anything but time.

What's next: On Thursday at 3pm ET, a group called BLCK VC is hosting a virtual event called "We Won't Wait." It will begin with a moment of silence, and then feature a group of black investors and founders sharing personal stories of their challenges within tech, stories of racism within the industry, and what they're feeling at the current moment.

  • The goal, in the words of Storm Ventures' Frederik Groce, is to "jump-start internal conversations."
  • Every good investor, and journalist, knows that their job is more about listening than talking. And that understanding can lead to action, such as expanding employment and investment opportunities in a structural way that persists once this moment has passed.

Go deeper

SoftBank posts $12 billion in quarterly profits

Photo illustration: Eniola Odetunde/Axios. Photo: Yoshikazu Tsuno/Getty Images

SoftBank and its Vision Fund made a comeback this past quarter. But chairman and CEO Masayoshi Son has already moved on to a new project: a $550 million vehicle for investing in blue-chip public tech stocks like Facebook, Amazon and Apple.

Why it matters: This is part of Son’s ongoing plan to transform SoftBank Group into an investment company.

Broncos and 49ers the latest NFL teams impacted by coronavirus crisis

From left, Denver Broncos quarterbacks Drew Lock, Brett Rypien and Jeff Driskel during an August training session at UCHealth Training Center in Englewood, Colorado. Photo: Justin Edmonds/Getty Images

The COVID-19 pandemic has thrown the NFL season into chaos, with all Denver Broncos quarterbacks sidelined, the San Francisco 49ers left without a home or practice ground and much of the Baltimore Ravens team unavailable, per AP.

Driving the news: The Broncos confirmed in a statement Saturday night that quarterbacks Drew Lock, Brett Rypien and Blake Bortles were identified as "high-risk COVID-19 close contacts" and will follow the NFL's mandatory five-day quarantine, making them ineligible for Sunday's game against New Orleans.

Updated 11 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Health: WHO: AstraZeneca vaccine must be evaluated on "more than a press release."
  2. Politics: McConnell temporarily halts in-person lunches for GOP caucus.
  3. Economy: Safety nets to disappear in DecemberAmazon hires 1,400 workers a day throughout pandemic.
  4. Education: U.S. public school enrollment drops as pandemic persists.
  5. Cities: Surge in cases forces San Francisco to impose curfew — Los Angeles County issues stay-at-home order, limits gatherings.
  6. Sports: NFL bans in-person team activities Monday, Tuesday due to COVID-19 surge — NBA announces new coronavirus protocols.
  7. World: London police arrest more than 150 during anti-lockdown protests — Thailand, Philippines sign deal with AstraZeneca for vaccine.