Sign up for our daily briefing
Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.
Stay on top of the latest market trends
Subscribe to Axios Markets for the latest market trends and economic insights. Sign up for free.
Sports news worthy of your time
Binge on the stats and stories that drive the sports world with Axios Sports. Sign up for free.
Tech news worthy of your time
Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.
Get the inside stories
Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Want a daily digest of the top Denver news?
Get a daily digest of the most important stories affecting your hometown with Axios Denver
Want a daily digest of the top Des Moines news?
Get a daily digest of the most important stories affecting your hometown with Axios Des Moines
Want a daily digest of the top Twin Cities news?
Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities
Want a daily digest of the top Tampa Bay news?
Get a daily digest of the most important stories affecting your hometown with Axios Tampa Bay
Want a daily digest of the top Charlotte news?
Get a daily digest of the most important stories affecting your hometown with Axios Charlotte
On Tuesday, June 30 Axios hosted a conversation on the impact of Black Americans' underrepresentation in venture capital with Axios business editor Dan Primack and chief technology correspondent Ina Fried featuring Precursor Ventures Managing Partner Charles Hudson, Cleo Capital Managing Director Sarah Kunst and Bessemer Venture Partners' Partner Elliott Robinson.
Sarah Kunst discussed the importance of having racial and ethnic diversity at the decision-making level in venture capital firms and how that drives financial returns.
- On underrepresentation for Black people in venture capital: "Obviously the funds haven't done a good job hiring diverse candidates even though they're there...Venture just hasn't made that leap to make it a priority in recruiting...It's easy to hire what we know."
- On how racial and ethnic diversity drive diverse opinions and insights that yield better results: "You're more likely to spot ideas that aren't going to work, and more likely to spot ideas that will work but aren't exactly in your wheelhouse."
Bessemer Venture Partners' Partner Elliott Robinson highlighted title inflation and how it allows firms to appear diverse without giving people real power.
- On what he calls "diversity theater": "I've lived it...for both black and brown investors as well as female investors. We'll give you an 'investing role' but we won't let you touch things like carry real check writing, sitting on boards, and the like."
Precursor Ventures Managing Partner Charles Hudson discussed what is critical in making systemic change in the industry.
- On what a lack of diversity signals to potential partners: "When you look at a firm's web page or you look at an industry where you see almost no one who looks like me, I think it can send a pretty strong signal to founders that perhaps I'm not welcome here."
- On what needs to change in venture capital: "We're an industry that really only hires people from a very narrow set of backgrounds — whether it's academic or professional...As long as we're focused on what's perceived to be low-risk pedigree hiring, we're not going to change anything."
Thank you Cooley LLP for sponsoring this event.