The Plug and Omidyar Network have partnered to introduce The Black Tech Effect Report, the first of its kind to measure the social impact of high-growth, Black-led tech companies worldwide.
What is The Black Tech Effect Report?
Traditional analysis platforms have overlooked black tech founders for decades. As a result, the off-the-mark analysis has created a false narrative around the progression of Black-led tech companies.
To redefine how we view Black success, The Plug and Omidyar Network have created a report that measures social impact instead of the ‘number of users’.
“Society’s under-examination of the Black-led innovation economy and over-emphasis on growth and performance in key areas like ‘the number of users’ has led to poor analysis and false narratives about the progress of Black-led tech companies,” said Aniyia Williams, principal at Omidyar Network.
“We hope The Black Tech Effect shifts how we all view success, kicks off a new era of reporting on tech entrepreneurship, and helps build community and a shared narrative in support of Black technologists.”
By changing the measurement methodology, Black technology startups’ valuable work will no longer go unnoticed.
Key findings from the report
The report features a hundred high-growth companies and founders from various industries, including fintech, climate tech, healthcare, HR, and others.
The report revealed that companies prioritizing social impact were excelling faster than those traditionally seen as market leaders.
Nearly one-third of the companies featured in the report were founded or led by Black women. The majority included; artificial intelligence, machine learning, clean tech, and ed tech.
Additionally, Black women-led startups were found to be one of the fastest-growing groups of entrepreneurs in the U.S. Despite funding challenges, Black women are paving the way and creating innovative products and systems to advance the economy.
According to the report, HBCUs are responsible for more than 20% of African American graduates. Despite making up just three percent of America’s colleges and universities, HBCUs are accountable for nearly 18% of Black STEM bachelor’s degrees.
The report also spotlighted fast-growing companies in the social impact category. This list included startups that had designed products to address the water crisis report to renewable energy companies working to create better healthcare systems.
“The Black Tech Effect Report highlights the valuable work of venture-backed, Black-led technology startups paving the path of our future,” added Sherrell Dorsey, CEO, and Founder of The Plug.
“Black tech founders have often been overlooked in the rankings of creative and high value/high growth analysis within business reporting. We’re hopeful that ongoing reporting and examination of Black founders will provide a much richer and broader business landscape.”
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