TLDR:
- Primary Venture Partners launches DEI-focused Factor Fellowship
- Lack of diversity in the corporate world and tech highlighted
An exclusive article by Allie Garfinkle on Fortune reveals that Primary Venture Partners has launched its DEI-focused Factor Fellowship. The article highlights the growing conservative backlash against DEI initiatives and the lack of diversity in the corporate world and tech industry. Data from PitchBook shows that only about 17% of decision-makers in VC are women, and funding often goes to all-male founder teams. In response to this, Primary Venture Partners, along with other NYC-based venture firms, has launched the Factor Fellowship to connect diverse early-career professionals with New York startups. The program aims to provide operational experience and mentorship opportunities to underrepresented backgrounds.
Factor Fellowship, supported by AlleyCorp, Harlem Capital, Zeal Capital, and the New York City Economic Development Corporation’s Venture Access Alliance, is looking for individuals with transferable skills to startups and aims to mint talented operators to increase diversity in the VC world. Additionally, AlleyCorp has partnered with Management Leadership for Tomorrow to launch Peerless, a pitch competition for underrepresented founders with a one million dollar prize. Success for these programs is measured by the number of fellows obtaining jobs within six months of completing the program or getting underrepresented founders in front of investors.
The article emphasizes the importance of continuing the conversation and action on DEI initiatives, even as it may have been deprioritized in recent times. With a focus on supporting underrepresented talent and founders, these programs aim to create a more inclusive and diverse environment in the startup and VC ecosystem.
