TLDR:

• The McWhorter Foundation aims to diversify tech entrepreneurship with Sequoia Capital’s support.
• An 86% decrease in venture funding poses significant challenges for underrepresented groups.

The McWhorter Foundation recently announced plans to collaborate with Sequoia Capital to increase diversity in the tech entrepreneurship sector. This partnership comes as a response to a substantial 86% decrease in venture funding, dropping from $4.9 billion in 2021. This decline has particularly impacted startups led by historically underrepresented groups like Black entrepreneurs and women, across all funding stages – angel, seed, early-stage, and late-stage.

This sharp decrease in venture funding is indicative of systemic barriers within the venture capital landscape that disproportionately affect startups led by Black entrepreneurs and women. By leveraging the expertise and resources of Sequoia Capital and other industry leaders, the McWhorter Foundation aims to address these challenges and create more opportunities for underrepresented groups in the entrepreneurial ecosystem.