Business
Ben Jealous, former NAACP president, becomes venture capitalist to help minorities in tech industry
“It’s in my DNA,” he said.
When he announced his departure from the NAACP in September 2013, Jealous said he planned to pursue university teaching and spend time with his young family. But Jealous says the opportunity to work with Kapor Capital was just too tempting, putting him on the cutting edge of helping people who are slipping further behind as the national economy grows.
The divide is greater in the Silicon Valley than the rest of the country. African Americans and Latinos, already earning about half as much as whites and Asians, saw per capita income drop 5 percent for African Americans in the past 2 years, and 2 percent for Latinos, according to an annual Silicon Valley Index.
The disparity is clear when it comes to jobs as well. Just 4 percent of the nation’s 1.1 million software developers are black, and 5 percent are Latino, according to the Bureau of Labor Statistics.
“Silicon Valley holds itself up as a meritocracy, but it’s actually embarrassingly un-diverse,” said Freada Kapor Klein. “We expect Ben is going to help us change that.”
Kapor Capital’s portfolio currently has 46 percent of its investments in firms with founders who are women and people of color from an underrepresented background.
Mitch Kapor said Jealous’ ability and understanding about how to make a social impact will be a huge asset to the firm’s investment goals.
