Partly because of the outbreak of the COVID-19 pandemic at the dawn of a decade like no other, for many it must feel like we, as a society, have indeed “entered the matrix.” ; No doubt timely, as the fourth interpretation of the film is expected to be released in the coming weeks.
Due to the widespread adoption of virtualization services including telehealth, online education, currency trading and even in the arena of modern athletics, technological innovation and interoperability based on Web 3.0 have enabled a myriad of industries to be created and recreated, energizing the world’s pursuit of science, technology, engineering, art and math (STEAM)-focused careers for its future workforce. of work.
However, this future has not yet been democratized; all points point to a lack of representation of minorities in the collective arena of technology, hampering a leveling of the playing field that would ensure safe and fair access for all in this brave new world.
The recent results of the 2021-22 Advanced Trends report are positive evidence, suggesting that nearly three-quarters (74%) of employees in the United States believe that their organization’s primary goal is the growth and development of the business. business, not diversity, equity. and Inclusion (DEI). Ninety-two percent of people aged 18 to 24 say their business is not doing enough to promote DEI.
In short, we need to change the conversation around what we think of as modern diversity, equity and inclusion. The whole story must evolve.
Many steps have been taken to reduce the racial wealth gap in the United States. Some of these measures include, but are not limited to, grant programs, entrepreneurship training programs and, at times, large sums of money apparently allocated in a scattered fashion to a few selected entrepreneurs and / or fund managers. .
All of the aforementioned approaches are great approaches that have certainly had an impact but lack substance when funds are depleted or when standards of diversity, equity and inclusion periodically fall out of the mainstream.
What is the solution to this persistent problem? I argue that building a diverse ecosystem of developers, one that provides access to capital, access to technology, and access to mentorship is a highly viable response.
There is an urgent need to create centers of excellence, both physical and virtual, across the United States; in urban centers, where many minority communities continued to lack exposure (and therefore access to) emerging technologies.
This lack of inclusiveness at the urban community level is, unfortunately, old news.
In July 2007, I personally sat in a computer lab at Binghamton University’s School of Management, alongside other freshmen. Like my peers, I was excited to attend a prestigious university and make an impact.
At a specific point in our orientation process, we were asked to aggregate random data in order to perform what was called a “VLOOKUP” function, and then from there, to run. create pivot tables.
There I was – stunned.
I graduated at the top of my high school class and whatever AP level courses I had taken before I was lacking familiarity with almost all moderately advanced Microsoft Excel functions other than entering data from based.
I was the only black person in the room and the only person who didn’t jump straight into Microsoft Excel to complete the task – “impostor syndrome” started to set in immediately.
If I could talk to my 18 year old self, I would be reassured that it was not for lack of skills and knowledge, but rather for lack of exposure that led to such feelings of inadequacy.
We need to build the next generation of GPs (General Partners) and possibly the next generation of LPs (Limited Partners). These GPs and LPs will be truly diverse, with the very essence of diversity being the primary focus. We need to foster generational wealth for minority communities, the path of least resistance in my opinion being the introduction of emerging technologies for young people in downtown communities.
Influencers from all over the world, from entertainment arenas to athletics, are on board. We must be the connective tissue that bridges the gap and lowers barriers to entry, providing a level playing field and a fair impact.
Minorities and the majority should be encouraged to work together in a productive environment, hence the notion of creating the startup studio / incubation lab EonXi – this is how we fix the course, genuinely changing the trajectory of relationships. racial and, therefore, race wealth and lack of technological resources.
Take a look at the esports industry, which is expected to generate over $ 1 billion in revenue by the end of the year; here the possibilities are endless.
There is a growing need within this industry (behind the sensationalism of the game) for engineers, animators, technicians and producers. Everyone should have the opportunity to take advantage of these growing cross-industry industries.
Our company is therefore launching an eSport league for young students from under-represented areas. For example, we recently partnered with Wayne Mackey, Founder and CEO of Statespace, to create an academically integrated eSports league. We will be working with a range of athletes, influencers, entrepreneurs and engineers to teach our young people all aspects of the industry and to do so through the prism of STEAM oriented courses.
And we’re just getting started.
So what do I mean when I talk about trickle-down capitalism and the current state of the equity brokerage private equity landscape against the backdrop of the mass adoption of the Internet of Things? (IoT)?
I’m talking about the flow of resources to the products, the ideas and yes, the builders who need the tools to effect the change and through that change, to create revolutionary âunicornâ businesses.
Let’s co-develop concepts. Let’s combine talent with mentorship. Let’s create a safe space for new ideas to be broached, and in doing so, foster a spillover effect that tackles real-world issues that are often overlooked.
There are social implications behind the notion of “Trickle Down Capitalism”. We avoid division and seek to create a more collaborative society, a society where there is an equal distribution of resources, one where everyone has a place at the table. Implicit prejudices are at the root of the racial tensions that plague our modern society.
In addition, there are culture-specific issues that go unanswered for years. This can be attributed to a lack of minority representation in the innovation arena and in the private equity space.
Ultimately, diversity is a reality, but equity and inclusion is a choice that our technology innovators and members of the private equity community must bring to the forefront of American socio-economic consciousness in 2022. .
Aaron Wilson is co-founder and director of EonXi