US-based trade body Consumer Technology Association (CTA) has launched a $10m venture capital fund to invest in firms and funds that concentrate on underrepresented demographic groups.
CTA has more than 2,200 members who can access policy advocacy, market research, education and standards development through the association, as well as forming business and strategic relationships.
The fund will fund companies and investment vehicles that focus on, or are founded by women, people of colour and other underrepresented minority groups.
The aim is to create a more diverse talent pool, and more unicorn companies – those with a valuation higher than $1bn – according to Tiffany Moore, senior vice-president of political and industry affairs for CTA.
CTA president and CEO Gary Shapiro added: “To continue to evolve and grow, the tech industry needs more equal access to venture funding.
“Various research reports indicate diverse teams make better decisions and achieve greater profits. At CTA, this is one more tool we are deploying to help promote diversity in the technology industry.”