June 6, 2018
Melinda Gates has decided to enter the venture capital world by sending her money to people based at least partly on their sex and skin color, she said in a recent Fortune interview.
“It’s been incredibly disappointing to watch how few women-led businesses are getting funded,” Gates said. “Ultimately, if we want more innovation and better products, we’ve got to put more money behind women and minorities. That wasn’t happening, so I decided to step in and see what I could do to help a little bit.”
Here are other portions of her interview where Gates specifically says some criteria for how she invests in startups are race and sex. She clearly says she preferences women and non-whites over men and white people, specifically for these immutable characteristics that have nothing inherently to do with business success. “Over-index” is essentially a financial or data version of affirmative action.
I am specifically looking at funds who over-index on women-led and minority-led businesses.
I’m asking a lot of business questions about how they will go about their funding, how they will over-index on women’s businesses, and how they will hold themselves accountable for a great return.
Some of these big firms often believe in the white guy in a hoodie disrupting a whole industry. So we’re going to disrupt it by making sure we’re indexing for women and minorities because they’ve got great ideas.
Many of them think if they have one female at the table, they’ve done their job. Another big one is when they say that they have trouble finding women. Those are just excuses. They don’t know what investing in these areas looks like until they get several women who are partners in their firm.
A white man could easily make products that meet minority women’s needs and desires, and vice versa. Their race and sex has nothing to do with their drive and ingenuity. But Gates implies that they do, which is weird and patently stupid, to put it mildly.
This article was posted: Wednesday, June 6, 2018 at 5:49 am