On Wednesday, September 12th, Melinda Gates’ Pivotal Ventures announced the launch of the Reboot Representation Tech Coalition, a funding initiative developed to increase women of color in the tech field.
BNY Mellon is one of 12 leading companies selected to support the Reboot Representation Tech Coalition which aims to align each participating company’s existing philanthropic donations and increase funding to double the number of underrepresented women of color (black, Latina and Native American) graduating with computing degrees by 2025.
Charlie Scharf, Chairman and CEO of BNY Mellon, said of the launch, “Women of color represent a huge, largely untapped opportunity for the tech industry and for companies like ours that rely heavily on technology. To change that, we need to work together and take bold action. BNY Mellon is pleased to align with these leading Coalition members to increase the representation of women of color in technology and believe this effort will jumpstart that change.”
“Women of color represent a huge, largely untapped opportunity for the tech industry and for companies like ours that rely heavily on technology.”Charlie Scharf, CEO, BNY Mellon
This partnership was born from the research effort spearheaded by Pivotal Ventures and McKinsey & Co. on how tech and other leading companies can most effectively use their philanthropic investments to move the needle on women’s and girls’ involvement in the sector. Their research shows clearly that, while there’s much work to be done around gender diversity broadly, supporting women of color along the tech journey is especially pressing. As part of this research, Pivotal Ventures and McKinsey conferred with many corporate leaders within the tech sector. It became quite evident that there is an urgent need to reverse the troubling downward trend of representation by women and girls of color in computing.
Pivotal Ventures is an investment and incubation company created by Melinda Gates. They partner with organizations and individuals who share their urgency for social progress in the U.S. Together they grow understanding, expand participation, encourage cooperation, and fuel new approaches that substantially improve people’s lives. They also believe an inclusive tech industry will result in greater innovation, more prosperity, and a society that benefits everyone. We therefore invest in broadening and creating new pathways into tech for women and girls, fostering supportive tech environments, and enabling women entrepreneurs.