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The Covid-19 crisis has had a devastating impact not only on people’s lives and on substantial parts of the UK economy.
YSYS, Extend VC and its partners have released a report on the impact on diverse founders and Black and ethnic minority entrepreneurs. Covid-19 is already having a significantly disproportionate impact on ethnic minorities, who are over-represented in the death toll. While there is ongoing research into the reasons for this health discrepancy, this report seeks a better understanding of the implications of the Covid-19 pandemic for minority-led businesses. The goal of the report is to drive greater visibility and awareness of the Black and ethnic minority led business start-up ecosystem.
The report sets out 5 key recommendations for government and Venture Capital firms including a drive to measure and publish diversity access to all government supported business measures and programmes, and ethnically diverse representation on funding decision-making bodies and investment committees.
YSYS operates at the heart of tech. It is a start-up community focused on connecting diverse people with opportunities in the tech industry, and assists its member organisations to recruit new team members and secure funding. Since 2017 YSYS has helped over 10,000 diverse people to advance in tech, and is aiming to help more than 100,000 by 2023 enter the tech industry through the YSYS 2023 programme. YSYS held an incredible event in response to the Black Lives Matter movement, which can be viewed here.