"The decline in capital to Black-founded companies greatly outpaces the overall decline in startup funding. While total venture dollars in the U.S. fell 37% last year, funding to Black-founded startups dropped a staggering 71%, according to Crunchbase data."

As the piece points out, this may in part be because venture funds are abandoning diversity initiatives. Because so much of venture is based on networks - you usually need a warm introduction to get funded, and some partners pattern-match with founders they've backed before - people from a certain demographic are more likely to be funded.

There was a time when I thought startups were meritocratic; in reality, it tends to be rich, white people funding people from similarly rich, white backgrounds. #Business