Thursday, January 21, 2021

Apple delivers on racial fairness promise

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Hello, Broadsheet readers! Rep. Liz Cheney supports impeachment, college athlete among the first to make money from her likeness, and a Apple VP shares more information about the company’s commitment to racial equity. Have a peaceful Wednesday.

– Apple is following up. Remember last summer, when companies have made great efforts to assert their racial diversity and social justice credentials as protests gripped the country after the murder of George Floyd? Even the most well-meaning companies have faced demands that go beyond press releases. Their wishes to do better came up against a common refrain: put your money where you are.

Like my colleague Michal Lev-Ram reports, Apple has promised to do just that, pledging in June to allocate $ 100 million to a new racial equity and justice initiative. And now the tech giant, who won $ 275 billion in revenue for the previous fiscal year, reveals exactly where its funding will go.

Apple will invest $ 25 million in a learning center for historically black colleges and universities – both online and physical – in Atlanta. It will fund an Apple Developer Academy to teach coding skills in Detroit and funnel $ 10 million to entrepreneurs of color through Harlem Capital, a startup venture capital firm in New York City, for over 20 years.

Lisa Jackson, Apple’s vice president of environment, policy and social initiatives, told Michal the pledges are meant to show that Apple’s racial fairness and justice “isn’t just about talking.” .

As Michal writes: “Long-term commitments are essential to reduce long-standing racial inequalities. The same goes for accountability. ”

Disclosing exactly where the money is going is a good start.

Claire Zillman
claire.zillman@fortune.com
@clairezillman

Today’s Broadsheet was organized by Emma Hinchliffe.



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