VCs are failing diverse founders; Elizabeth Warren wants to step in

Elizabeth Warren, who earlier this year confirmed her intent to run for president in 2020, has an ambitious plan to advance entrepreneurs of color.
In a series of tweets published this morning, the Massachusetts senator proposed a $7 billion Small Business Equity Fund to provide grants to Black, Latinx, Native American and other minority entrepreneurs, if she’s elected president. The initiative will be covered by her “Ultra-Millionaire Tax,” a two-cent tax on every dollar of wealth above $50 million the presidential hopeful first outlined in January.

$7 billion ensures that if Black, Latinx, & Native American entrepreneurs start businesses at the same rate as white entrepreneurs, we could fully close the startup capital gap for the next ten years—supporting over 100,000 new businesses and 1.1 million new jobs.
— Elizabeth Warren (@ewarren) June 14, 2019
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