Exclusive: Venture Capital To Make Diversity Pledge

Venture capitalists will pledge concrete measures to bring greater diversity to their predominantly white male profession during a high-profile event at the White House.

Tuesday’s announcement from venture capital’s trade group will take place during the White House’s first Demo Day to showcase technologies from the nation’s diverse set of entrepreneurs and kick off a new initiative to bring greater diversity to the tech world.

For its part, the National Venture Capital Association is making a commitment “to advance opportunity for women and underrepresented minorities in the entrepreneurial ecosystem,” the trade group says in a letter to President Obama that was exclusively shared with USA TODAY.

The trade group’s task force, formed in December, to tackle the profession’s lack of diversity “is committed to developing both near and long-term solutions to effect positive change,” the letter reads.

It was signed by 45 venture capital firms including Andreessen Horowitz, Kleiner Perkins Caufield Byers, Battery Ventures and Norwest Venture Partners.

“This is a great indication that we get it and that we are going to hold ourselves accountable,” Ray Leach, CEO of JumpStart and a member of the task force, said in an interview.

Read the full story at USA Today.