Apple Announces Racial Equity Investments

Tech giant Apple is responding to a year full of racial unrest with a focus on racial equity, backed up by an investment of $100 million last June, as reported by The Verge.

The investment, said CEO Tim Cook, addresses an opportunity for Apple to “challenge the systemic barriers to opportunity and dignity that exist for communities of color and particularly for the black community.”

The company recently released more information about where exactly that $100 million will be headed, announcing that it will launch its Apple Developer Academy later this year. The Academy, based in Detroit, will focus on providing opportunities to young, Black entrepreneurs, coders, creators and more to get a more robust technical education.

Apple also plans to launch the Propel Center, an HBCU-centered tech hub in Atlanta for Clark Atlanta U, Spelman College, Morehouse College and Morehouse School of Medicine, and the $100 million will be further split among venture capital organizations, such as a $10 million sum for Harlem Capital and $25 million for the Clear Vision Impact Fund.

On this MarketScale industry update, hosts Daniel Litwin and Tyler Kern discuss whether or not the investment should be seen as “enough” for a company that made nearly $300 billion in net profits in 2020, what businesses can do to affect real change in the arena of racial equity, and more.

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