Hours following the big Apple announcement teaser by America’s CBS This Morning, the Apple has announced the addition of new initiatives to its US$ 100 million Racial Equity and Justice Initiative (REJI). Apple announced this initiative in June 2020 at the height of the ‘Black lives Matter’ BLM protests in the US. Apple’s Racial Equity and Justice Initiative will now include the “Propel Center, a virtual and physical innovation and learning hub for Historically Black Colleges and Universities (HBCUs); a Detroit-focused Apple Developer Academy to support coding and tech education for students and venture capital funding for Black and Brown entrepreneurs”.
Thank you for reading this post, don't forget to subscribe!The Propel Center will be backed by US$ 25 million contribution and Apple is partnering with the Southern Company as well as different community stakeholders including Ed Farm. This would also include new grants for HBCU engineering programs and up to 100 scholarships for Apple scholars from unrepresented communities. Apple is partnering with Michigan State University to open its first-ever Developer Academy for students in downtown Detroit.
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The Academy is expected to motivate young Black coders, creators and entrepreneurs to help cultivate the skills necessary for jobs in the growing iOS app economy. Apple will also host a virtual-based inaugural cohort of its Entrepreneur Camp for Black Founders and Developers for a virtual experience, offering one-on-one code-level guidance from Apple experts and engineers, as well as mentorship, inspiration, and insights from top Apple leaders.
Finally, Apple also announced two investments in venture capital and banking spaces to provides funds for minority-owned businesses, entrepreneurs of color, and address the issue of systemic barriers to accessing business funds. The company will invest US$ 10 million with Harlem capital – a NY-based venture capital, and US$ 25 million with Siebert Williams Shank’s Clear Vision Impact Fund. Harlem Capital will support investment in 1000 companies in the next 20 years and the VC firm will offer guidance and mentorship to students as well as internship programs for women and minority investors. Additionally, Siebert Williams Shank’s Clear Vision Impact Fund will provides capital to small and medium-size businesses, with an emphasis on minority-owned companies.
Source: Apple Newsroom (AU)