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data-component="mdc-c-icon" class="mdc-c-icon___oi7ef_8032924 mdc-c-icon--radial___y3csX_8032924 mdc-c-icon--size-xl___3BEee_8032924 mck-twitter-icon"></span></a><a data-component="mdc-c-link" href="#" class="mdc-c-link-icon___SEKyg_8032924" role="button" aria-label="Share on facebook" data-layer-event-prefix="CTA Link" data-layer-action="click" data-layer-category="share" data-layer-subcategory="social" data-layer-subcategory2="facebook" data-layer-text="Share on Facebook"><span data-component="mdc-c-icon" class="mdc-c-icon___oi7ef_8032924 mdc-c-icon--radial___y3csX_8032924 mdc-c-icon--size-xl___3BEee_8032924 mck-facebook-thin-icon"></span></a></div></div></div><div class="BlogEntryHero_mck-c-blog-entry-hero__background-wrapper__9sSv7 BlogEntryHero_mck-c-blog-entry-hero__background-wrapper--small__MTxFZ mdc-u-grid-col-md-start-2 mdc-u-grid-col-md-end-12 mdc-u-grid-col-lg-start-3 mdc-u-grid-col-lg-end-11"><style></style><div data-component="mdc-c-background-image" class="mdc-c-bg-image___GJdv1_8032924 background-image-default-blog"></div><div class="HeroCaption_mck-c-hero-caption__caption-container__fpuw9"><div class="HeroCaption_mck-c-hero-caption__caption-overlay__z_Yik"><div class="mck-o-container"><div data-component="mdc-c-description" class="mdc-c-description___SrnQP_8032924 mdc-u-ts-7 mck-o-container--wrapped mck-o-container--mobile-spacing mck-u-links-inline"><p>McKinsey partner Shelley Stewart is a leader in our Marketing and Sales Practice and co-leads our research on Black lives and livelihoods.</p></div></div><a data-component="mdc-c-link" href="#" class="HeroCaption_mck-c-hero-caption__caption-close__yqWpl mdc-c-link___lBbY1_8032924" aria-label="Hide Caption"><span data-component="mdc-c-icon" class="mdc-c-icon___oi7ef_8032924 mdc-c-icon--size-xl___3BEee_8032924 mck-close-icon"></span></a></div></div><a data-component="mdc-c-link" href="#" class="HeroCaption_mck-c-hero-caption__show-caption__2CMpZ mdc-c-link___lBbY1_8032924" aria-label="Show Caption"><span data-component="mdc-c-icon" class="mdc-c-icon___oi7ef_8032924 mdc-c-icon--size-xxl___cL3ZT_8032924 mck-info-icon"></span></a></div></div></div></div><div class="mck-o-container"><div class="mck-o-container--wrapped mck-o-container--mobile-spacing mdc-u-grid mdc-u-grid-gutter-xxl"><div class="mdc-u-grid mdc-u-grid-col-1 mdc-u-grid-col-md-12 mdc-u-grid-gutter-xxl"><div class="mdc-u-grid-col-md-start-2 mdc-u-grid-col-md-end-12 mdc-u-grid-col-lg-start-3 mdc-u-grid-col-lg-end-11"><div data-component="mdc-c-content-block" class="mdc-c-content-block___7p6Lu_8032924 mdc-u-grid-gutter-xxl BlogEntryContent_mck-c-blog-entry-content__authors-and-tags-wrapper__xvLOB"><div data-component="mdc-c-link-container" class="mdc-c-link-container___xefGu_8032924 mdc-c-link-container--display-column___X0HDD_8032924 BlogEntryContent_mck-c-blog-entry-content__tag-container__b0iuz mdc-u-grid-gutter-xxs"><div class="BlogEntryContent_mck-c-blog-entry-content__tag-link__fxyON"><a data-component="mdc-c-link" href="/about-us/new-at-mckinsey-blog#/tag/our-people" class="mdc-c-link-icon___SEKyg_8032924"><span class="mdc-c-link__label___Pfqtd_8032924">Our People</span></a></div><div class="BlogEntryContent_mck-c-blog-entry-content__tag-link__fxyON"><a data-component="mdc-c-link" href="/about-us/new-at-mckinsey-blog#/tag/united-states" class="mdc-c-link-icon___SEKyg_8032924"><span class="mdc-c-link__label___Pfqtd_8032924">United States</span></a></div></div></div><div class="mdc-o-content-body"><p><span class="BlogEntryContent_mck-c-blog-entry-content__display-date__vCR9M"><time dateTime="2020-10-15T00:00:00Z">October 15, 2020</time></span>COVID-19 is having a disproportionate impact on Black lives and livelihoods, and in the case of Black-owned businesses—which draw some 40 percent of their revenue from sectors that are most vulnerable to the virus—that impact raises concerning implications for the future of Black wealth creation.</p> <p>Black families in the U.S. possess about a tenth of the wealth white families do. If that wealth gap were closed, $1 to $1.5 trillion in economic output could be created. According to <a href="/our-people/shelley-stewart">Shelley Stewart</a>, a partner in our Marketing and Sales Practice who co-leads our research on Black wealth creation, increasing Black business ownership would play a key role in doing so.</p> <p>The median net worth for Black business owners, Shelley explains, is about 12 times that of Black non-business owners. And if all minorities owned businesses in proportion to their share of the labor force, we would see up to one million new businesses, nine million jobs, and $300 billion in worker income added to the U.S. economy.</p> <p>Shelley explained how that might happen—and why it hasn’t already—in a <a href="https://www.youtube.com/watch?v=lmCxRLerD_8">keynote presentation</a> at <a href="https://accelerateher.co/#/#/">accelerateHER</a> during London Tech Week, an event that drew some 20,000 virtual attendees across 11 days. Immediately following his keynote, Shelley then co-convened a virtual roundtable alongside five other McKinsey leaders to brainstorm actions and initiatives that businesses, government, and investors could individually and collectively take to help address this issue. After the event, we caught up with him to learn more.</p> <h3>Is this just a matter of inspiring more Black entrepreneurs?</h3> <p>It’s about so much more than that. Twenty percent of Black Americans are starting or running new businesses right now—more than any other ethnic group. But only four percent of Black Americans run businesses that are older than three-and-a-half years. And the average Black-employer business earns only $858,000 in annual revenues; their white-employer counterparts earn $2.4 million.</p> <p>In addition, an analysis of nearly 10,000 founders and 135 of the most active venture capital firms in the world found that less than one percent of VC-backed founders are Black. This—again—is despite a nearly 20 percent rate of entrepreneurial activity by Black founders versus 12 percent of white founders.</p> <h3>What are some of the factors that limit opportunities for Black-owned businesses? </h3> <p>First, there’s the legacy of historical forces that have created a vicious cycle of persistent and systematic differences in opportunity for Black people in the United States. Black people have been ignored by markets, excluded and distrusted in society, and subjected to numerous structural barriers, including unfair rules and policies that have prevented their rise.</p> <div data-component="mdc-c-module-wrapper" data-module-theme="default" data-module-background="transparent" data-module-category="" class="mck-o-md-center Image_mck-c-image__fhx5v"><picture data-component="mdc-c-picture" class="Image_mck-c-image__img-container__JusDB"><source media="(min-width: 768px)" srcSet="/~/media/mckinsey/about%20us/mckinsey%20blog/what%20will%20it%20take%20to%20build%20more%20black-owned%20businesses/shelleystewart-inline-1163568066-1536x864.jpg?cq=50&mw=1180&cpy=Center"/><img alt="" src="/~/media/mckinsey/about%20us/mckinsey%20blog/what%20will%20it%20take%20to%20build%20more%20black-owned%20businesses/shelleystewart-inline-1163568066-1536x864.jpg?cq=50&mw=767&cpy=Center" loading="lazy"/></picture><div data-component="mdc-c-content-block" class="mdc-c-content-block___7p6Lu_8032924"><div data-component="mdc-c-description" class="mdc-c-description___SrnQP_8032924 mdc-u-ts-9 mdc-u-mt-3 Image_mck-c-image__description__nsDz3"><div>Twenty percent of Black Americans are starting or running new businesses right now—more than any other ethnic group.</div></div></div><div class="mck-u-sr-only"></div></div> <p>Beyond that, this is very clearly an issue of a lack of representation among decision makers in the institutions that are deploying capital and among people who design processes that allocate capital. That lack of diversity creates a gap in understanding amid the ecosystem of founders, and it means that, far too often, Black businesses simply don’t get funded.</p> <h3>Are organizations aware of that lack of representation? </h3> <p>I think they’re aware, which raises a different and more important question—why is this the case? There’s enough research out there, including by our firm, that shows diversity of teams and thinking drives greater returns and opportunities to tap new customers and segments. So, I think it likely has to do with the way these institutions source their talent, and how they think about the availability of talent. It’s clear that the talent is there—but are we willing to do something different to find it?</p> <h3>How do leading organizations think about talent sources right now? </h3> <p>Even organizations that have a long history of recruiting at a number of contained schools have over time tried to think about expanding the funnel. This includes not only looking more at historically black colleges and universities but also at some of the big state systems of higher education, many of which offer big tuition incentives for top students of color or from disadvantaged communities.</p> <div data-component="mdc-c-module-wrapper" data-module-theme="default" data-module-background="transparent" data-module-category="" class="mck-c-disruptor1up mck-o-md-center mck-u-inline-module-border-top mck-u-inline-module-border-bottom mck-u-screen-only" data-layer-region="disruptor-1up"><div class="mdc-u-grid mdc-u-grid-gutter-md mdc-u-grid-col-lg-12 mdc-u-grid-col-md-12 "><div class="mdc-u-grid-col-lg-span-4 mdc-u-grid-col-md-span-5 Disruptor1Up_mck-c-disruptor1up__image___2Gc4"><picture data-component="mdc-c-picture"><img alt="COVID-19: Investing in black lives and livelihoods" src="/~/media/mckinsey/industries/public%20and%20social%20sector/our%20insights/covid%2019%20investing%20in%20black%20lives%20and%20livelihoods/blacklives-1190822834-standard-1536x1536.jpg?cq=50&mh=145&car=16:9&cpy=Center" loading="lazy"/></picture></div><div class="mdc-u-grid-col-lg-span-8 mdc-u-grid-col-md-span-7"><header data-component="mdc-c-header" class="mdc-c-header"><div class="mdc-c-header__block___i1Lg-_8032924"><h3 data-component="mdc-c-heading" class="mdc-c-heading___0fM1W_8032924"><div>COVID-19: Investing in Black lives and livelihoods</div></h3></div></header><div data-component="mdc-c-link-container" class="mdc-c-link-container___xefGu_8032924 mdc-c-link-container--display-column___X0HDD_8032924 mck-c-disruptor1up__content Disruptor1Up_mck-c-disruptor1up__content--links__VV4lE mdc-u-grid-gutter-md"><a data-component="mdc-c-link" href="/industries/social-sector/our-insights/covid-19-investing-in-black-lives-and-livelihoods" class="mdc-c-link-cta___NBQVi_8032924"><span class="mdc-c-link__label___Pfqtd_8032924">Learn more</span><span data-component="mdc-c-icon" class="mdc-c-icon___oi7ef_8032924 mck-link-arrow-right-icon"></span></a></div></div></div></div> <p>They’re also evaluating recruiting processes to ensure they’re as free of bias as possible, and they’re investing in talent development to ensure these efforts don’t end the moment a talented person of color walks in the door. They’re working to make sure people who may have unique needs are supported in their career development all along their journey. </p> <h3>What role can government play? </h3> <p>Governments at the federal, state, and local levels have budgets that they can deliberately put to work for Black-owned businesses. They can deploy dollars to support small business investment, and they can also play a role in buying goods and services from Black-owned businesses in their vendor selection and support processes. In government pension funds, they can find diverse fund managers and ensure those people deploy capital among diverse businesses. And finally, government has a role to play as a watchdog. Even among good processes, you may still have bad actors or clusters of bad actors, and governments can help combat bias and discrimination. </p> <h3>How did people react to your keynote presentation on this at London Tech Week? </h3> <p>The thing I’ve been hearing the most is that people are thankful that we’re out there speaking truth to the facts that lay bare these inequalities. There’s a lot more work for us to do on the dissemination side, but it’s gratifying to hear that this message resonates.</p> <h3>What about the Black Lives Matter movement. Is that spurring change? </h3> <p>I’m hopeful that some of the impacts from this moment will be deployed in a way that is sustainable. I see institutions making a series of commitments, but it’s important to make sure that those commitments are sustainable over time, even when public attention is not as focused on this issue. </p> <h3>Finally, what’s your personal outlook on the possibility of progress? </h3> <p>I’m optimistic in the sense that we’re having a national debate and discussion about a lot of these issues of injustice. We’ve seen numerous commitments from large corporations, and I’ve been in executive forums where these issues are being discussed with a new level of urgency and commitment. But change won’t happen just because people make commitments. We have to hold ourselves and these institutions accountable for the right metrics and right measurements that indicate real progress.</p></div></div><aside class="mdc-u-grid-col-lg-start-11 mdc-u-grid-col-lg-span-2 BlogEntryContent_mck-c-blog-entry-content__side-bar__YsMpJ"><section class="RelatedBlogPosts_mck-c-related-blog-posts__GnKmg"><h3 data-component="mdc-c-heading" class="mdc-c-heading___0fM1W_8032924 mdc-c-heading--title___5qyOB_8032924 mdc-c-heading--border___K8dj3_8032924 mdc-u-ts-5">related</h3><div data-component="mdc-c-module-wrapper" data-module-theme="light" data-module-background="white" data-module-category="" class="BlogItem_mck-c-blog-item__A6TBP BlogItem_mck-c-blog-item--transparent-bg__UXfdT mck-u-animation-slide-up"><a data-component="mdc-c-link" href="/about-us/new-at-mckinsey-blog/three-ways-to-advance-black-investors-careers" class="mdc-c-link___lBbY1_8032924"><picture data-component="mdc-c-picture" class="BlogItem_mck-c-blog-item__picture__8xtXH"><style>.picture-three-0 { aspect-ratio: 8/5 }</style><img alt="Three ideas from our first Black Investor Professionals Forum" class="picture-three-0" src="/~/media/mckinsey/about%20us/mckinsey%20blog/three%20ways%20to%20advance%20black%20investors%20careers/black-investor-forum-hero-small-splitscreen-1536x864.jpg?cq=50&mw=767&car=8:5&cpy=Center" loading="lazy"/></picture></a><div data-component="mdc-c-content-block" class="mdc-c-content-block___7p6Lu_8032924 BlogItem_mck-c-blog-item__text-container__WEEHk BlogItem_mck-c-blog-item__text-container--related__VjvZk"><h4 data-component="mdc-c-heading" class="mdc-c-heading___0fM1W_8032924 mdc-u-ts-6"><a data-component="mdc-c-link" href="/about-us/new-at-mckinsey-blog/three-ways-to-advance-black-investors-careers" class="mdc-c-link-heading___Zggl8_8032924 mdc-c-link___lBbY1_8032924">Three ideas from our first Black Investor Professionals Forum</a></h4><div data-component="mdc-c-description" class="mdc-c-description___SrnQP_8032924">McKinsey recently held a discussion around increasing diversity within private equity.</div></div></div><div data-component="mdc-c-module-wrapper" data-module-theme="light" data-module-background="white" data-module-category="" class="BlogItem_mck-c-blog-item__A6TBP BlogItem_mck-c-blog-item--transparent-bg__UXfdT mck-u-animation-slide-up"><a data-component="mdc-c-link" href="/about-us/new-at-mckinsey-blog/new-research-highlights-gap-between-race-and-earning-power-in-the-united-states" class="mdc-c-link___lBbY1_8032924"><picture data-component="mdc-c-picture" class="BlogItem_mck-c-blog-item__picture__8xtXH"><style>.picture-newr-0 { aspect-ratio: 8/5 }</style><img alt="New research highlights gap between race and earning power in the US: Meet the authors" class="picture-newr-0" src="/~/media/mckinsey/about%20us/mckinsey%20blog/new%20research%20highlights%20gap%20between%20race%20and%20earning%20power%20in%20the%20united%20statesmeet%20the%20authors/blog-bef-jason-hero2_101518_1536x864.jpg?cq=50&mw=767&car=8:5&cpy=Center" loading="lazy"/></picture></a><div data-component="mdc-c-content-block" class="mdc-c-content-block___7p6Lu_8032924 BlogItem_mck-c-blog-item__text-container__WEEHk BlogItem_mck-c-blog-item__text-container--related__VjvZk"><h4 data-component="mdc-c-heading" class="mdc-c-heading___0fM1W_8032924 mdc-u-ts-6"><a data-component="mdc-c-link" href="/about-us/new-at-mckinsey-blog/new-research-highlights-gap-between-race-and-earning-power-in-the-united-states" class="mdc-c-link-heading___Zggl8_8032924 mdc-c-link___lBbY1_8032924">New research highlights gap between race and earning power in the US: Meet the authors</a></h4><div data-component="mdc-c-description" class="mdc-c-description___SrnQP_8032924">McKinsey delivers findings of research into earning potential of black families and role of philanthropy in community. Here’s what we learned.</div></div></div></section></aside></div></div></div><div data-component="mdc-c-module-wrapper" data-module-theme="light" data-module-background="lightest-grey" data-module-category="StandalonePromo" class="BlogPromo_mck-c-blog-promo__hSsYu BlogPromo_mck-c-blog-promo--full-width__pKXqL mck-u-animation-slide-up BlogEntryContent_mck-c-blog-entry-content__promobar___qKLu" data-layer-region="blog-one-click-module"><div data-component="mdc-c-content-block" class="mdc-c-content-block___7p6Lu_8032924 mdc-u-grid-gutter-lg"><div class="mck-o-container"><div data-component="mdc-c-content-block" class="mdc-c-content-block___7p6Lu_8032924 mdc-u-grid-gutter-lg mck-o-container--wrapped mck-o-container--mobile-spacing BlogPromo_mck-c-blog-promo__content__31yfC BlogPromo_mck-c-blog-promo__content--center__JdBp3"><div class="mdc-u-align-center"><h3 data-component="mdc-c-heading" class="mdc-c-heading___0fM1W_8032924 mdc-u-ts-3">Never miss a story</h3><div data-component="mdc-c-description" class="mdc-c-description___SrnQP_8032924 mdc-u-ts-7 BlogPromo_mck-c-blog-promo__description__bquDK">Stay updated about McKinsey news as it happens</div></div><div class="BlogPromo_mck-c-blog-promo__form-wrapper__bLL16"></div></div></div></div></div></div></div></div></main></div><script id="__NEXT_DATA__" type="application/json">{"props":{"pageProps":{"locale":"en","dictionary":{},"sitecoreContext":{"route":{"name":"What will it take to build more Black owned businesses","displayName":"What will it take to build more Black owned businesses","fields":null,"databaseName":"web","deviceId":"fe5d7fdf-89c0-4d99-9aa3-b5fbd009c9f3","itemId":"9673d366-48e0-4c59-b96f-ebcf647d7ec1","itemLanguage":"en","itemVersion":1,"layoutId":"ae753eb4-a035-40b4-83bf-4b4438df6742","templateId":"d929136a-019a-4786-8072-3e3a60b2f31c","templateName":"Blog Entry","placeholders":{"jss-main":[{"uid":"e18e4703-f541-45d8-89c1-d5d8407f1708","componentName":"BlogEntry","dataSource":"","fields":{"data":{"blogEntry":{"title":{"jsonValue":{"value":"What will it take to build more Black-owned businesses?"}},"sEOTitle":{"value":""},"description":{"jsonValue":{"value":"From his London Tech Week keynote, partner Shelley Stewart explains how greater Black business ownership could help unleash $1 trillion in economic output."}},"sEODescription":{"value":""},"displayDate":{"jsonValue":{"value":"2020-10-15T00:00:00Z"}},"body":{"value":"\u003cp\u003eCOVID-19 is having a disproportionate impact on Black lives and livelihoods, and in the case of Black-owned businesses\u0026mdash;which draw some 40 percent of their revenue from sectors that are most vulnerable to the virus\u0026mdash;that impact raises concerning implications for the future of Black wealth creation.\u003c/p\u003e\n\u003cp\u003eBlack families in the U.S. possess about a tenth of the wealth white families do. If that wealth gap were closed, $1 to $1.5 trillion in economic output could be created. According to \u003ca href=\"/our-people/shelley-stewart\"\u003eShelley Stewart\u003c/a\u003e, a partner in our Marketing and Sales Practice who co-leads our research on Black wealth creation, increasing Black business ownership would play a key role in doing so.\u003c/p\u003e\n\u003cp\u003eThe median net worth for Black business owners, Shelley explains, is about 12 times that of Black non-business owners. And if all minorities owned businesses in proportion to their share of the labor force, we would see up to one million new businesses, nine million jobs, and $300 billion in worker income added to the U.S. economy.\u003c/p\u003e\n\u003cp\u003eShelley explained how that might happen\u0026mdash;and why it hasn\u0026rsquo;t already\u0026mdash;in a \u003ca href=\"https://www.youtube.com/watch?v=lmCxRLerD_8\"\u003ekeynote presentation\u003c/a\u003e at \u003ca href=\"https://accelerateher.co/#/#/\"\u003eaccelerateHER\u003c/a\u003e during London Tech Week, an event that drew some 20,000 virtual attendees across 11 days. Immediately following his keynote, Shelley then co-convened a virtual roundtable alongside five other McKinsey leaders to brainstorm actions and initiatives that businesses, government, and investors could individually and collectively take to help address this issue. After the event, we caught up with him to learn more.\u003c/p\u003e\n\u003ch3\u003eIs this just a matter of inspiring more Black entrepreneurs?\u003c/h3\u003e\n\u003cp\u003eIt\u0026rsquo;s about so much more than that. Twenty percent of Black Americans are starting or running new businesses right now\u0026mdash;more than any other ethnic group. But only four percent of Black Americans run businesses that are older than three-and-a-half years. And the average Black-employer business earns only $858,000 in annual revenues; their white-employer counterparts earn $2.4 million.\u003c/p\u003e\n\u003cp\u003eIn addition, an analysis of nearly 10,000 founders and 135 of the most active venture capital firms in the world found that less than one percent of VC-backed founders are Black. This\u0026mdash;again\u0026mdash;is despite a nearly 20 percent rate of entrepreneurial activity by Black founders versus 12 percent of white founders.\u003c/p\u003e\n\u003ch3\u003eWhat are some of the factors that limit opportunities for Black-owned businesses? \u003c/h3\u003e\n\u003cp\u003eFirst, there\u0026rsquo;s the legacy of historical forces that have created a vicious cycle of persistent and systematic differences in opportunity for Black people in the United States. Black people have been ignored by markets, excluded and distrusted in society, and subjected to numerous structural barriers, including unfair rules and policies that have prevented their rise.\u003c/p\u003e\n[[Image 1]]\n\u003cp\u003eBeyond that, this is very clearly an issue of a lack of representation among decision makers in the institutions that are deploying capital and among people who design processes that allocate capital. That lack of diversity creates a gap in understanding amid the ecosystem of founders, and it means that, far too often, Black businesses simply don\u0026rsquo;t get funded.\u003c/p\u003e\n\u003ch3\u003eAre organizations aware of that lack of representation? \u003c/h3\u003e\n\u003cp\u003eI think they\u0026rsquo;re aware, which raises a different and more important question\u0026mdash;why is this the case? There\u0026rsquo;s enough research out there, including by our firm, that shows diversity of teams and thinking drives greater returns and opportunities to tap new customers and segments. So, I think it likely has to do with the way these institutions source their talent, and how they think about the availability of talent. It\u0026rsquo;s clear that the talent is there\u0026mdash;but are we willing to do something different to find it?\u003c/p\u003e\n\u003ch3\u003eHow do leading organizations think about talent sources right now? \u003c/h3\u003e\n\u003cp\u003eEven organizations that have a long history of recruiting at a number of contained schools have over time tried to think about expanding the funnel. This includes not only looking more at historically black colleges and universities but also at some of the big state systems of higher education, many of which offer big tuition incentives for top students of color or from disadvantaged communities.\u003c/p\u003e\n[[Disruptor1up 1]]\n\u003cp\u003eThey\u0026rsquo;re also evaluating recruiting processes to ensure they\u0026rsquo;re as free of bias as possible, and they\u0026rsquo;re investing in talent development to ensure these efforts don\u0026rsquo;t end the moment a talented person of color walks in the door. They\u0026rsquo;re working to make sure people who may have unique needs are supported in their career development all along their journey. \u0026nbsp;\u003c/p\u003e\n\u003ch3\u003eWhat role can government play? \u003c/h3\u003e\n\u003cp\u003eGovernments at the federal, state, and local levels have budgets that they can deliberately put to work for Black-owned businesses. They can deploy dollars to support small business investment, and they can also play a role in buying goods and services from Black-owned businesses in their vendor selection and support processes. In government pension funds, they can find diverse fund managers and ensure those people deploy capital among diverse businesses. And finally, government has a role to play as a watchdog. Even among good processes, you may still have bad actors or clusters of bad actors, and governments can help combat bias and discrimination. \u0026nbsp;\u003c/p\u003e\n\u003ch3\u003eHow did people react to your keynote presentation on this at London Tech Week? \u003c/h3\u003e\n\u003cp\u003eThe thing I\u0026rsquo;ve been hearing the most is that people are thankful that we\u0026rsquo;re out there speaking truth to the facts that lay bare these inequalities. There\u0026rsquo;s a lot more work for us to do on the dissemination side, but it\u0026rsquo;s gratifying to hear that this message resonates.\u003c/p\u003e\n\u003ch3\u003eWhat about the Black Lives Matter movement. Is that spurring change? \u003c/h3\u003e\n\u003cp\u003eI\u0026rsquo;m hopeful that some of the impacts from this moment will be deployed in a way that is sustainable. I see institutions making a series of commitments, but it\u0026rsquo;s important to make sure that those commitments are sustainable over time, even when public attention is not as focused on this issue. \u0026nbsp;\u003c/p\u003e\n\u003ch3\u003eFinally, what\u0026rsquo;s your personal outlook on the possibility of progress? \u003c/h3\u003e\n\u003cp\u003eI\u0026rsquo;m optimistic in the sense that we\u0026rsquo;re having a national debate and discussion about a lot of these issues of injustice. We\u0026rsquo;ve seen numerous commitments from large corporations, and I\u0026rsquo;ve been in executive forums where these issues are being discussed with a new level of urgency and commitment. But change won\u0026rsquo;t happen just because people make commitments. 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