Black and Latino entrepreneurs push an insular and often risk-averse industry in new directions.
via Judith Messina of Crain’s New York
In a city that is 27% Latino and growing, Ricardo Garcia-Amaya is a rarity. He’s a tech entrepreneur who founded a venture-capital-backed startup.
“I find myself at the forefront,” said Mr. Garcia-Amaya, whose company, DonorTap, uses data to help nonprofits raise money.
It’s a place he’s gotten to by stepping beyond his Latino roots. “Within my immediate Latino community, there are no mentors, especially in tech in early stage,” Mr. Garcia-Amaya explained. “In fact, forget about tech; just early-stage investment is extremely difficult. Throw in tech and it’s a whole different ballgame.”
Black and Latino entrepreneurs are a small subset of Silicon Alley, where 83% of teams getting seed and Series A money are all white, according to 2010 research from CB Insights, with the all-white teams receiving a higher median investment from venture capitalists.