Consumer Technology Association (CTA) unveils new $10 million investment fund aimed at promoting diversity, women, and other underrepresented startups and entrepreneurs
The CES 2019 event continues in Las Vegas with tech companies showcasing their new gadgets and cool stuff. On Tuesday, the president and CEO of the U.S. Consumer Technology Association (CTA) used the forum to remind attendees and participants about the need for technology industry to promote diversity. Speaking at the event, Gary Shapiro, president and CEO of CTA, said: “Various research reports indicate diverse teams make better decisions and achieve greater profits.”
As part of the organization’s commitment to this goal, Gary Shapiro said CTA will invest $10 million in venture firms and funds focused on women, people of color and other underrepresented startups and entrepreneurs. CTA represents more than 2,200 consumer technology companies in the United States, mostly small businesses and startups.
“To continue to evolve and grow, the tech industry needs more equal access to venture funding,” said Gary Shapiro, president and CEO, CTA. “Various research reports indicate diverse teams make better decisions and achieve greater profits. At CTA, this is one more tool we are deploying to help promote diversity in the technology industry.”
Commenting on the fund, Tiffany Moore, senior vice president, political and industry affairs, CTA, said: “The U.S. needs to invest in a diverse talent pool to capture great ideas and innovation and help birth more ‘unicorn’ companies.” She went to say that: “CTA is committed to this investment and will work with established funds and fund managers who focus on women, people of color and other underrepresented groups.”
The CES is the world’s largest trade show which presents new products and technologies in the consumer electronics industry. It is set to attract about 4,500 exhibitors and 180,000 attendees in 2019. It has served as the proving ground for innovators and breakthrough technologies for 50 years-the global stage where next-generation innovations are introduced to the marketplace. As the largest hands-on event of its kind, CES features all aspects of the industry. Owned and produced by the Consumer Technology Association (CTA)TM, it attracts the world’s business leaders and pioneering thinkers. Check out CES video highlights. Follow CES online at CES.tech and on social.
CTA also represents the $398 billion U.S. consumer technology industry, which supports more than 15 million U.S. jobs. More than 2,200 companies – 80 percent are small businesses and startups; others are among the world’s best-known brands – enjoy the benefits of CTA membership including policy advocacy, market research, technical education, industry promotion, standards development and the fostering of business and strategic relationships. CTA also owns and produces CES – the world’s gathering place for all who thrive on the business of consumer technologies. Profits from CES are reinvested into CTA’s industry services.