Best Buy pledges up to $ 10 million to invest in inaugural Brown Venture Group fund
Scott P. Arroyo
2 min read
Best Buy’s pledge builds on its recent announcement that it will spend at less $ 1.2 billion with BIPOC and various companies by 2025 with a focus on technology industry leaders.
“The partnership with Best Buy represents a significant change in our business community to do things for communities of color to invest and run with communities of color in longer-term collaborative business relationships, â€said Brown Venture Group Co-Founder and Managing Partner, Dr. Paul campbell. “This hometown partnership is particularly meaningful and Best Buy is to be commended for its commitment to co-create solutions that will lead to greater economic fulfillment for contributors of color.”
In addition to the monetary investment, Best Buy and Brown Venture Group will also work together to create a stronger community of diverse suppliers and launch an entrepreneurial partnership program at Best Buy Teen Tech Centers to help develop young entrepreneurs through education, mentoring, networking and access to finance.
“We are committed to taking meaningful action to address the challenges facing BIPOC entrepreneurs”, CEO of Best Buy Corie Barry noted. “Through partnerships like this, we believe we can begin to do this by helping to create a stronger and more vibrant community of diverse innovators in the tech industry, some of whom we hope will will become Best Buy partners in the future. “
Disparities = Missed Opportunities = Unprecedented Potential
A Citigroup Report 2020 believes that if the racial inequality gaps were closed today, the equivalent increase in the U.S. economy over the next five years could be 5,000 billion dollars additional GDP.
“Best Buy’s belief that technology changes lives is aligned with Brown Venture Group‘s premise that focusing on tech entrepreneurs will not only create greater economic flourishing in communities of color, but will also unleash a capacity to develop. ‘innovation not yet realized in the market,’ said Brown Venture Group. Co-founder and managing partner, Dr. Chris brooks.
Brown Venture Group plans to invest in tech startups in a variety of industries, including clean energy and retail across the country, as well as leveraging the abundant startup talent that exists in the region and the ‘state of Minnesota.
About Brown Venture Group
Launched in 2018, Brown Venture Group, LLC, is a venture capital firm exclusively for Black, Latino, and Indigenous tech startups. Brown Venture Group is writing a new playbook for those looking to launch a minority-owned tech startup and those looking to invest in new technology. For more information, visit brownventuregroup.com.
SOURCE Brown Venture Group LLC
