Skip to main content

81% of VC firms don’t have a single black investor — BLCK VC plans on changing that

Venture capital has a diversity problem . BLCK VC , a new organization founded by Storm Ventures associate Frederik Groce and NEA associate Sydney Sykes to connect, engage and advance black venture capitalists, is ready for a new era in the industry. Their mission: Turn 200 black investors into 400 black investors by 2024. “We think of ourselves as an organization formed by black VCs for blacks VCs to increase the representation of black investors,” Sykes told TechCrunch. “You can look around and say well ‘I know five black VCs,’ but you can also say this firm does not have a single black VC, they may not even have a single underrepresented minority … We want to make firms reckon with the fact that there is a racial diversity problem; there is a lack of black VCs and every firm should really care about it.” BLCK VC has been at work since the beginning of 2018, building and expanding a network of black investors in the San Francisco area, Los Angeles and New York. They seek to provide a...

Facebook is facing an EU data probe over fake ads

The UK’s privacy watchdog has asked Facebook’s lead EU regulator to look into ongoing data protection concerns about its ad platform — including how its platform is being used to target and spread fake adverts to try to manipulate voters.


Facebook’s international HQ is in Ireland so the regulator in play here is the Irish Data Protection Commission.


The ICO noted the action in a 113-page report to parliament yesterday giving an update on its long-running investigation into the use of data analytics in political campaigns — writing:



We have referred our ongoing concerns about Facebook’s targeting functions and techniques that are used to monitor individuals’ browsing habits, interactions and behaviour across the internet and different devices to the to the IDPC. Under the GDPR, the IDPC is the lead authority for Facebook in the EU. We will work with both the Irish regulator and other national data protection authorities to develop a longterm strategy on how we address these issues.



A spokesperson for the watchdog told us these concerns fall outside the remit of that still partially ongoing investigation, which was triggered by the Cambridge Analytica data misuse scandal.


So the issues of concern are not the same issues that the ICO fined Facebook for last month, when it handed the company the maximum possible penalty under the UK’s previous data protection regime. Hence the referral to the Irish DPC.


We’ve reached out to Facebook for comment on the referral.


A spokesman for the Irish regulator told us: “The DPC has yet to receive any information from the ICO.”


Giving one example of its concerns, the ICO’s spokesperson pointed to recent news reports flagging fake political ads that had passed Facebook’s checks and been able to circulate on the platform — until being spotted by journalists, after which they got pulled by Facebook.





Responding to the above ad, badged as being paid for by the now defunct and disgraced data company Cambridge Analytica, Facebook said: “This ad was not created by Cambridge Analytica. It is fake, violates our policies and has been taken down. We believe people on Facebook should know who is behind the political ads they’re seeing which is why we are creating the Ads Library so that you can see who is accountable for any political ad. We have tools for anyone to report suspicious activity such as this.”


Such an obvious fake slipping through Facebook’s checks on political ads — which were only rolled out in the UK a few weeks ago, in first phase form — suggests they can be trivially gamed.


In related news, the Guardian reports that Facebook has delayed a requirement that UK political advertisers verify their identity — pushing it back from an initial deadline of today to sometime in “the next month”, with the company saying it wants to take more time to strengthen the system after a spate of failures.


“We have learnt that some people may try to game the disclaimer system by entering inaccurate details and have been working to improve our review process to detect and prevent this kind of abuse,” a Facebook spokesperson told the newspaper.


The fake ads issue also highlights how self-styled ‘transparency’ without proper accountability can just further muddy already murky waters — where masses of personal data and opaque ad platforms are concerned.


During a hearing in front of the UK’s DCMS committee yesterday, the UK’s information commissioner, Elizabeth Denham, also raised concerns about the use of so-called ‘lookalike audiences’ for targeting voters on Facebook — saying a system that makes inferences in order to target people with political ads needs to be looked at closely in light of Europe’s new GDPR privacy framework.


She also told policymakers that Facebook needs to change its business model. And said all platforms “need to take much greater responsibility”.


“I don’t think that we want to use the same model that sells us holidays and shoes and cars to engage with people and voters. I think that people expect more than that. This is a time for a pause, to look at codes, to look at the practices of social media companies, to take action where they’ve broken the law,” she said.


Committee members raised some of their own political ad concerns with Denham, querying the lawfulness of a crop of ads recently circulating on Facebook, targeting MPs and their constituents, urging policymakers to ‘chuck chequers’ — a reference to the UK prime minister’s current Brexit proposal to the EU — which are badged as being paid for by an organization called ‘Mainstream Network’, without it being clear who on earth is behind that…

“We are investigating those matters and will be looking at whether or not there was a contravention of the GDPR by that organization in sending out those communications,” Denham told the committee.


But wider concerns about how Facebook’s ad platform operates have now been handed over to the Irish DPC to investigate — a far smaller, less well resourced watchdog than the ICO; the largest such agency in Europe.


Any future audit of Facebook’s platform — as has been recently called for by the EU parliament — would also be led by Ireland, Denham confirmed to the committee.


She was asked whether she had any concerns about the smaller regulator being able to handle its burgeoning caseload. “We can work with,” she replied, noting the ICO likely has greater capacity to conduct technical audits. “We certainly can support them and work with them.”


She noted too that the newly established European Data Protection Board — which is responsible for ensuring consistency in the application of the GDPR — is working on “a more holistic way” to co-ordinate regulating social media platforms across Europe.


“[It] is looking at… what we need to do as a community with Facebook and other social media platforms,” she told the committee, adding that under the GDPR the Irish DPC is the “lead authority on Facebook because that’s where Facebook is based in Europe so they would the lead on an audit that’s going forward in the future”.


“Regulators need to look at the effectiveness of their processes,” she added. “That’s really at the heart of this — and there’s a fundamental tension between the advertising business model of Facebook and fundamental rights like protection of privacy. And that’s where we’re at right now.


“It’s a very big job both for the regulators but for the policymakers to ensure that the right requirements and oversight and sanctions are in place.”

Comments

Popular posts from this blog

List of Approved Courses Offered in Nile University of Nigeria

We have gathered the Full Accredited Courses offered in Nile University of Nigeria by the National University Commission.   The first of Nigerian Turkish International Colleges started functioning in September 1998. The school kicked off with 76 students on a rented site at Cairo Street, Wuse 2, Abuja. The NTIC has proliferated into a network of schools in Abuja, Kano, Kaduna, Lagos, Ogun and Yobe States. Parents and students of the NTIC have mounted pressure on the management to establish a university that will carry on the tradition of the NTIC at the tertiary level. In response to this, the parent company of the NTIC (SURAT Nigeria Ltd) established Nile University of Nigeria (NUN) in 2009.   Admission Requi rements All admissions into the university shall be through the Joint Admissions and matriculations Board (JAMB), for admission into 1oo level (UTME) candidates must: Obtain Five(5) credit passes at SSCE,NECO, GCE or its equivalent in relevant subjects including English langua...

81% of VC firms don’t have a single black investor — BLCK VC plans on changing that

Venture capital has a diversity problem . BLCK VC , a new organization founded by Storm Ventures associate Frederik Groce and NEA associate Sydney Sykes to connect, engage and advance black venture capitalists, is ready for a new era in the industry. Their mission: Turn 200 black investors into 400 black investors by 2024. “We think of ourselves as an organization formed by black VCs for blacks VCs to increase the representation of black investors,” Sykes told TechCrunch. “You can look around and say well ‘I know five black VCs,’ but you can also say this firm does not have a single black VC, they may not even have a single underrepresented minority … We want to make firms reckon with the fact that there is a racial diversity problem; there is a lack of black VCs and every firm should really care about it.” BLCK VC has been at work since the beginning of 2018, building and expanding a network of black investors in the San Francisco area, Los Angeles and New York. They seek to provide a...

UNIVERSITY OF ILORIN (UNILORIN) JAMB/UTME CUT-OFF MARK 2018

University of ILORIN (UNILORIN) Jamb/UTME Cut-off Mark 2018 University of ILORIN (UNILORIN) Jamb Cut-off Mark for 2018/2019 academic session has been released by the School Management.   All prospective students who choose (UNILORIN) as their preferred choice of institution during the UTME Registration can confirm their Cut-off mark.   Read Also: LIST OF ACCREDITED COURSES OFFERED IN UNIVERSITY OF ILORIN (UNILORIN)   Prospective students are hereby advised to check the (UNILORIN) cut-off mark before proceeding to apply for the (UNILORIN)   Post-UTME Screening Form   Documents required for University of ILORIN (UNILORIN) Screening Exercise are Original copy of Jamb result Slip Original document which include ‘O’ Level Certificate Original Copy of Birth Certificate Local Government of Indigene Original Copy of your Birth Certificate and 12 Recent Passport Photograph     University of ILORIN (UNILORIN) Jamb Cut-off Mark University of ILORIN (UNIILORIN) Jamb Cut-O...