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...
Elon Musk’s replacement as the chair of Tesla has been named and it is Robyn Denholm, an Australian executive who has been a director with the electric vehicle firm since 2014. Denholm is currently CFO of Australia-based telco Telstra and she’ll step into the breach once a six-month notice period is served, Tesla said in an announcement released late Wednesday evening U.S. time. There’s been plenty of speculation as to who will replace Musk — the figurehead of Tesla’s business — after he announced in September that he would step down as the firm’s chairman. Musk’s resignation was part of a settlement with the SEC, which found Tesla guilty of failing to require disclosure controls and procedures relating to a tweet from Musk about taking the company private. Tesla later confirmed it would remain a public entity despite Musk’s tweets. The SEC deal included a $20 million fine for Musk who retained his position as CEO and the confidence of the board. Denholm was extensive experience ...