In an interview with The Associated Press, Ross discussed the inspiration behind the Black Founders Development Program. The conversation has been edited for length and clarity.

Q: You’ve said one of the reasons why Black-owned companies receive so little venture capital is that deals are often based on who you know. Can you elaborate?

A: I use an analogy that I got from one of my mentors, an ex alumni of Accenture. One of the things he told us is that corporate America runs by kindergarten rules. You’re out on the playground and you have two teams, and the teacher picks the leader. Who gets chosen first? The first person chosen is generally your friend … That’s the heart of networking. If you are a Black entrepreneur, and you are not in that ecosystem — whether it’s the companies you’ve worked in, the schools you went to — that level

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NEW YORK (AP) —

Kathryn Ross was one of just two Black women in Accenture’s Miami office when she first joined the global consulting firm nearly 27 years ago. Now a managing partner, Ross was tapped in December to create the inclusion and diversity agenda for Accenture’s venture capital investment arm.

Five months later, the police killing of George Floyd convulsed the country. The coronavirus pandemic was taking a disproportionate toll on Black-owned small businesses, which have been twice as likely to close during the pandemic as businesses overall, according to the Federal Reserve Bank of New York. The economic crisis widened the unemployment gap between Black and white Americans.

It was a galvanizing time for Ross, the mother of two boys aged 11 and 13. Rather than simply setting diversity goals, she resolved to create an initiative to bring venture capital to Black-owned businesses, which only receive about 1%

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This photo provided by Burson Cohn & Wolfe shows Kathryn Ross. Ross was one of just two Black women in Accenture’s Miami office when she joined the global consulting firm nearly 27 years ago. Ross is now a managing partner and is heading a new initiative to help bring venture capital to Black-owned start-ups.

AP

Kathryn Ross was one of just two Black women in Accenture’s Miami office when she first joined the global consulting firm nearly 27 years ago. Now a managing partner, Ross was tapped in December to create the inclusion and diversity agenda for Accenture’s venture capital investment arm.

Five months later, the police killing of George Floyd convulsed the country. The coronavirus pandemic was taking a disproportionate toll on Black-owned small businesses, which have been twice as likely to close during the pandemic as businesses overall, according to the Federal Reserve

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By ALEXANDRA OLSON, AP Business Writer

Kathryn Ross was one of just two Black women in Accenture’s Miami office when she first joined the global consulting firm nearly 27 years ago. Now a managing partner, Ross was tapped in December to create the inclusion and diversity agenda for Accenture’s venture capital investment arm.

Five months later, the police killing of George Floyd convulsed the country. The coronavirus pandemic was taking a disproportionate toll on Black-owned small businesses, which have been twice as likely to close during the pandemic as businesses overall, according to the Federal Reserve Bank of New York. The economic crisis widened the unemployment gap between Black and white Americans.

It was a galvanizing time for Ross, the mother of two boys aged 11 and 13. Rather than simply setting diversity goals, she resolved to create an initiative to bring venture capital to Black-owned businesses, which only receive

Read More

CHARLOTTE, N.C.–(BUSINESS WIRE)–Sep 8, 2020–

On June 2, Bank of America made a $1 billion, four-year commitment to advance racial equality and economic opportunity. Today, the company is announcing its initial progress by directing one-third, or $300 million, of its $1 billion commitment to four key areas across 91 U.S. markets and globally: $25 million in support of jobs initiatives in Black and Hispanic/Latino communities, $25 million in support of community outreach and initiatives , $50 million in direct equity investments to Minority Depository Institutions (MDIs), and $200 million of proprietary equity investments in minority entrepreneurs, businesses and funds. The $1 billion, four-year commitment is being overseen by Anne Finucane, vice chairman of Bank of America and head of Environmental, Social and Governance (ESG), Capital Deployment and Public Policy, in coordination with several business lines and business support areas across the company.

“These initial investments will address access to

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As the number of Covid patients in the state is increasing, companies supplying oxygen in Maharashtra will have to mandatorily deliver 80 per cent of their production to hospitals and 20 per cent to the industries, said State Health Minister Rajesh Tope on Sunday.

In a media statement, Tope said that a new order would be in force in the state till December. Using the provisions of the Infectious Diseases Control Act and the Disaster Management Act the order has been issued.

Steel, glass, ceramics, pulp and paper manufacturing industries are a very large consumer of oxygen. In many industrial processes, it plays a vital role.

Presently about 60 per cent oxygen is supplied to the industrial sector and rest to the hospitals. However, due to the pandemic, more supply will have to be mandatorily provided to the hospitals. Care is being taken so that the patients do not suffer

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The Shipping Ministry has asked the 12 major ports to implement its April 21 advisory in “letter and spirit” and ensure that no penal charges are levied from port users during the lockdown period, plus 30 days recovery time.

The move follows complaints from port users that the Ministry directive was being ignored by some of the major ports and private terminals operating therein.

“The detailed advisory dated April 21 may be implemented in letter and spirit and the ports shall ensure that no penal charges, demurrages, detention charges, dwell time charges, anchorage charges, penal berth hire charges, performance related penalties etc are levied on any port user for any delay in docking/undocking, loading/unloading operations or evacuation/arrival of cargo/repair of vessel during the lockdown period, plus 30 days recovery period,” the Ministry said in a September 2 letter to all the major ports.

The Ministry reiterated that its April advisory

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