SoftBank Group today announced a $100M Opportunity Growth Fund that "that will only invest in companies led by founders and entrepreneurs of color," according to a letter to employees by COO Marcelo Claure.
The move follows the national outrage over the murder of George Floyd by a Minneapolis policeman.
Claure said OGF would be the "biggest fund providing capital to black Americans and people of color."
It positions Japan-based Softbank as a leading player in the impact investing space geared to minority-owned businesses.
Hopefully, the Softbank fund will open the floodgates to other investments by major financial institutions to back up their sometime empty words about empowering black and brown communities with action.
Softbank is on the right track as a June 2 poll by Morning Consult found that 71 percent of Americans say it's important for business leaders to address racial inequality in the US.
The No. 1 way to support the Black Lives Matter protest (cited by 49 percent of respondents) is to establish an investment fund for small businesses impacted by looting
Kudos to Softbank for getting the ball rolling.
China is playing catch-up to Russia in spreading misinformation on social media, though both countries are flooding the Internet with content geared to the racial unrest and violence in the US.
Politico reports that both countries seek to portray the US on the brink of disaster and highlight the "perceived hypocrisy of Washington's scolding of Beijing and Moscow for their civil rights abuses when parts of America are engulfed in flames and violence."
Disinformation experts warn that China and Russia are ramping up their online efforts ahead of the 2020 elections.