MILWAUKEE (AP) — Wisconsin’s three major-league professional sports franchises are banding together to help Black- and Latino-owned startups secure investment money and other resources.
The Green Bay Packers, Milwaukee Bucks and Milwaukee Brewers, with assistance from Microsoft Corp., have created the Equity League, a networking initiative with an emphasis on supporting Black and Latino entrepreneurs.
Packers officials say 1% of venture capital-backed startups have Black founders and less than 2% are Latino. Only 3% of employees at venture capital investment funds are Black or Latino professionals, the Milwaukee Journal Sentinel reported.
“Our goal is to invest in companies and founders that have strong potential to produce both significant financial returns and large-scale social impact,” said Israel Squires, Equity League director.