Connect with us

Technology

Intel Launches Investment Fund for Minority, Women-Led Firms

Published

on

The Intel logo is displayed at the entrance of Intel headquarters in Santa Clara, Calif. (AP Photo)

The Intel logo is displayed at the entrance of Intel headquarters in Santa Clara, Calif. (AP Photo)

BRANDON BAILEY, AP Technology Writer

SANTA CLARA, California (AP) — Intel is launching a $125 million investment fund for technology startups led by women and minorities, a move the chipmaker says is aimed at changing the face of Silicon Valley.

The new fund, which is unusual for its focus on minority-led companies, is part of a broader effort that Intel CEO Brian Krzanich has launched amid widespread criticism of a U.S. tech industry dominated by white male executives and investors.

Krzanich announced plans earlier this year to spend $300 million on diversity efforts and pledged to make Intel’s workforce and executive ranks more closely resemble the U.S. workforce by 2020. Intel has previously said its workforce is about 24 percent female and 12 percent black and Hispanic. The U.S. workforce is about 47 percent women and 26 percent black and Hispanic.

The new investment fund will raise Intel’s commitment to more than $300 million, Intel officials said, although they said there is some overlap and they did not provide financial details. It’s intended to help build a more diverse “ecosystem” of smaller companies and entrepreneurs that plays an important role in the tech industry, Krzanich said Tuesday.

Despite statistics that show few women and minority-led startups receive venture funding, he said Intel wants to show “there are plenty of women- and minority-led startup companies, and we want to work with them.”

The first companies to receive backing from the new program include Venafi, a cybersecurity firm; CareCloud, which makes Internet-based software for the health industry; Brit + Co., which provides classes and an online market for selling do-it-yourself products; and Mark One, which makes a “smart” cup that analyzes the nutritional content of beverages.

To qualify for funding, firms must have a woman or minority founder or CEO, or at least three top executives who are women and minorities, said Lisa Lambert, who is overseeing the fund.

“They will go through the same scrutiny as any Intel Capital deal. This isn’t a social program” added Lambert, who is a vice president with Intel Capital, the giant chip-maker’s investment arm.

While there are nonprofit organizations that support minority-led startups, dedicated investment funds are rare. AOL has a $10 million fund focused on women-led startups. Comcast has a $20 million fund that provides early-stage or “seed” funding to minority startups. Lambert said Intel’s fund will look at startups that are further along in their growth.

“I think we need to see more programs like what Intel is doing, that look at the business opportunities and solutions” offered by minority-led companies, said Edward Avila of Manos Accelerator, a San Jose, California, group that provides mentorship for Hispanic entrepreneurs.

“The challenge for minority startups is not their ability or capacity, it’s their access to capital,” said Butch Wing, a spokesman for the Rev. Jesse Jackson’s Rainbow PUSH organization, which has pressured Silicon Valley companies to improve diversity.

Copyright 2015 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Community

Advanced Conductors Provide Path for Grid Expansion

Utility companies in the United States could double electric transmission capacity by 2035 by replacing existing transmission lines with those made from advanced materials, according to a new study published Monday in the Proceedings of the National Academy of Sciences.

Published

on

Photo courtesy UC Berkeley News.
Photo courtesy UC Berkeley News.

By Matthew Burciaga

UC Berkeley News

Utility companies in the United States could double electric transmission capacity by 2035 by replacing existing transmission lines with those made from advanced materials, according to a new study published Monday in the Proceedings of the National Academy of Sciences.

Led by Duncan Callaway, professor and chair of the Energy and Resources Group (ERG), and Amol Phadke, an affiliate and senior scientist at the Goldman School of Public Policy, the first-of-its-kind study details a faster and more cost-effective way to expand the grid and connect the more than 1,200 gigawatts of renewable energy projects awaiting approval. The analysis was first published last December as a working paper by the Energy Institute at Haas and has been covered by the New York Times, the Washington PostHeatmap News, and other news outlets.

“Expanding transmission capacity is critical to decarbonization, and we sought to study ways to build it faster and cheaper,” said Callaway.

It currently takes 10 to 15 years to build a new power line and the U.S. is building transmission lines at a lower rate than it was in the past decade. Without sufficient capacity, renewable energy projects often sit in limbo for years as transmission operators study what upgrades—if any—are needed to accommodate the increased loads.

The authors modeled various scenarios to determine if replacing existing transmission conductors with those made with advanced composite-core materials—a process known as reconductoring—could provide a pathway to faster grid expansion. 

Several reconductoring projects have been initiated in Belgium and the Netherlands, and utility companies in the U.S. have used the material to string transmission lines across wide spans like river crossings. That technology, however, has not made its way to the majority of overhead power lines that feed residential and commercial customers.

“As we learned more about the technology, we realized that no one had done the detailed modeling needed to understand the technology’s potential for large-scale transmission capacity increases,” said Phadke.

Based on the authors’ projections, it is cheaper—and quicker—for utility companies to replace the 53,000 existing transmission lines with advanced composite-core materials than it is to build entirely new transmission lines.

They assert that doing so would reduce wholesale electricity costs by 3% to 4% on average—translating to $85 billion in system cost savings by 2035 and $180 billion by 2050.

“The level of interest we’ve received from federal and state agencies, transmission companies and utilities is extremely encouraging, and since our initial report, the Department of Energy has committed hundreds of millions of dollars to reconductoring projects,” said co-author Emilia Chojkiewicz, a PhD student in ERG and an affiliate of the Goldman School of Public Policy. “We are looking forward to learning about these projects as they unfold.”

Additional co-authors include Nikit Abhyankar and Umed Paliwal, affiliates at the Goldman School of Public Policy; and Casey Baker and Ric O’Connell of GridLab, a nonprofit that provides comprehensive technical grid expertise to policy makers and advocates.

Continue Reading

Black History

A Life of Inventions: Engineer and Physicist George Alcorn

George Edward Alcorn Jr. was born on March 22, 1940, in Indianapolis. Growing up in a family that valued education, Alcorn developed an early love for science and mathematics. He excelled in school, and attended Occidental College in California, where he earned a bachelor’s degree in physics in 1962. He received a master’s degree in nuclear physics in 1963 and a Ph.D. in atomic and molecular physics in 1967 at Howard University.

Published

on

Portrait of George Edward Alcorn Jr. Debbie McCallum, Public domain.
Portrait of George Edward Alcorn Jr. Debbie McCallum, Public domain.

By Tamara Shiloh

George Edward Alcorn Jr. was born on March 22, 1940, in Indianapolis.

Growing up in a family that valued education, Alcorn developed an early love for science and mathematics. He excelled in school, and attended Occidental College in California, where he earned a bachelor’s degree in physics in 1962. He received a master’s degree in nuclear physics in 1963 and a Ph.D. in atomic and molecular physics in 1967 at Howard University.

Alcorn began his career in developing scientific technology in private industries, starting a career as a physicist for IBM. His career took off when he joined several prestigious companies and research institutions, such as the Aerospace Corporation, where he developed important technologies for spacecraft. In 1978, he accepted a position at NASA’s Goddard Space Flight Center, where he worked for the remainder of his career. There, he developed technologies for space stations and private institutions across the nation, becoming a key figure in the field of physics and space exploration.

Alcorn is well known for his groundbreaking work on X-ray spectrometers. An X-ray spectrometer is a device used to identify different elements in materials by analyzing the X-ray wavelengths they emit. His improvements allowed the instrument to detect X-rays with greater accuracy and efficiency. This invention has been critical for NASA’s space missions, aiding in the analysis of planetary atmospheres and surfaces, including Mars and other planets in our solar system.

He also contributed to the development of plasma etching, a process used in manufacturing microchips for computers and electronics. His work in this area advanced semiconductor technology, which powers everything from smartphones to satellites.

 Another accomplishment was the development of new technologies used in the Freedom space station in partnership with space agencies in Japan, Canada and Europe, though their projects never made it to space.

Throughout his career, Alcorn received several awards and honors, including NASA’s Inventor of the Year Award in 1984. In 2010, he received the highest honor from NASA’s Goddard Space Flight Center. In 2015, Alcorn was inducted into the National Inventors Hall of Fame for his invention of the imaging X-ray spectrometer.

 In addition to his work in the lab, Alcorn dedicated much of his time to teaching and mentoring young scientists. As one of the few African American scientists working in advanced fields like physics and space exploration, he has been an inspiration to young people, especially those from underrepresented groups in STEM (science, technology, engineering, and mathematics). He taught at Howard University and worked to encourage more African Americans to pursue careers in science and engineering.

George is quoted as stating, “The big thing about being in science and engineering is that if you have a good, interesting project going, work is not coming to work, it’s coming to an adventure.”

George Edward Alcorn passed away June 19, 2024.

Continue Reading

Antonio‌ ‌Ray‌ ‌Harvey‌

Gov. Newsom Touts California Economic Success

In a 20-minute interview on Oct. 10, Gov. Gavin Newsom said California’s economy is in great shape due to achievements in certain areas. The Governor was speaking at the 2024 California Economic Summit event hosted by California Forward in Sacramento. It was attended by more than 100 leaders from industry, community, and the private, public, and nonprofit sectors.

Published

on

Gov. Gavin Newsom. File photo.
Gov. Gavin Newsom. File photo.

By Antonio Ray Harvey

In a 20-minute interview on Oct. 10, Gov. Gavin Newsom said California’s economy is in great shape due to achievements in certain areas.

The Governor was speaking at the 2024 California Economic Summit event hosted by California Forward in Sacramento. It was attended by more than 100 leaders from industry, community, and the private, public, and nonprofit sectors.

“It is an exciting and dynamic time,” said Newsom. “Thirty-two of the top 50 AI companies are all here in California. We dominate in tourism – record breaking tourism last year.”

“It isn’t by accident that California is an economic powerhouse,” Newsom continued. “Whether it be around education, infrastructure, or immigration, we’re following a formula for success.”

In Newsom’s overview of the state’s economy, he didn’t include why two companies decided to leave for the state of Texas. SpaceX and Chevron announced their departures over the summer.

Billionaire Elon Musk is moving the headquarters of his companies X and SpaceX from San Francisco to Texas. After 140 years of doing business in California, Chevron is heading to the southwestern state as well.

Chevron employs 2,000 workers in San Ramon. It operates crude oil fields, technical facilities, two refineries, and services more than 1,800 retail stations in California.

“There will be minimal immediate relocation impacts to other employees currently based in San Ramon. The company expects all corporate functions to migrate to Houston over the next five years. Positions in support of the company’s California operations will remain in San Ramon,” Chevron shared in an Aug. 2 press release.

Continue Reading

Subscribe to receive news and updates from the Oakland Post

* indicates required

CHECK OUT THE LATEST ISSUE OF THE OAKLAND POST

ADVERTISEMENT

WORK FROM HOME

Home-based business with potential monthly income of $10K+ per month. A proven training system and website provided to maximize business effectiveness. Perfect job to earn side and primary income. Contact Lynne for more details: Lynne4npusa@gmail.com 800-334-0540

Facebook

Exclusive interview with County D.A. Price days before recall election. Photo by Ken Epstein.
Activism3 hours ago

‘Jim Crow Was and Remains Real in Alameda County (and) It Is What We Are Challenging and Trying to Fix Every Day,’ Says D.A. Pamela Price

“People have no idea what the vision is for the next district attorney, or where the office will go if I am, in fact, recalled, she continued. “I'm just running against a billionaire,” who does not show his face in public, she said. Courtesy photo.
Activism3 hours ago

‘Criminal Justice Reform Is the Signature Civil Rights Issue of Our Time,’ says D.A. Pamela Price

Activism1 day ago

Oakland Post: Week of October 30 – November 5, 2024

Keyanna Ortiz-Cedeño at her graduation from UC Berkeley after receiving her master’s degree in City Regional Planning. Alongside her, are her parents holding a Puerto Rican flag. Courtesy photo.
Activism3 days ago

“Two things can be true at once.” An Afro-Latina Voter Weighs in on Identity and Politics

PPIC
California Black Media4 days ago

Ahead of Nov. Election, Event to Check Pulse of California’s Political Landscape

Stock Photo
Alameda County4 days ago

Access Better Health with Medically Tailored Meals – Transforming Health Through Nutrition for Medi-Cal Patients

Courtesy of National Archives, Washington, D.C.
Art4 days ago

A Prolific Painter: Artist and Advocate Lois Mailou Jones

iStock Photo
California Black Media4 days ago

Not So Sweet: California State Health Campaign Highlights Dangers of Sugary Drinks

Yahushua Robinson
California Black Media4 days ago

New California Law Will Protect Students During Extreme Weather

California Secretary of State Dr. Shirley N. Weber. Photo Courtesy of ShirleyWeber.com.
California Black Media4 days ago

More Than 1.2 Million Youth Pre-Registered to Vote, Secretary of State Weber Announced

Courtesy of Art Harris.
Black History4 days ago

Health is Our Wealth: An Afrocentric Perspective to Health & Wellness

On Sept. 19, California Gov. Gavin Newsom signed a bipartisan legislative package to improve housing initiatives and address the homelessness crisis.
California Black Media4 days ago

Gov. Newsom Signs Legislative Package to Increase Housing, Improve Accountability

Shutterstock
Activism4 days ago

On Your November Ballot: Prop 6 Could End “Involuntary Servitude” in California Prisons

Minister King X
Activism4 days ago

Minister King X, Civil Rights Group Sue California Prisons Over Right to Protest

Photo courtesy UC Berkeley News.
Community4 days ago

Advanced Conductors Provide Path for Grid Expansion

Trending

Copyright ©2021 Post News Group, Inc. All Rights Reserved.