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Greylock is trying to diversify tech’s wealth cycle

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Greylock Partners has teamed up with Management Leadership for Tomorrow to address issues of diversity and inclusion in the technology industry.

“Our view is this has to be a comprehensive approach,” MLT Founder and CEO John Rice told TechCrunch. “This is not just a coding program, mentor program, fellowship program. There are plenty of great ones. They’re important. But what we’re saying is you have to work on all these levers and take a long-term view. Our view is we can really move the needle exponentially to grow minority participation in the highest leverage areas of the tech ecosystem.”

For starters, the multi-faceted partnership will enable Greylock to tap into MLT’s network of around 8,000 Black, Latinx and Indigenous professionals and connect them with potential roles at the firm’s portfolio companies. Additionally, Greylock and MLT will work together to support retention at those companies, as well as help MLT professionals pursue careers in venture capital.

“Being at Greylock and seeing the tech ecosystem over the last 20 years — it’s become pretty clear that, at no surprise to us, modern technology is one of the greatest opportunities for wealth creation,” Greylock Partner David Sze told TechCrunch. “Has been one of the greatest creators for wealth and is likely to be so in the future — in the foreseeable future.”

But the greatest financial returns accrue to founders, early employees and investors. That creates this network where those early employees and alumni from top companies like Facebook or Google then go on to become founders of the next generation of startups in the wealth creation cycle, Sze said.

“And the cycle repeats itself,” Sze said.

Then, VCs are eager to back teams with people who used to work at those high-growth companies, he said.

“That’s just how the Valley works,” Sze said. “It’s a social network in and of itself. […] But the issue is that Black and Latinx and Native American people really largely have been left out of tech startups and venture capital and those networks. And as a result, it actually is a compounding factor.”

For those folks in the system, it compounds in their favor but that means for those left out, it becomes harder to figure out how to break into it, Sze said.

“And look, VCs and tech startups — we just have to be honest that we’ve been really bad at getting this right,” Sze said. “Historically, I mean, we’ve let the system sort of evolve without much top down oversight in regards of diversity and inclusion and we just really need to change that.”

That’s a key reason why Greylock and MLT are partnering to try to get more Black, Latinx and Indigenous people in these tech startups. And it’s not that there is a pipeline problem because there is plenty of available talent, Sze said. But he said that if there is a pipeline problem, “the problem is actually on our side.”

“It’s not on the talent side,” Sze said. “There is plenty of talent out there. It’s that the networks and systems that have existed and grown over time in the valley have not been conducive to allowing the inclusion of that group.”

Greylock’s partners also donated $5 million to anchor MLT’s first-ever impact fund, which allows MLT to be a limited partner in Greylock’s latest fund, a $1 billion fund.

“We have a long history with our LPs,” Sze said. “We do not let new LPs in very often and we’re super excited to have them involved because we think it’s a force multiplier.”

The hope with this partnership is that it’ll spur ideas for other collaborations with VC funds, Sze said. For Rice, he hopes that other leaders in tech will take note and get on board with moving the needle.

“Leaders need to be at this time, at this critical juncture, be much better informed about why we are where we are,” Rice said. “[…] Leaders not only need to be well-informed but also be willing to hold themselves accountable to be more informed. And that doesn’t require them to be experts on the history of racism. It requires them to understand like they understand, you know, AI and bitcoin and things like that. Understand this stuff.”

Leadership, Rice said, also looks like committing to a comprehensive approach with the same level of rigor that venture capitalists apply to how they invest in companies, and that tech companies apply to their growth.

“If we don’t have that same level of rigor in our approach and we just think that we can move the needle with random acts of diversity, then we’re done. We’re not going to move the needle. It’s going to require, you know, a comprehensive approach.”

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Charge Your Phone Wirelessly With 50% off a Multifunctional LED Lamp

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Best Tech DealsBest Tech DealsThe best tech deals from around the web, updated daily.

White Wireless Charge Lamp | $18 | Amazon | Clip coupon + code ABC88699
Black Wireless Charger Lamp | $20 | Amazon | Promo code ABC88699

When you’re ready to turn in for the night, you don’t want to forget to charge your phone— especially if your mobile device doubles as your alarm clock.

With this wireless charger lamp, you can make this crucial step of your nightly routine even easier by just setting your phone on the wireless charging pad and… well, that’s all there is to it!

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Other functions include multiple lighting modes as well as a sleep timer option for auto shut-off of the light after 30 or 60 minutes.

This lamp can be yours in white for $18 if you clip the coupon on Amazon (it’s below the original $40 price) and add promo code ABC88699 at checkout.

You can snag the black version for $20 using the same code—no coupon though, sorry.

Don’t sleep on this deal! Who knows how long stock or the coupon code will last?

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Keep That Hotdish Hot With 65% Off a Luncia Casserole Carrier, Only $11 With Promo Code

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Best Home DealsBest Home DealsThe best home, kitchen, smart home, and automotive deals from around the web, updated daily.

Luncia Double-Decker Dish Carrier | $11 | Amazon | Promo code SDDU9S7F

It has been a long time since the days we could safely have a potluck or other gatherings, but we have a fantastic deal perfect for once those times return. These double-decker Luncia dish carriers can be had for 65% off when you add promo code SDDU9S7F at checkout and clip the coupon on the site (it’s just below the price). These holders fit 9″x 13″ sized baking dishes.

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That means you can insulate and keep two dishes of food warm for only $11 instead of $30. What’s more, your Luncia carrier will arrive by Christmas if you order today as a Prime member.

Just add promo code SDDU9S7F and clip the 5% off coupon to bring the price down to $11 for the blue or the grey option.

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Grab this offer while it’s still around!


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Conquer Your Pup’s Dander and Fur With $700 Off a Cobalt or Charcoal Bobsweep PetHair Plus Robot Vacuum

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Best Home DealsBest Home DealsThe best home, kitchen, smart home, and automotive deals from around the web, updated daily.

Bobsweep PetHair Plus Robot Vacuum & Mop (Cobalt) | $200 | Best Buy

Bobsweep PetHair Plus Robot Vacuum & Mop (Charcoal) | $200 | Best Buy

Allergies can be bad enough as the seasons change. Don’t let pet hair and dander add to that by vacuuming it up early and often. That chore is easier said than done— unless you have a robot vacuum to do the work for you. This lovely bright cobalt Bobsweep PetHair Plus robot vacuum and mop, only $200 today at Best Buy seems like an ideal option. That’s a whopping $700 off, by the way.

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You can get the same deal for the charcoal version of the robot vac, too. This model is not only specially made for picking up pet hair, it self docks and charges when it’s finished with the work.

It also comes with a mop attachment, so it can take care of those kitchen floors for you as well. Grab it while it’s still available for this fantastic price!

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