During the last 25 years, I’ve been a tech investor, founder, organizer, strategist and academic. I’m proud to be a part of a growing group of diverse leaders shaping an innovation system that represents and advantages us all. But in recent months, I’ve change into increasingly troubled by the absence of Latinx/e founders and leaders in today’s critically essential conversations about AI’s growth and regulation.
As AI’s presence in our lives increases, so does the variety of diverse founders leveraging it to develop positive, socially impactful services and products. Because their unique life experiences inform these founders’ ingenuity, their startups often address critical social needs. When diverse founders succeed, society advantages.
Yet their voices and perspectives remain largely absent from policy discussions and decisions that may shape the longer term of AI and its influence on our society.
Unfortunately, such exclusion is a component of a broader pattern inside the startup and enterprise ecosystem. Those of Latinx/e heritage within the U.S. account for greater than 20% of the U.S. population; they’ve founded half of all recent businesses during the last decade (19% of that are tech-related), and contribute $3.2 trillion annually to the nation’s economy. As a gaggle, they represent the fifth-largest economy on this planet.
As AI’s presence in our lives increases, so does the variety of diverse founders leveraging it to develop positive, socially impactful services and products.
Yet, despite their entrepreneurial talent and determination, Latinx/e founders remain ignored and undervalued, receiving lower than 2% of startup investment funding. Even once they receive it, it’s typically only a fraction of what’s awarded to their non-Hispanic counterparts.
While historically underestimated, Latinx/e Americans are persevering and preparing to be a major force within the U.S.’ future. Latinx/e college enrollment has greater than doubled since 2000, and enrollment in science and engineering programs has grown by 65% during the last 10 years.
Guillermo Diaz Jr., former CIO of Cisco, called today’s intersection of AI and tech with surging Latinx/e education, economic power, and employment “a light-speed moment,” noting that a rise in Latinx/e technology leadership means a way more prosperous U.S.A.
In relation to AI regulation, I understand and share some commonly voiced concerns and appreciate the recent clamor for quick regulation. But I don’t understand Latinx/e and diverse groups’ exclusion from the regulatory conversation.
Last yr, the Biden administration discussed AI regulations with leaders from firms like Open AI, Google, Amazon, Meta, Microsoft, and a handful of academics and advocates. But this group was too narrow. Underrepresented communities and our allies generally have a nuanced outlook on AI.
On one hand, we’re rightly concerned that AI technologies could perpetuate bias and discrimination. On the opposite, we’re desirous to make sure that diverse communities, founders, consumers and all Americans can profit from AI’s many positive potential implementations. Regulations made without broad, nuanced perspectives could diminish AI’s advantages to diverse communities, resulting in worse social and economic outcomes for everybody.
Discussions about AI’s growth and regulation are fundamentally discussions in regards to the way forward for society, and diverse groups will play a key role in that future. Before regulators finalize any significant policy changes, diverse, visionary startup founders and leaders needs to be engaged in discussing tips on how to concurrently develop an appropriate regulatory framework for AI technology while also creating the conditions to encourage diverse founders to have a say and play a meaningful role within the evolution of AI.
Along with creating thoughtful guardrails, policymakers must also be ideating about incentives like tax credits, STEM education grants, and training and recruitment programs to create pathways for diverse groups’ increased representation, contributions, and success inside the growing AI sector.
Like all transformative technology, advanced AI has risks and incredible positive potential for all. Meaning lawmakers need all of us to offer input to AI-related policies. It’s imperative that they include diverse startup founders and leaders as they consider the AI incentives and regulations that may shape our collective future.
