Over the past 25 years, I have worn many hats: tech investor, founder, strategist, organizer, and academic. I take pride in being part of a dynamic community of diverse leaders dedicated to shaping an innovation ecosystem that reflects and serves us all. However, in recent months, I have grown increasingly concerned about the lack of representation of Latinx/e founders and leaders in crucial conversations surrounding the growth and regulation of artificial intelligence (AI).
As AI continues to integrate into our daily lives, a growing number of diverse founders are leveraging this technology to create impactful, socially beneficial products and services. Their unique life experiences drive their creativity, allowing their startups to tackle urgent social challenges. When diverse founders thrive, society as a whole reaps the rewards.
Still, the voices and insights of these founders are noticeably absent from the policy discussions destined to shape AI's future and its societal impact. This exclusion is part of a wider trend within the startup and venture capital landscape. Latinx/e individuals represent over 20% of the U.S. population and have founded half of all new businesses in the last decade, with 19% in tech. They contribute a staggering $3.2 trillion to the nation’s economy, positioning their community as the fifth-largest economy globally.
Despite their entrepreneurial spirit and relentless determination, Latinx/e founders are often overlooked, receiving less than 2% of startup investment funding. Even when they do secure funding, it tends to be a mere fraction of what is awarded to their non-Hispanic counterparts.
Though historically underestimated, Latinx/e Americans are steadfastly preparing to become a significant force in the future of the U.S. Since 2000, Latinx/e college enrollment has more than doubled, and enrollment in science and engineering programs has surged by 65% in the past decade. Guillermo Diaz Jr., former CIO of Cisco, described the current convergence of AI technology with the rising educational, economic, and employment power of the Latinx/e community as a "light-speed moment," emphasizing that increased Latinx/e leadership in tech leads to a more prosperous nation.
Regarding AI regulation, I share common concerns and appreciate the urgent calls for thoughtful oversight. However, I struggle to understand the exclusion of Latinx/e and other diverse groups from these essential regulatory discussions. Last year, the Biden administration engaged with leaders from major companies like OpenAI, Google, Amazon, Meta, Microsoft, and a select few academics and advocates. This group was too limited in perspective; underrepresented communities have nuanced viewpoints on AI.
On one hand, we are rightly cautious about AI technologies potentially perpetuating bias and discrimination. On the other, we are eager to ensure that diverse communities, founders, consumers, and all Americans can harness AI's beneficial capabilities. Regulations crafted without a broad array of perspectives risk diminishing AI's advantages for diverse communities, resulting in adverse social and economic consequences for everyone.
Discussions about AI's future inherently reflect society's trajectory, and diverse groups are crucial to that narrative. Before regulators finalize significant policy changes, it is vital to involve diverse, visionary startup founders and leaders in shaping an appropriate regulatory framework for AI technology. They should also contribute to creating conditions that foster meaningful engagement from diverse founders in the evolution of AI.
In addition to establishing thoughtful regulations, policymakers should consider incentives like tax credits, STEM education grants, and recruitment programs aimed at enhancing representation and success for diverse groups within the burgeoning AI sector.
As with any transformative technology, advanced AI carries both risks and immense potential benefits. Lawmakers require input from all sectors as they craft AI-related policies. It is essential to incorporate diverse startup founders and leaders into conversations about the incentives and regulations that will define our shared future.
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