For the past 25 years, I have been a technology investor, founder, organizer, strategist and academic. I am proud to be part of a growing group of diverse leaders shaping an innovation system that represents and benefits us all. But in recent months, I’ve been increasingly troubled by the absence of Latinx/e founders and leaders in today’s critically important conversations about AI development and regulation.
As the presence of artificial intelligence in our lives grows, so do the number of diverse founders harnessing it to develop positive, socially significant services and products. Because their unique life experiences inform the ingenuity of these founders, their startups often address critical societal needs. When diverse founders succeed, society benefits.
However, their voices and perspectives remain largely absent from discussions and policy decisions that will shape the future of artificial intelligence and its influence on our society.
Unfortunately, this exclusion is part of a larger pattern in the startup and venture ecosystem. Those of Latinx/e heritage in the US represent more than 20% of the US population; have established half of all new businesses in the last decade (19% of which are related to technology), and contribute $3.2 trillion annually to the country’s economy. As a group, they represent the fifth largest economy in the world.
As the presence of artificial intelligence in our lives grows, so do the number of diverse founders harnessing it to develop positive, socially significant services and products.
Yet despite their entrepreneurial flair and determination, Latinx/e founders remain overlooked and undervalued, receiving less than 2% of the startup investment financing. Even when they do get it, it’s typical only a fraction than those awarded to their non-Spanish counterparts.
Although historically undervalued, Latinos are persevering and poised to be a major force in the future of the US. Latinx/e college enrollment has more than doubled since 2000 and sign up in science and engineering programs has increased by 65% over the past 10 years.
Guillermo Diaz Jr., former Cisco CIO, called today’s intersection of AI and technology with growing Latinx/e education, economic power and employment “a light-speed moment,” noting that increased leadership in Latinx/e technology means a much more prosperous US
Regarding the regulation of AI, I understand and share some commonly expressed concerns and appreciate recent cry for quick setup. But I don’t understand the exclusion of Latinx/e and diverse groups from the regulatory discussion.
Last year, the Biden administration discussed AI regulations with leaders from companies including Open AI, Google, Amazon, Meta, Microsoft and a handful of academics and advocates. But this group was very close. Underrepresented communities and our allies generally have a nuanced view of AI.
On the one hand, we are rightly concerned that AI technologies could perpetuate prejudice and discrimination. On the other hand, we are eager to ensure that diverse communities, founders, consumers, and all Americans can benefit from the many positive potential applications of artificial intelligence. Regulations made without broad, nuanced perspectives could reduce the benefits of AI to diverse communities, leading to worse social and economic outcomes for all.
Debates about the development and regulation of artificial intelligence are essentially debates about the future of society, and various groups will play a key role in that future. Before regulators finalize any major policy changes, diverse, visionary startup founders and leaders should discuss how to simultaneously develop an appropriate regulatory framework for AI technology while also creating the conditions to encourage diverse founders to have a say and play essential role in the evolution of AI.
In addition to creating thoughtful guardrails, policymakers should also consider incentives such as tax credits, STEM education grants, and training and recruitment programs to create pathways for increased representation, contributions, and success of diverse groups in the growing field of artificial intelligence.
Like any transformative technology, advanced artificial intelligence has both risks and incredible positive potential for everyone. That means lawmakers need all of us to provide input on AI-related policies. It is imperative that they include diverse startup founders and leaders as they consider the AI incentives and regulations that will shape our collective future.
