This week, the Subcommittee on Consumer Protection and Commerce of the Committee on Energy and Commerce holds a hearing on inclusion in the technology sector. We commend the subcommittee for turning their attention to this critical topic. A more diverse workforce means better representation in the development of products and, ultimately, how well they’ll improve people’s lives.

There’s a convincing business case for investing in diverse talent. Companies with racial, ethnic and gender diversity are 35 percent more likely to have financial returns above national industry medians, according to McKinsey. So, encouraging greater workforce diversity isn’t just the right thing to do – it’s the smart thing to do.

However, people of color and women are underrepresented in the industry. According to data from the Equal Employment Opportunity Commission, about 20 percent of executive jobs are held by women. In contrast, 29 percent of women held executive roles in the private sector. And Hispanics and African Americans held less than two percent of those jobs in the industry.

According to data from Pitchbook, all-women teams in the U.S. received only two percent of venture capital in 2018, while their counterparts received 79 percent of VC dollars. And women of color on average, earn less than one percent of the total funding each year, according to Fortune.

That's why CTA recently announced we will invest up to $10 million into venture firms and funds focused on funding underrepresented founders, women-led startups and diverse leadership teams. Our goal -provide resources that encourage underrepresented founders, women-led startups and diverse leadership teams to push the boundaries of innovation and change the industry for the better.

For the industry to meet its potential, different voices, backgrounds, genders, ethnicities and perspectives must be blended into the workforce. We are eager to share with you our next steps. Stay tuned.

For more information on how diversity is shaping the industry, check out our CES podcast which features two non-profits, Alice and latinoTech, that help woman and Hispanic entrepreneurs grow their businesses.