The Consumer Technology Association (CTA) announced today at CES® – the world’s largest and most influential tech event – that CTA will invest $10 million in venture firms and funds focused on women, people of color and other underrepresented startups and entrepreneurs.

“To continue to evolve and grow, the tech industry needs more equal access to venture funding,” said Gary Shapiro, president and CEO, CTA. “Various research reports indicate diverse teams make better decisions and achieve greater profits. At CTA, this is one more tool we are deploying to help promote diversity in the technology industry.”

“The U.S. needs to invest in a diverse talent pool to capture great ideas and innovation and help birth more ‘unicorn’ companies,” said Tiffany Moore, senior vice president, political and industry affairs, CTA. “CTA is committed to this investment and will work with established funds and fund managers who focus on women, people of color and other underrepresented groups.”