The family foundation created by Starbucks founder Howard Schultz and his wife plans to invest $100 million in a fund targeted toward 'diverse businesses as vehicles for fostering a more inclusive economy.'
Given that diverse businesses have “the potential to be a powerful way to increase economic and social outcomes for historically disadvantaged communities,” the EEF also plans to dole out grants to boost mentorship, training, and research of the founders it funds.: “America’s future rests on our entrepreneurial fire. But in recent years, the spark within many entrepreneurs has struggled to find the oxygen to burn bright,” Schultz said in a statement.
“The causes are many: predatory practices, lack of access to capital and social networks, the need for learning and community, and the systemic failures that lead some to not even try,” he added.Schultz, who returned to the helm of Starbucks in April after the sudden retirement of Kevin Johnson, is planning on relinquishing the top job sooner rather than later.
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