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July 10, 2017updated 25 Jul 2022 3:05am

Intel pledges $100m to women-owned business

IBM and Pfizer made similar million-dollar committments.

By Ellie Burns

Intel is looking to drive diversity and restore balance to the male-dominated tech industry by pledging to spend $100 million with women-owned businesses.

The million-dollar commitment, spread over the next three years, was announced alongside similar commitments made by IBM and Pfizer at the 2017 Global Citizen Festival in Hamburg, Germany.

Intel, with the investment, is looking to boost inclusive sourcing in its supply chain as the tech giant believes that it will foster ‘economic empowerment within underrepresented minority groups.’

“Diversity and inclusion are critical underpinnings to our constantly evolving culture at Intel,” said Barbara Whye, Intel chief diversity and inclusion officer and vice president of Human Resources.

“They accelerate our ability to consistently innovate and drive the business forward. Supplier diversity adds tremendously to our competitive advantage while stimulating growth in a global marketplace.”

The $100 million investment is part of the 2015 commitment made by Intel to increase spending with diverse suppliers to $1 billion annually by 2020.

Further driving diversity, the chip giant will also be sponsoring diverse entrepreneurs around the world to attend special educational programs focused on helping diverse businesses. There are currently 18 countries included in Intel’s global diverse supplier program.

READ MORE: Women in tech: Could diversity in the workplace benefit revenue?

Intel’s commitment to diversity was bolstered earlier in the year with CEO Brian Krzanich announcing the Diversity in Technology initiative.

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To support this initiative, Intel set a bold new hiring and retention goal to achieve full representation of women and under-represented minorities at Intel by 2020.
The chip maker also announced plans to invest $300 million to help build a pipeline of female and under-represented engineers and computer scientists; to actively support hiring and retaining more women and under-represented minorities; and to fund programs to support more positive representation within the technology and gaming industries.

“We’re calling on our industry to again make the seemingly impossible possible by making a commitment to real change and clarity in our goals,” said Krzanich.

“Without a workforce that more closely mirrors the population, we are missing opportunities, including not understanding and designing for our own customers.”

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