With new agencies joining the effort, the Diversity Marketing Consortium has pledged $3m to support startups owned by minorities and women.
NEW YORK — The Diversity Marketing Consortium, which was set up last year after four small agencies pledged $1.5m in marketing support for minority and women-led businesses, has doubled that commitment, thanks to four new firms joining the effort. Clarity, Peppercomm, Praytell and Racepoint Global are now part of the consortium, launched last July by SouceCode, Cheer Partners, Social Studies and Superbolt, raising the organization’s total commitment to $3m in pro bono services. Law firm Davis & Gilbert will also be participating, by providing legal consultation to startups that work with the marketing group.
In partnership with venture capital firm Harlem Capital, which specializes in investing in startups with diverse owners, the Diversity Marketing Consortium will be providing the pro bono services over two years as a means of boosting the businesses' success. Recipients will include startups backed by Harlem Capital as well as other applicants. SourceCode managing partner and consortium founder Greg Mondshein said: “Women and minority entrepreneurs continue to face inequality in the startup ecosystem and beyond. We started the Diversity Marketing Consortium with our industry peers to work toward tangible and meaningful change when it comes to the inequities these founders face. “We’re humbled by the interest we’ve received not only from startups, but from additional partners offering their services to the DMC. With these new partners, we’ll be able to expand to serve more founders and we’re excited to see what the future holds.”
The consortium’s move is in keeping with steps agencies have taken to support diversity and employees during heightened racial strife, as they step up efforts to eradicate the systemic racism that plagues industry, including PR. The value of the commitment, however, is notable, given the size and scope of the consortium’s members. Edelman and Weber Shandwick, the world’s largest PR firms, each pledged to provide organizations with $1m in pro bono marketing services in addition to other efforts to fight racial inequality.