California bill could lead the way in diversifying venture capital investments

Sand Hill Road in Silicon Valley’s Menlo Park is often referred to as the main street of venture capital. Funding from these influential firms can launch a startup into the big time — sometimes unicorn status. But just 2% of venture capital goes to all-female teams. That figure is even lower for Black women and Latina founders. A bill just passed by California lawmakers, SB 54, offers a first-in-the-nation push to gather the statistics on who’s getting all that highly sought-after cash. Gov. Gavin Newsom has until next week to sign it into law. Marketplace’s Lily Jamali spoke with reporter Hanisha Harjani of The Fuller Project about how it would work. The following is an edited transcript of their conversation.