Sky to back black-owned and black-led business in the UK to tackle inequity

Sky has unveiled a £1m (US$1.3m) enterprise initiative to support black entrepreneurs.

Dana Strong

The European media firm has identified a lack of black founders as a key barrier to increased diversity in British business and believes economic prosperity is at the heart of equity for the black community.

The enterprise initiative will support the development of black-owned and black-led business in the UK, with the aim of creating increased diversity in Sky’s supply chain in the future.

It comes after Sky earmarked £30m over three years in June 2020 to: improve black and minority ethnic representation at all levels within Sky; make a difference in communities impacted by racism; and use the power of its voice and platform to highlight racial injustice.

The new allocation of funds will support black business founders in the UK by: identifying the barriers to succeeding faced by black entrepreneurs in the UK; delivering practical solutions to support black entrepreneurs to succeed, including a combination of business advice, mentoring and financial support; and creating the opportunity to access Sky’s own supply chain.

In January 2021, Sky set targets to increase ethnic diversity and representation across its UK workforce. By 2025, Sky is aiming for 20% of its employees in the UK and Ireland to be from black, Asian or ethnically diverse backgrounds, with at least a quarter of those being black. This target also applies to Sky’s leadership team.

Sky group CEO Dana Strong said: “We believe we have an opportunity to stand against racial injustice, and to tackle the barriers to success faced by black people in the UK.  This new fund will help black entrepreneurs to succeed and to drive economic prosperity, which is at the heart of equity.”