Dan Schulman is the CEO of PayPal. Robert F. Smith is the CEO of private equity firm Vista Equity. Rich Lesser is the CEO of Boston Consulting Group. The opinions expressed in this commentary are their own.
Amid the national reckoning over racial inequality, corporations and foundations across the country have pledged roughly $11 billion to support causes that promote racial equity. Yet to date, only about half of that promised amount — roughly $5.8 billion — appears to have translated into real investments in the many organizations that are working day in and day out to create lasting change in communities of color. This slow pace of investment must be addressed if we are to successfully tackle the urgent and pervasive challenges before us.
The reasons for the lagging rate of real-world contributions have become increasingly clear. On the one hand, companies have struggled to decide where to funnel their investments given the breadth of the problem and the sheer number of organizations. Companies have also faced difficulties in measuring the success of their commitments in the short term, as results can sometimes take years to come to fruition.
Complicating things further, nonprofits and other organizations have had a difficult time navigating the vast landscape of available resources and making the social connections necessary t
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