Silicon Valley Bank and Black Talent Platform Valence Team Up to Increase Black Representation in the Innovation Economy
On March 16, 2021, Silicon Valley Bank (SIVB) announced a partnership with Valence to enhance Black talent representation in the innovation economy. Over two years, SVB will aid 2,000 clients in accessing Valence's platform for recruitment and networking. SVB's participation in Valence's $5.25M equity raise in 2020 underscores its commitment. The partnership aims to improve hiring through job postings, mentorship, and professional development. Notably, 20 SVB clients have posted nearly 3,200 job opportunities, highlighting the initiative's effectiveness in bridging talent gaps.
- SVB partners with Valence to provide access to Black talent for 2,000 clients.
- SVB participated in Valence's $5.25M equity raise, supporting the initiative financially.
- Twenty SVB clients have posted nearly 3,200 job opportunities since May 2020.
- None.
SANTA CLARA, Calif., March 16, 2021 /PRNewswire/ -- Silicon Valley Bank (SVB), the bank of the world's most innovative companies and their investors, and Valence, the leading community to connect and empower Black professionals, today announced a collaborative effort to connect innovative companies with Black talent. Through a two-year partnership, SVB will provide 2,000 of its clients in the technology and life science industries with access to the Valence platform, where companies can recruit and network with Valence's community of Black professionals. SVB also participated in Valence's
"Our long commitment to strengthening the innovation ecosystem is leading to new investments and partnerships to promote voices and perspectives that reflect the world we live in," said Greg Becker, CEO of Silicon Valley Bank. "Access to talent is the biggest challenge we hear from our clients year after year, and we want to help make it easier for companies to hire Black talent, specifically. We're proud to partner with our client Valence to help increase the number of Black professionals in the innovation economy."
Through Valence, SVB clients will be able to recruit, retain and promote Black talent through job postings, mentorship, connections, employee resource groups and professional development opportunities. The partnership also includes sponsorship of Valence Bonds, an exclusive executive coaching program that will launch in June for select Black leaders, and the BoostXL virtual event series featuring one-on-one conversations between professionals such as Orlando Jones, Janice Bryant Howroyd and DJ Jazzy Jeff.
"Silicon Valley Bank has been a critical partner in supporting the growth of Valence," said Guy Primus, CEO of Valence. "They were there for us in our earliest days, supporting our mission and the Black community. They have an incredible network in the tech and venture community and we're thrilled to be a part of it. We look forward to our continued collaboration as we promote Black talent in the innovation economy."
Twenty Silicon Valley Bank clients including Medallia, Upwork, and Wayfair participated in the partnership pilot and collectively have posted nearly 3,200 job opportunities to the community since May 2020.
"It has been a wonderful experience going through the SVB + Valence partnership pilot these past few months," said Ryan Gilchrist, Global Head of Talent Acquisition at Wayfair. "We've discovered exceptional talent and provided resources to our WayBlack employee resource group through the platform. Valence has provided outstanding industry knowledge and operational expertise throughout the process. We look forward to further leveraging the Valence platform to source and engage Black talent."
Founded in Los Angeles in 2019, Valence's mission is to create new paths to success for Black professionals. The Valence platform connects, showcases and empowers the Black professional community through career development and funding opportunities.
Building a more diverse, equitable and accessible innovation economy is the focus of SVB's Access to Innovation initiative. For years, SVB clients have shared that their top challenge is finding talent with the skills needed to grow their businesses. SVB recognizes that diverse workforces create strong companies, and that it behooves companies to broaden the sources they leverage in their recruiting efforts. Through Access to Innovation programs, partnerships and financing, SVB is building educational, employment and funding pathways by nurturing emerging talent, expanding connections and funding for Black, Latinx and women founders and venture capital investors, while working toward gender parity and diversity in leadership.
About Silicon Valley Bank
For more than 35 years, Silicon Valley Bank (SVB) has helped innovative companies and their investors move bold ideas forward, fast. SVB provides targeted financial services and expertise through its offices in innovation centers around the world. With commercial, international and private banking services, SVB helps address the unique needs of innovators. Learn more at svb.com.
©2021 SVB Financial Group. All rights reserved. SVB, SVB FINANCIAL GROUP, SILICON VALLEY BANK, MAKE NEXT HAPPEN NOW and the chevron device are trademarks of SVB Financial Group, used under license. Silicon Valley Bank is a member of the FDIC and the Federal Reserve System. Silicon Valley Bank is the California bank subsidiary of SVB Financial Group (Nasdaq: SIVB).
About Valence
Valence's mission is to create new paths to success for Black professionals. The Valence platform connects, showcases and empowers the Black professional community through career development and funding opportunities, with an eye toward a future where there are generations of Black professionals who are skilled in the art of business. Valence also partners with companies to help them recruit, retain and promote Black talent. Join by signing up at www.valence.community.
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SOURCE Silicon Valley Bank
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