Tech Equity in Action Report | New Growth Innovation Network

Discover Inclusive Tech-Based Economic Development

Watch this brief video on 5 key strategies for building a more equitable tech ecosystem! These strategies offer practical examples and inspiration for understanding the complexities of achieving equitable outcomes.

Uncover the Numbers

Gender and race demographics

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Geography

The top 20 metropolitan areas that received venture capital investment in 2021 account for over 90% of all venture capital investment that year.

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What is Tech-Based Economic Development (TBED)?

According to SSTI, Technology-Based Economic Development (TBED) is a strategic approach aimed at fostering economic growth by promoting innovation and the integration of technology within industries. The goal of tech-based economic development is to create an ecosystem that supports and leverages technology and innovation to drive economic growth, across a variety of sectors.

Tech-Based Economic Development (TBED) can transform regions by creating higher-wage jobs, expanding industry clusters, and boosting regional GDP, with high-tech workers earning 70% more than the average industrial worker.

Why is Inclusive
TBED important?

Inclusive Tech-Based Economic Development (I-TBED)

I-TBED uses technology to drive equitable growth, creating opportunities for underserved groups like BIPOC, women, and overlooked communities. It aims to break down barriers in tech by supporting diverse founders and promoting inclusive wealth-building.

Goals of I-TBED

Define and prioritize equity from the start, engaging underrepresented communities in decision making.

Create pathways for employment, ownership, power, and wealth in the innovation economy.

Address systemic inequalities and promote inclusivity using intersectional frameworks.

Improve STEM education pathways by addressing barriers to higher education.

Promote the contributions of BIPOC and women in tech to change the narrative.

Break down financial barriers and improve capital access for BIPOC and women tech founders.

Despite various barriers to achieving these goals, many believe that technology and innovation can and should create opportunities to reduce inequality, — but equitable and inclusive outcomes will not happen without explicit interventions and intentionality.

Five Pillars of Inclusive Tech-Based Economic Development (I-TBED)

01

Equity First, Always

Proactively design and implement programs that address the specific barriers faced by underrepresented groups, including BIPOC communities and women. Equity isn’t an afterthought; it’s the foundation of every decision.

02

Be Data-Driven and Data-Informed

Leverage comprehensive, disaggregated data to understand who is being left behind in your community and why. Use this data to continuously refine strategies, ensuring that equity goals are met and progress is tracked over time.

03

Utilize Asset Based Approaches

Recognize and build upon the existing strengths and resources within under-invested communities. By valuing local assets—whether human, cultural, or economic—you create new pathways for inclusive growth that are deeply rooted in the community.

04

Put People Over Profit

Center the needs and well-being of individuals, especially those from marginalized groups, in tech-based economic initiatives. Offer holistic support, including mental health services and innovative funding options, to ensure long-term success beyond mere financial gains.

05

Remember That Change Takes Time

Understand that achieving true equity requires sustained effort and systemic change. Engage in continuous collaboration with partners, focusing on long-term policies and processes that dismantle barriers and foster inclusive prosperity over time.

Read the full “Tech Equity In Action” Report

The Tech Equity in Action report provides best practices for inclusive tech-based economic development (TBED), emphasizing processes and outcomes that support diverse participation in the economy.

Recommended reading for: community and economic development professionals, and members of the broader tech ecosystem, such as universities, accelerators, founders, and investors.

Download the “Tech Equity In Action” Report and Worksheets Download the “Tech Equity In Action” Report and Worksheets

Meet the Author, Mari Kate Mycek, Ph.D

Mari Kate Mycek is an advisor at NGIN with experience in economic development, social research, and sociology. She has worked on COVID-19 recovery and resiliency plans, placemaking innovation challenges, and technical assistance programs. Mari Kate holds a Masters and Doctorate degree in Sociology from North Carolina State University.

Meet Our Funder

This work was made possible through the generous support of the Siegel Family Endowment-- a philanthropic foundation that aims to understand and shape the impact of technology on society by supporting organizations working at the intersections of learning, workforce, and infrastructure.

Siegel Family Endowment

Equity in Every Sector, Even Tech