IBM and Pfizer made similar million-dollar committments.
Intel is looking to drive diversity and restore balance to the male-dominated tech industry by pledging to spend $100 million with women-owned businesses.
The million-dollar commitment, spread over the next three years, was announced alongside similar commitments made by IBM and Pfizer at the 2017 Global Citizen Festival in Hamburg, Germany.
Intel, with the investment, is looking to boost inclusive sourcing in its supply chain as the tech giant believes that it will foster ‘economic empowerment within underrepresented minority groups.’
“Diversity and inclusion are critical underpinnings to our constantly evolving culture at Intel,” said Barbara Whye, Intel chief diversity and inclusion officer and vice president of Human Resources.
“They accelerate our ability to consistently innovate and drive the business forward. Supplier diversity adds tremendously to our competitive advantage while stimulating growth in a global marketplace.”
The $100 million investment is part of the 2015 commitment made by Intel to increase spending with diverse suppliers to $1 billion annually by 2020.
Further driving diversity, the chip giant will also be sponsoring diverse entrepreneurs around the world to attend special educational programs focused on helping diverse businesses. There are currently 18 countries included in Intel’s global diverse supplier program.
Intel’s commitment to diversity was bolstered earlier in the year with CEO Brian Krzanich announcing the Diversity in Technology initiative.
“We’re calling on our industry to again make the seemingly impossible possible by making a commitment to real change and clarity in our goals,” said Krzanich.
“Without a workforce that more closely mirrors the population, we are missing opportunities, including not understanding and designing for our own customers.”