Is this your company? Claim your company profile and add your own content to this page
| Small and Diverse Business Spending | $1 billion |
|---|---|
| Minority-owned | Not Reported |
| Woman-owned | $279 million |
| Veteran-owned | Not Reported |
| LGBT+ -owned | Not Reported |
| Disabled Person-owned | Not Reported |
Beginning January 1, 2021, Intel will only retain or use outside law firms in the U.S. that
are above average on diversity measures
Intel has integrated requirements for including diverse suppliers into its primary none diverse suppliers
Intel Capital targets funds specifically for diverse founders
The world’s largest manufacturer of semiconductor chips appears to have a sound Supplier Diversity Program. While its annual spend with diverse suppliers has only just crossed the billion-dollar mark, Intel has established comprehensive diverse supplier development processes which have helped the company reach this goal quicker than targeted.
The company which had planned to spend a billion dollars with diverse suppliers in 2020, managed to spend $1.02 billion in 2019. It has set goals to spend $250 million with US Black owned suppliers and $500 million with minority-owned suppliers globally by end of 2023; and $500 million with women-owned businesses by end of 2025.
Intel has also taken a stance along with other major corporations to call for action that promotes diversity in the legal profession. In 2019 Intel adopted the ‘Intel Rule’ which states that from January 2021, Intel will not retain or use law firms in the United States that do not have women making up at least 21% of the firm’s U.S. equity partners and at least 10% of the firm’s U.S. equity partners being underrepresented minorities.
Intel also has a tier 2 policy, requiring its prime suppliers to target 10% diverse spend themselves. Failing to meet this objective has to be documented with Intel by providing evidence of a lack of available diverse suppliers. This is one of the more stringent requirements amongst large corporations.
Intel is committed to supporting the development of a diverse technology industry and has taken a stance to invest in diverse-owned technology start-ups as well as education and mentorship initiatives. One of those initiatives is Intel’s $125 million investment in technology companies led by women and underrepresented minorities.
The initiative was further grown to include start-ups led by entrepreneurs living with disabilities, U.S.-based entrepreneurs from the LGBT+ community, and U.S. military veterans. According to Intel, as of 2019 they have invested $381 million in diverse led businesses and such companies make up 15% of its active portfolio.
Intel seems to be succeeding where many Fortune 500 corporations are failing. Key to that is constantly tracking and growing its supplier diversity program. Creative approaches like its law firm and Intel Capital initiatives also separate it from the crowd.
Inclusion of diverse-owned suppliers is built into our operations, and outlined in our Supplier Diversity Policy. We have integrated requirements for including diverse suppliers into our supplier bidding, selection, and management processes, and in our Supplier Continuous Quality Improvement (SCQI) award. We apply these expectations and requirements to tier 1 suppliers, and we also expect our non-diverse suppliers to report their own spending with diverse-owned suppliers and subcontractors. In 2019, 53% of our top 120 non-diverse suppliers reported their tier 2 diverse spending, an 18% increase from 2018.
At least 51% owned, controlled AND operated by one or more members of a diverse group:
No User Reviews at the moment
No inspiring stories at the moment
