Pinterest today announced $1.2 million in additional funding for its Creator Fund, specifically targeting people from traditionally underrepresented groups. The funds – which are a combination of cash grants, ad credits and equipment – will also extend the program through all of 2022.
This year’s effort will have four quarterly cycles: fashion/beauty, wellness, lifestyle/home and food. According to Pinterest, having four cycles allows for more personalized training, and extending those cycles to five weeks from four gives creators access to more dedicated time and resources.
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Individual recipients will get goods, cash and services valuing $25,000 and early access to Pinterest features. They will also get advice and products from each quarter’s corporate sponsor. This year’s first sponsor is L’Oreal USA.
Pinterest started the program last year with an initial investment of $500,000. While it is currently only available to people in the U.S,. the company said it plans to expand it to Brazil and the U.K. later this year.
Why we care. There is a tendency to think of diversity, equity and inclusion efforts as a “nice” thing to do. The fact is they significantly benefit the bottom line, creating improvements and opportunities for businesses in direct, tangible ways. Aiding creators from marginalized communities expands Pinterest’s audience reach and invigorates its offerings.