This isn't very acceptable to say at the moment (hence the throwaway account), but it seems like it would make a lot more sense for preferential treatment to come earlier in the pipeline. That is, instead of VCs using race as a major factor in determining who to fund (especially 1M+ rounds), race and other similar factors can be used to help provide training, networking, and other opportunities that help give historically under-served populations more of a fighting chance to someday be in a position to raise funding.

This is even more unacceptable to say right now, but many of us white males get ignored by VCs and we know it isn't because of our race or gender. It's because VCs won't fund you if they don't think you'll make a 50-100x or more return for their LPs.