The flaw in this argument is that it makes the implicit assumption that having more startups founded by black or hispanic founders is good just because there are more startups founded by black or hispanic founders.

That there is underrepresentation with respect to a minority is indicative of that minority generally having lower socioeconomic status, and perhaps prejudices against it. To try to combat whatever those prejudices may be, the suggestion here is that "diversity is good" and that just having more minorities will help the problem.

The difference is that it actually won't, because now you have a perception of people being given opportunities they don't deserve, just because they are a minority.

A much, much better way to try to deconstruct the sorts of prejudices or minority disadvantages, which this initiative is ostensibly trying to do, is to make these sorts of initiatives open to anyone disadvantaged (such as the poor), and invest in programs targeted at children in poorer (disproportionately minority) communities.