The Tech industry loves to use (and abuse) the word “disruption”.
New technologies bring amazing solutions and ideas which radically change our way of living, working and even dating 🙂 But there is one area where things are even worse than in traditional industry: diversity.
One can think that the reason why female founders struggle to raise money is their lack of technical background but data shows that it can not be the only reason: Atomico’s report The State of European tech 2018 revealed that only 1 female CTO out of 175 CTOs raised a series A or B in 2018.
The invisible growth force
Yet startups co-founded by women are performing 63% better than all-male founded teams, according to the early-stage VC fund First Round. A recent study from BCG shows that ROI is 12% higher for Gender-mixed startups than others: for every dollar of funding, gender-mixed startups generate 78 cents while 100% male-founded startups generate only 31 cents. Moreover, Capital firms that increased their proportion of female partner hire by 10%… had 9,7% more profitable exits!
Most investors are not aware of these figures and thus miss opportunities that the male-centered investment ecosystem is unprepared to understand.
Why is Tech so Lousy with Women?
Tech industry was created in Silicon Valley on a strong bro culture with a single profile: white young boy graduated from one of the elite schools. Over the years, the tech boy’s club developed a non-inclusive culture, with their own circle of recommendations, backing friends of friends.
Emily Chan, author of Brotopia : “The tech industry doesn’t simply tolerate gender discrimination, it’s hardwired to marginalize women”.
Sexism is one of the biggest issues revealed by the #MeToo movement in 2017: Uber, 500startup…were charged for sexual harassment. This leads to innovative tech solutions to fight again this scourge, like the non-profit Callisto, funded by YC.
One year later, can we say that things have changed? Not really: Atomico’s report states that 46% of women have faced discrimination while working at European Tech. And First Round state of startups 2018 revealed that 59,9% of the respondents have experienced or know somebody who has experienced sexual harassment in the workplace.
It’s time to be #50inTech
Women of the tech ecosystem are organizing themselves. First, in the VC world, All Raise a non-profit organization was founded on April 18 by 34 senior female investors, dedicated to diversity in funders & founders. Another sign of change, gender lens funds grew up from 58 to 87 from 2017 to 2018!
A huge trend is growing in the US with the creation of a trustworthy networking place for women entrepreneurs and women in Tech. You may have heard about Girl boss collective, Bumble Bizz or Elpha…
At 50inTech, our goal is to increase the number of women in tech up to 50%, because we truly believe that women can change the face of the economy and that they are a huge reservoir of growth.
50inTech is willing to make a contribution to the cause first in the EMEA region. How? By building a unique place where women in tech and the tech ecosystem can meet and match. To crack the code, we want to build a women-centered solution, that engages the entire ecosystem including men allies.We believe that the solution won’t come from women or men only, but from women and men together to build a gender-balenced ecosystem.
50inTech is 100% inclusive!
Let’s “disrupt” the Tech ecosystem together 💪🏽