Tech could be best suited for driving social change towards diversity. So why isn’t it diverse?
There are paradigms and there are perplexities. The relationship between tech — which means change, by definition — and diversity remains, well, awkward.
Silicon Valley, the self-titled cradle of global innovation, has always praised itself for being a place where talent and hard work are all that matters. It comes with no surprise though that historically it’s mostly applied to a select group of wealthy and well-connected men. So far, the tech industry has a reputation of being especially male-dominated, even within the repelling tech bro-culture. However, there are reasons to remain hopeful that financial technology in particular will use its potential to bring positive social impact, if only we intentionally design it in an ethical way.
Modern financial technology is first and foremost a community-driven movement enabled by decentralized technology innovation. Access, collaboration, transactional transparency, user anonymity and knowledge-based social proof are at its core. All of these characteristics are extremely beneficial for women and minority users willing to find a safe digital outlet and an online community that values them for what they have to say rather than how they look. Even though tech is still a “1% conversation” for now, the early stage timing is advantageous for diverse leaders willing to join the community and lead by example.
“When we first started in 2017, blockchain and fin tech was on the rise and numerous clients in this space came to us” — shared Daria Gonzalez, founder of a women-owned branding agency Wunderdogs. “You have to know what’s going on at all times to be a reliable partner and community member in this industry — says Gonzalez — but the industry desperately needs more diverse players — in terms of race, gender, skill sets — without diversity, it will never achieve its full potential. It’s a great opportunity — not without a steep learning curve, but it’s all worth it.”
Wunderdogs started in 2017 with two female co-founders, and in a little over a year, the company served 30+ clients and helped its early stage clients raise a total of $143M. Daria is a GSB Stanford graduate. She left early stage investor seat to launch a branding agency and now works with fin tech companies.
“Joining the fintech movement, even in its peak hype, changed our business. It has so much potential, and it feels so real and empowering that we are actually shaping it, now, together. It’s a clean slate. There’s a place for everyone to join, contribute, and matter — independently of who you are and what initial skill set you have” — says Daria — “It’s not only the scaling challenge that has to be solved for fintech to obtain widespread adoption. According to Bloomberg, 80% of purchasing decisions in the world are made by women. Fintech in particular won’t go anywhere without us; it’s adoption depends on securing a strong presence among women and minorities around the globe. Without diversity fintech has no future” — adds Gonzalez.
For the fintech industry to advance in its efforts and turn truly mainstream, diversity can be of immense value. The math here is simple: The more perspectives are taken into account, the better the ecosystem design is. Diversity is one of the greatest enablers for attracting and retaining top talent, which in turn leads to innovative solutions and results for business. And even though cultural shift towards it is a big business commitment, the benefits seem disproportionate.
