#Monday Motivation — Meet The Investors tackling the lack of diversity in tech
Why is there a lack of women founders and investors in the tech industry? The Investors at Inspirefest 2015 had a refreshingly frank and open discussion on this challenge.
One of the highlights from Inspirefest 2015, the investor panel, brought straight-talking and fearless debate to the worlds of investment and technology. The powerhouse panel included Julie Sinnamon, CEO of Enterprise Ireland; Adam Quinton, founder/CEO of Lucas Point Ventures; Sharon Vosmek, CEO of Astia; and Nnamdi Okike, founder/CEO of 645 Ventures, and was chaired by the formidable Kara Swisher, co-executive editor of Re/code.
Adam Quinton started off the discussion by making an observation — “It’s not a pipeline problem, that’s just a bullshit observation that some people make . . . The last time I checked, the population was 50:50, so tell me why only 2.7pc of venture-backed companies have female CEOs. If you don’t understand that there is a problem, then you’ve got a problem.”
So what is the problem?
“The fundamental problem, especially in Silicon Valley, is that it loves to think it’s a meritocracy, which is bull. It’s not. It’s a ‘mirrorocracy’,” he claimed, explaining that those in the male-dominated tech industry like to work with others similar to them, to the detriment of diversity.
Calling out unconscious bias, Quinton says that it’s often used as a poor excuse for lack of diversity: “It gives too many guys a free pass. Sometimes they’re just sexist.”
Adam Quinton and Kara Swisher call BS on VCs ‘unconscious bias’ at Inspirefest 2015
Commenting on women’s confidence, Kara Swisher noted, “While I like Sheryl Sandberg, it shouldn’t be that you have to lean in so much that you fall over.”
Nnamdi Okike, speaking on venture funds, said that more women are now setting up their own funds, and they in turn are more likely to invest in female-founded companies. Although, ideally, he would hope to see more diverse venture funds investing in diverse companies: “Statistics generally show that when you have diverse opinions you have better results and better decision making. Unfortunately, that hasn’t really happened.”
Speaking about Enterprise Ireland’s efforts to fund more female entrepreneurs, CEO Julia Sinnamon said, “It’s not an equality issue; it’s only good business sense. We aren’t interested in investing in women because of equality, it’s because we need more good businesses.”
“I was appalled, disgusted and pissed” — Sharon Vosmek commenting on the Ellen Pao trial.
Sharon Vosmek comments on the Ellen Pao trial
The Investor Panel
Inspirefest returns to Dublin from 30 June to 2 July 2016, with a new and exciting investor panel planned. Keep an eye on this page for some behind-the-scenes insights into Inspirefest and follow us on Twitter, Facebook, LinkedIn, Instagram and Google
Visit our website to buy tickets while the Super Early Bird offer lasts.
