Be a Champion of Change This International Women’s Day
Imagine a gender equal world. A world free of bias, stereotypes, and discrimination. A world that’s diverse, equitable, and inclusive. A world where difference is value d and celebrated. Together we can forge women’s equality. Collectively we can all #InspireInclusion.”
A message from our Partner, Stefania Ponzo -
“Inclusion cannot be outsourced. It’s not a membership you subscribe to, it’s not a system you enforce, and it’s not a process you endorse: it has to be (or become) a part of your DNA.
Women equality is consistently at the centre of media coverage, with an ever-increasing number of initiatives aimed at addressing the diversity gap at work and in society. However, the progress is still too slow — Why are we not seeing the results?
It is time to shift the focus to delivering tangible change. My commitment on this IWD and every day is to #InspireInclusion through action, accountability and tangible change.
“One action is worth more than a thousand words” — As mother of 3 young children and keen athlete I am a firm believer that what you do has much bigger impact than what you say, and 1% marginal improvement can compound into remarkable change. My commitment is to act as and showcase role models to the incredible women in our team and our industry, to build a culture where women don’t have to choose between private and professional fulfilment, but can have both, and are celebrated for it. Inclusion should not be a once-a-year initiative but the lens through every decision, big or small, is made.Everyone is responsible for inclusion, and we can only ever achieve real impact if the reason why it’s important is clear to all. My commitment to #InspireInclusion in 2024 (and beyond) is to make the why clear, unavoidable and present. Here’s WHY:
- In the words of one of the greatest artists of all time, Pablo Picasso, “There is only one way to see things, until someone shows us how to look at them with different eyes.”
- Diverse perspectives are an essential catalyst for growth and innovation
Inclusion is not yet another dry target — it is the lens through which we can achieve positive business outcomes and real societal advancement. Let’s act together today!
HOW PI LABS WILL #INSPIREINCLUSION?
Michael Murad (Partner):
Diverse teams make the best decisions, whether that is gender, nationality, race or other. For International Women’s Day, I’d like to personally celebrate the females in our team whom I have the privilege of working with day-to-day. Having the privilege of an almost 50:50 gender split in the entire Pi Labs permanent team (which we are really proud to have achieved and will strive for better over the coming 12–18 months), some of the things this results in for Pi Labs is as follows:
- Diverse perspectives that foster creativity and innovation
- Enhanced decision making — our team comes from different backgrounds, with differing skills and viewpoints which helps us arrive at better, well-rounded solutions
- Talent attraction — we are well aware that candidates look favourably on our attention to diversity, equality and a positive work environment
- A sense of belonging for all team members where everyone is encouraged to contribute
- Reduced gender bias and stereotypes — our almost even gender team balance helps challenge and break down gender biases and stereotypes
Per PwC’s 2022 report, in the UK the percentages of women in full time work vs males was 68.4% vs 89.9% respectively which suggests there is still a long way to go to reach parity. We at Pi Labs will be striving for improvements in 2024 and beyond:
- Continue to ensure fair and equitable pay regardless of gender, race, nationality etc.
- Continue to review and improve our policies and procedures, such as our family friendly policies.
- Continue to empower our female workforce, and encourage the senior female team members to be role models for the newer more junior females in the team.
- Challenge our hiring processes to ensure we see a candidate pool coming from various backgrounds.
- Challenge our investment processes to ensure any founder(s) regardless of their background, can apply and have fair consideration.
- Ensure all our well-being and social initiatives foster a positive and inclusive culture
Juliet Kerr, (Investment Analyst):
Diversity — whether of gender, social background, or ethnicity — undoubtedly fosters new ideas and innovation: it’s our unique experiences and circumstances that bring new perspectives and challenge the status quo.
In both tech and real estate, female representation is undeniably still too low, and sitting at the intersection of the two, we can clearly see the work still to be done. At the same time, we’ve been able to invest in brilliant female founders who are not only building great start-ups that are shaping the future of our cities, but also inspiring the next generation of entrepreneurs.
Seeing diversity in leadership is vital — from seeing women lead ground-breaking companies, to watching investments being made by female decision-makers. At Pi Labs, we’ve built a team where all voices are heard, with great women across all levels of seniority. Not only does this arguably lead to better investment decisions, but hopefully also encourages more women to consider VC as a career path.
Sanober Jakhrani (Brand & Marketing Analyst):
Women, particularly those from minority backgrounds, often face unique challenges when navigating the work environments. In such a case, shifting the focus away from gender and ethnic backgrounds allows them to overcome stereotypes and societal expectations, and empowers them to fully engage their cognitive abilities and creativity. This, in turn, improves problem-solving and decision-making in the workplace.
But creating an inclusive environment goes beyond just productivity in women, a collaborative spirit not only strengthens communities but also contributes to a more cohesive society, promoting equity and diversity in meaningful ways
As highlighted by Winters (2014), the most salient distinction between diversity and inclusion is that diversity can be mandated and legislated, while inclusion stems from voluntary actions.
For women especially from diverse backgrounds, inspiring inclusion means advocating for fair practices and policies that foster growth and advancement. It involves creating support networks and pathways for leadership while challenging systemic barriers. Ultimately, by embracing diversity and fostering a culture of inclusivity, we can pave the way for a more equitable future where everyone has the chance to thrive.
Henry Martin, Business Development Manager:
Plain and simple, the privilege of opportunity (i.e. the likelihood that an individual is presented with an opportunity to better their situation) is currently heavily skewed towards men. And yet, there exists a trove of evidence that demonstrates the vital importance of cultivating a gender diverse workforce and society, not least:
- Diverse companies enjoy 2.3 times higher cash flow per employee (Deloitte, 2015).
- Inclusive teams improve team performance by up to 30 percent in high-diversity environments (Gartner, 2020).
- Companies that are more gender equal have higher profitability, lower labour costs, lower turnover, higher job satisfaction and lower levels of absenteeism (Michael Kimmel, Distinguished Professor of Sociology at New York’s Stony Brook University).
Nowhere is this more on display that with the amazing women in our team at Pi Labs.
The structure and depth of support that Stefania Ponzo (Partner) has brought to our Portfolio Management function is unparalleled.
Our marketing platform has soared top new heights under the driven leadership of Sarah O’Donoghue (Head of Brand & Marketing), supported closely by Sanober Jakhrani (Brand & Marketing Analyst).
When Michelle Wilk (Investment Manager) joined the team at the start of 2023, she brought a fire and passion that immediately took the investment team by storm and brought an exciting and refreshing perspective from her time at Founders Factory and Goldman Sachs.
The ever-changing and rapidly evolving schedules of an early-stage VC are difficult to manage at the best of times, but Jacquita Glyn (Office Assistant / EA) has engineered a hard-fought, thorough, and structured approach to diary management within the team.
The investment team is nothing without the sparks igniting the fuse that leads to us backing some of the most exceptional founders in Europe. Juliet Kerr (Investment Analyst) has been relentless in creating these “sparks” through her robust sifting and screening process.
Last, but certainly not least, my trusted BD teammate Christina Kim. To say Christina has taken the bull by the horns would be the understatement of the century — her tenacious and go-getter attitude put our team values of positivity and curiosity front and centre.
Christina Kim (Business Development Analyst)
In celebration of IWD, I’ve reflected on the incredible support I’ve received from our team in both navigating the VC/tech space and growing as an individual.
Being part of a network of powerful female individuals continues to inspire me to push my limits. I’ve learnt from founders how to position myself and communicate better with my audience, and my ever-supportive team have set a great example in being confident, assertive, and bolder with my opinions.
Strong female role models pave the way for growth, but it’s also about putting the right support system in place that allows people to thrive. I’ve certainly benefitted from working with mentors who have encouraged me to put uncomfortable topics on the table for discussion, or ask about my experiences and are willing to learn from these conversations. This openness is the key ingredient to empowering females and ultimately, shaping a creative, inclusive environment.
Jacquita Glyn (Office Assistant/ EA)
Empowering and celebrating diversity contributes positively to society and the workplace by fostering inclusivity and tapping into a rich array of perspectives and talents. It is widely understood that diverse teams bring varied skills and insights, enhancing problem-solving and decision-making.
In promoting understanding and empathy while reducing prejudice, diversity drives innovation, productivity, and economic growth.In 2024 and beyond, I will champion a more equal world for women by advocating for equitable policies, supporting women’s leadership, and challenging stereotypes in society and the workplace. Through mentorship, education, and collaboration with organisations, I will strive to break down barriers and create environments where every individual, regardless of gender or background, feels valued and empowered to contribute their best.
Michelle Wilk (Investment Manager)
In VC, studies have shown that diversity of investment decisions increases returns. Human bias means there is a subconscious tendency to invest in solutions to problems we relate to most. Without enough diverse voices around the room, we risk leaving brilliant opportunities on the table. Furthermore, since being well-funded greatly improves a start-up’s odds of success (since you have more capital to hire a team, build product and spend on marketing, at speed), investment decisions often end up becoming self-fulfilling. In short, we back the companies we want to see, and often end up seeing, in the world around us. This is particularly important in the early stages of investing (pre-seed to Series A, where Pi Labs invests), where you have the biggest impact in shaping the initial funding trajectory. This creates a ripple effect.
I hope to meet and invest in many brilliant female-founded companies in 2024 and beyond. Upon joining Pi Labs I had the pleasure of leading our investment in Tangible — founded by Nicole & Anneli — two impressively smart, ambitious, and charismatic founders, led by a female deal team on the Pi Labs side too (myself & Juliet Kerr). The IC also happened to coincide with IWD 2023 (which felt very serendipitous!) More recently we’ve invested in Leise from Pathways who continues to inspire me as a role model of a strong female leader, and my motto going into meetings has become to simply ‘channel Leise’. That said, there is still a long way to go. It is also so important to support and champion other female members of the team, to make sure they get the recognition they deserve. Outside of Pi Labs, it’s great to see some incredible initiatives across the ecosystem, all playing their part. For example, Female Founder Office Hours led by our friends at Playfair, and spearheaded by Clare, Sabina at Frog’s female investor Book Club or Valerie at Albion’s JV Network for female founders.
Sarah O’Donoghue (Head of Brand and Marketing)
In 1971, women in Switzerland were first introduced the right to vote. In 1987, girls in Austria were allowed to take geometry in school. In 2021, a black female was elected as the Vice President of the US for the first time. Today, across the globe, women still only have three quarters of the legal rights afforded to men. In our lifetime, women are still overcoming obstacles: economically, societally, professionally, and in education. But the milestones above — although a little late — prove that change is possible, and it’s in our hands.Empowering and celebrating diversity — whether in the form of race, gender or nationality — opens up our world for opportunity, kindness, equality and let’s face it, greatness. I’ll #InspireInclusion in 2024 (and beyond) by never shying away from the work we need to do — from celebrating all achievements (big and small) to never saying ‘use your voice’ but rather creating a platform for all voices to be heard.
