The technology industry has gained a reputation for being unwelcoming to and biased against women. Figures from the World Economic Forum show that only 24% of information and communication technology jobs are held by women. Women occupy just 11% of executive positions in Silicon Valley and outside the valley, its 25% with 5% of tech startups being owned by women.
But the figures don’t tell the truth. These statistics mask the fact that more and more women are building tech businesses and designing innovative products. It’s no secret that traditionally, VCs haven’t been the most inclusive. In fact, only one in 10 dollars of venture capital funding goes to start-ups with at least one woman founder. Despite facing uphill battles in the tech industry, female founders are successfully raising funds from Venture Capitalists.
Today, VC-backed women-led tech firms bring in as much as 12 percent higher revenue than male-owned tech companies. When they do secure funding, female leaders not only do well, but excel with their ROI being a whopping 35 percent higher on a global scale.
Why diversity counts in Technology
Women establish businesses differently than their male counterparts. From being able to think outside of the box, to pulling in thinking that strays from conventional business structures, there’s a need for continued gender equality in this burgeoning space.
To advance this growing trend, the tech and VC communities must continue to open doors and offer support to as many diverse ventures, and populations as possible. This diversity requirement extends to the workplace and leadership as well going beyond the traditional “all-boys club.”
The technology sector is increasingly looking at not merely science or computer graduates, but students from other streams as languages, social sciences and philosophy among others. A much broader approach than other industries in recruiting, and the more diverse the better.
As Nicole Eagan, chief executive of UK-based cyber security company Darktrace says - “To build a company you need a diverse team — you don’t want clones.”
Moving ahead in this vein is increasingly evident in the real world. An overwhelming majority of world’s leading women entrepreneurs coming from the field of technology. CIO magazine’s Top 20 Female Entrepreneurs to Watch in 2017 is populated almost entirely with leaders from the tech sector. These include path-breakers leveraging technology in niches as varied as Health Testing, Business Networking, Rocket Science, Health Food, Finance, Fashion, Marketing and VR. You can check out the whole list here...
It might not be long before some of these innovators and disruptors find their place among the world’s leading personalities as the head of a tech behemoth of the future. And make no doubt about it, the future is female.