Techstars in conjunction with Chase for Business commissioned a Lawless Research survey to find out startup feelings toward diversity. Nearly 700 founders and executives of tech companies participated, revealing that most of them (72% to be exact) thought “that building diversity in their companies was very or extremely important to them” Unfortunately only 23% felt that diversity led to financial gain.
According to a 2015 study by McKinssey & Company, companies with more gender and ethnic diversity “are more likely to have financial returns that surpass their industry medians” (15% and 35% respectively). The report goes on to state that “For every 10 percent increase in racial and ethnic diversity on the senior-executive team, earnings before interest and taxes rise 0.8 percent.”
Connecting McKinssey’s findings with startup culture has been an issue, but Techstars is looking to improve current standings. Over the next four years, Techstars is committed to “doubling the number of women and underrepresented minorities accepted into its accelerator program.” This is an excellent way to help improve an industry lacking in diversity while expanding the accelerators reach with underrepresented communities.
Changing tech culture is hard, but not impossible, and Techstars is doing their part.