by Ray Hayes
It is no secret that Silicon Valley struggles with workplace diversity. While minor improvements have been made over the past few years, major changes have been few and far between. Despite the issues plaguing the overall tech industry, one sector of Tech is struggling more than others.
The investment arm of technology, i.e. Venture Capital is seeing terrible diversity numbers with little reason to think any change is coming.
As reported by Richard Kerby, a partner at Equal Ventures, “Just one percent of venture capitalists are Latinx and only three percent are black. White people, unsurprisingly, make up 70 percent of the venture capital industry.” While an increase from 2016 where black and Latinx women made up zero percent of employment, these numbers are still bad.
The crux of the issue may result in the fact that 40 percent of venture capitalists come from two schools, Harvard and Stanford. With such a “standard” in selection, this makes the industry stale and paints a logical picture as to why diversity has not increased.
Not only is the industry suffering from a lack of racial and gender diversity but it is also suffering from intellectual or rather cerebral diversity.
Kerby spoke about the lack of diversity in the industry and how it has affected investment as a whole. “With 82% of the industry being male, nearly 60% of the industry being white male, and 40% of the industry coming from just two academic institutions, it is no wonder that this industry feels so insular and less of meritocracy but more of a mirrortocracy.”