Earlier last week, Binary Capital cofounder Justin Caldbeck resigned from his post amidst charges of sexual harassment from six female entrepreneurs.
Kathryn Minshew, cofounder of career advice site The Muse, was forced to fight off an investor’s advances during what she thought was a business meeting, but he thought was a late-night date.
Recently, someone claiming to be a venture capitalist said he doesn’t hire women because he is afraid he’ll be sued.
These are just a few examples that show the technology industry has major problems when it comes to gender and sexism. Women make up only 7 percent of investing partners at the top 100 VC firms. A Bloomberg analysis found that companies led by women receive on average funding of about $77 million, compared to companies led by men, where the average funding is about $100 million.
When the gender ratio is that imbalanced in the technology industry, it is obvious men wouldn’t think about what’s appropriate and what’s not. Being a male dominated industry, the rules are set by the men and in order to break through and find success, sometimes, women are put in a situation where they have to raise their voice or lose their integrity. When faced with an accusation, most men deny it or blame it on the woman.
If it is hard for women entrepreneurs, then it must be tougher for female venture capitalists who make up just 4.4% of the industry, according to analysts at PitchBook.
“I think we need more women investors, women entrepreneurs, and women technologists,” says Shereen Shermak, currently chief executive of early-stage venture capital firm Launch Angels.
More female women investors are needed in the cutthroat venture capitalist world. Only by having an open conversation and evaluating the facts can we make progress in reducing, and subsequently ending, gender bias in fields of technology and finance.
Megha Shah for TechFunnel.com