02 Dec Why Is European Tech Still Failing On Diversity And Inclusion?
On Thursday at Slush, the buzzy tech conference which brings together 20,000 people in Helsinki each year, Venture Capital firm Atomico released its 5th edition of the State of European Tech Report. The report has become an essential resource for the industry; it’s the most comprehensive picture of what’s happening in European tech beyond the hype and headlines.
The story is on the whole a good one, with a record investment of $34.3 billion invested across the continent. This year, like last, the Atomico team have made a particular effort to understand how well European tech is doing on Diversity and Inclusion (D&I). The answer?
According to the report, $92 in every $100 invested in 2019 went to all-male founding teams and funding to all-female teams has actually dropped since last year. Of the hundreds of founders that responded to Atomico’s survey, 84% self-identify as white, and just 0.9% are black. 82% of founders are university educated, as compared to the 35% of people across Europe.
The statistics are numerous and they tell the same dreary story; Europe is not making meaningful progress in building a technology industry where anyone, from any background, can succeed and thrive.
We know the issues, they’re discussed ad nauseam at conferences like Slush, in the headlines of industry press and of course on Twitter, the water-cooler of the industry. So why isn’t progress faster? There are five key areas that come through from reading the report which highlight why things aren’t changing, or aren’t changing fast enough.