Digital Journal: Here’s what needs to be done to fix tech’s bias problem
Digital Journal published an article on the tech bias problem, featuring Canadian Equality Consulting (CEC). James Demers, Senior Strategist at CEC, presented at Calgary Innovation Week about the need to address bias in venture capital, hiring and management in the tech industry.
Only 1% of venture capital in the U.S. went to Black founders in 2020, and women-led startups received a mere 2% of venture capital funding, said James Demers, senior strategist and trainer at Canadian Equality Consulting, at a Calgary Innovation Week.
Demers was talking about how mitigating bias when investing in founders — as well as hiring for and managing tech workplaces — can unlock untapped innovation and fuel economic growth.
You’ve probably heard stats like these before, but here’s one more for good measure:
“Diverse teams are 35% more likely to outperform non-diverse teams, boosting revenue and profitability in innovation-driven sectors,” shared Demers, illustrating that investors miss out on significant opportunities when they overlook founders from diverse backgrounds.
“There is one trans millionaire in North America. She runs Formula race cars, but is exceptionally rare. And that’s not because there is a lack of women who are interested in tech. It’s not because there aren’t people of colour who are interested in engaging and bringing that knowledge to the table. This is about opportunities,” he said.
Read the full article here.