Eighty years. That’s how long the World Economic Forum estimates it will take to reach gender parity in the workplace. Though women are starting companies at 1.5 times the national average, they are still being poorly represented in the tech and startup worlds, whether it’s joining an accelerator (like Y Combinator), working in coworking spaces, or attending and speaking at events. Last month, Startup Grind Greenwich (along with dozens of other Grind chapters) took steps to change the ratio and harness the power of women in leadership as part of its celebration of Female Founders Month.
In an intimate fireside chat last week, two female dynamos of the business world, GE’s Beth Comstock and former EY executive Deborah A. Bussière, addressed this challenge, discussing everything from the link between diversity and innovation to the trajectory of women in their industries. Of course, the event culminated with the big question: how do we change the ratio?
According to Comstock, diversity has become an important part of her company’s fabric, whether it’s through learning and development initiatives or a mentoring program like the GE Women’s Network. In her dual role as president and CEO of GE Business Innovations and CMO of GE, she says the company focuses on hiring the best people, striving for more balanced teams. Compared with established companies like GE, startups don’t have as much gender diversity as she expected, something she attributes to both ‘seeking the familiar’ and the bootstrapped natures of emerging companies.
“People tend to hang out with people like them; it’s not malicious,” Comstock said. “People are comfortable with people like themselves. They hire what they know.”
Peter Sinkevich, director of Startup Grind Greenwich, wants his chapter to continue tackling this challenge of the gender gap and make the Fairfield and Westchester startup communities more inclusive of women. Right now, he says female entrepreneurs are neither given the right opportunities nor are they being represented well in the area. The Greenwich chapter, which boosts a large number of women on its team, wants to fill this void, turning its focus to females and the role men play in change.
“Conversations really start with the men,” Sinkevich said. “They have to embrace the fact that we need to express more parity in the workplace here. Men have the upper hand and must decide to make change themselves, allowing women to step up into the light.”
Bussière, who was the former chief marketing officer at EY before leaving to consult startups, says startups need to realize the benefits of diversifying their companies.
“We just need more woman. And more and more of us beget more and more of us,” she said. “We need diversity of thought, race, and age.
Both agreed that women have made great strides in leadership positions over the last few decades and it’s now time for startups to follow suit. So, how can startups be more inclusive of women? By allowing them to lead initiatives; providing them with feedback, coaching, and opportunities; and creating a safe and supportive environment that allows women to express themselves in different ways.
And hopefully lead to more women just saying “yes”--to speaking on panels, leading a new project, recruiting advisors, or founding their own company.
“At the end of the day, there’s an equation: diversity equals innovation,” Comstock said. “We need the more diverse minds and experiences as possible.”
Comstock started saying “yes” when she became more confident in herself and her abilities. She attributes this shift to the supportive and accessible network she built over the years. More young women need to proactively reach out and search for people who have been in their shoes, she says. Though nothing will ever seem ‘perfect,’ she recommends to be patient and ‘just do it.’