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Being a woman in tech is already an uphill battle. As we discussed in last week's newsletter, women often face significant obstacles in securing promotions and achieving equal compensation. This hill is even steeper for women of ethnic and racial minorities, neurodiverse women, and LGBTQ+ women who face compounded challenges compared to their straight, white, cisgender counterparts.
Intersectionality has entered the chat.
Intersectionality, a term coined by scholar Kimberlé Crenshaw, refers to the interconnected nature of categorizations such as race, gender, ability, and sexual orientation, which can lead to overlapping and interdependent systems of discrimination or disadvantage. The challenges and experiences that these women face are often overlooked and they have fewer role models and leaders who share their experiences, making it harder to navigate their careers.In addition to gender biases, women of these underrepresented groups may face sexual, racial, cultural, or ability biases, leading to more obstacles in career advancement, networking opportunities, and access to sponsorship. Research consistently shows that these women earn less than their neurotypical, cisgender, or white woman counterparts who hold similar positions. Economic disparities can hinder their ability to invest in further education, professional development, and overall career growth.
The entrepreneurial landscape is notably skewed against women of colour and LGBTQ+ women. Only about 2.3% of venture capital funding went to women-led startups in 2020, this number is even lower for women of colour and LGBTQ+ women. For instance, Black and Latina women receive less than 1% of venture capital funding, and the number of LGBTQ+ women founders receiving funding is similarly low. This disparity stifles the potential to create innovative solutions that better the quality of life for all. As we continuously yell from the rooftops at Toast – we need diverse teams, leaders, and founders to drive better business outcomes and higher team performance.
Many notable LGBTQ+ women of colour have triumphed over intersectional barriers and are now shaping the future of inclusive tech such as Arlan Hamilton, founder and managing partner of Backstage Capital, which funds startups led by underrepresented founders. There's Angelica Ross, founder of TransTech Social Enterprises, which empowers transgender people through tech education and training. And Shamina Singh, President of the Mastercard Center for Inclusive Growth, advocating for economic inclusion and sustainability. We need the success stories of underrepresented women to be the norm, not the exception.
As we kick off Pride Month celebrations, let’s make a firm commitment to being better allies to all women in tech. We need to make conscious decisions every day to amplify the achievements of all women, create opportunities for networking and introductions, push for inclusive policies and benefits, and advocate for advancement into decision-making roles.
Team Toast 🥂